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Why Do Firms Switch Their Main Bank?: Theory and Evidence from Ukraine
Stephan, Andreas; Tsapin, Andriy; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
We examine why firms change their main bank and how this affects loans, interest payments and firm performance after … switching. Using unique firm-bank matched Ukrainian data, the treatment effect estimates suggest that more transparent and … riskier companies are more likely to switch their main bank. Importantly, main bank power, measured by equity holdings …
Persistent link: https://www.econbiz.de/10005068870
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How Has the Global Financial Crisis Affected Syndicated Loan Terms in Emerging Markets?: Evidence from China
Caporale, Guglielmo Maria; Lodh, Suman; Nandy, Monomita - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2015
This paper examines the impact of the recent global financial crisis on the cost of debt capital (syndicated loans) in a leading emerging market, namely China, using difference-in-differences and GARCH approaches. Before the crisis China adopted banking reforms allowing entry of foreign banks...
Persistent link: https://www.econbiz.de/10011276389
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Corporate Governance and Dividend Policy in Poland
Kowalewski, Oskar; Stetsyuk, Ivan; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007
This study examines the relation between corporate governance practices measured by Transparency Disclosure Index (TDI) and dividend policy in Poland. Our empirical approach, constructs measures of the quality of the corporate governance for 110 non-financial companies listed on Warsaw Stock...
Persistent link: https://www.econbiz.de/10004963769
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Corporate Debt Maturity Choice in Transition Financial Markets
Stephan, Andreas; Talavera, Oleksandr; Tsapin, Andriy - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
firm value maximization that describes managers' choice of optimal debt structure. The theoretical predictions are tested …
Persistent link: https://www.econbiz.de/10004963773
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Persistence and Determinants of Firm Profit in Emerging Markets
Stephan, Andreas; Tsapin, Andriy - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
The paper studies the persistence of profit and its determinants in emerging markets. We apply Markov chain analysis, dynamic panel GMM estimation, and quantile regression techniques to a panel of approximately 3,000 Ukrainian companies. The empirical results show a moderate level of profit...
Persistent link: https://www.econbiz.de/10004963898
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The Impact of Financial Structure on Firms' Financial Constraints: A Cross-Country Analysis
Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
findings reveal that both the structure of the financial system and its level of development matter. Bank-based financial …
Persistent link: https://www.econbiz.de/10005068852
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The Effects of Short-Term Liabilities on Profitability: The Case of Germany
Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006
Using data from Germany this paper examines the direct effect of non-financial firms' use of short-term versus long-term liabilities. We develop a structural model of a firm's value maximization problem that predicts that profitability of the firm will change if firms alter their use of...
Persistent link: https://www.econbiz.de/10005068970
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Asymmetric Information and Roll-over Risk
König, Philipp; Pothier, David - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014
How do banks choose their debt maturity structure when credit markets are subject to information frictions? This paper proposes a model of equilibrium maturity choice with asymmetric information and endogenous roll-over risk. We show that in the presence of public signals about firms'...
Persistent link: https://www.econbiz.de/10011266595
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Local Banking and Local Economic Growth in Italy: Some Panel Evidence
Caporale, Guglielmo Maria; Colli, Stefano Di; Salvo, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014
This paper provides new evidence on the contribution of local banking to local economic growth (i.e. at county level - the Italian "province") in Italy. A comprehensive dataset is used, which includes control variables for social capital and human capital as well as indicators of the quality of...
Persistent link: https://www.econbiz.de/10010896183
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Bank Market Structure and Firm Capital Structure
Baert, Lieven; Vennet, Rudi Vander - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
finding is a negative and significant relationship between the degree of concentration of European bank markets and the market … bank conduct. This support for the market power hypothesis indicates that further measures are needed to make bank lending …
Persistent link: https://www.econbiz.de/10010896118