On étudie le rôle du traitement de l’information dans le cadre de l’intermédiation financière bancaire. Dans ce contexte, on s’intéresse aux différentes solutions adoptées par les banques face aux différents types d’imperfections de l’information. On tente ensuite de mettre en...

We analyze the effects of ownership type and concentration on performance of a population of firms in a model large-scale privatization economy. Using specifications based on first-differences and unique instrumental variables, we find that few types of private ownership improve dynamic...

The aim of this paper is to analyze the determinants of multiple-bank lending - one of the main features of the bank-firm relationships in Italy. The analysis suggests that multiple bank lending is significantly and importantly linked with firms’ governance characteristics. In particular, it...

An influential thesis, dubbed "Doing well by doing good," argues that corporate social responsibility is profitable. But heterogeneity in firm financial constraints can induce a spurious correlation between profits and goodness even if the motives for goodness are non-profit in nature. We use...

Corporate governance (CG) studies have mostly focused on highly dispersed corporations. However, there is an important need for research exploring the governance structure of family-owned firms. The main characteristics that distinguish the family firm from the other types of corporations are...

Our paper demonstrates that while failure tolerance by investors may encourage potential entrepreneurs to innovate, financiers with investment strategies that tolerate early failure endogenously choose to fund less radical innovations. Failure tolerance as an equilibrium price that increases in...

We show that Tobin's q, as proxied by the ratio of the firm's market value to its book value, increases with the firm's systematic equity risk and falls with the firm's unsystematic equity risk. Further, an increase in the firm's total equity risk is associated with a fall in q. The negative...

Past researches have revealed significant abnormal returns for bonus issues even though the bonus issue date is known in advance and the distribution contains no new information. This study examines the stock price reaction to the information content of bonus issues with a view of examining the...

We investigate Swedish firms’ use of financial hedges to reduce their foreign exchange exposure for 1997–2001. The study uses survey data, which enables us to differentiate between hedging aimed at translation exposure and transaction exposure, respectively. The survey responses show that...