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Rôle de la Nature de l’Information dans l’Intermédiation Bancaire
LaRGE - EconWPA - 2004
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...
Persistent link: https://www.econbiz.de/10005077001
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Firm Performance and Executive Compensation in the Savings and Loan Industry
Hermalin, Benjamin E.; Wallace, Nancy E. - EconWPA - 1997
specification is used in estimation. Specifically, an implicit assumption in the previous literature is that all firms use the same …
Persistent link: https://www.econbiz.de/10005413065
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Ownership, Control and Corporate Performance after Large-Scale Privatization
Hanousek, Jan; Kocenda, Evzen; Svejnar, Jan - EconWPA - 2004
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...
Persistent link: https://www.econbiz.de/10005135012
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Multiple bank lending relationships in Italy: their determinants and the role of firms’ governance features
Vulpes, Giuseppe - EconWPA - 2005
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...
Persistent link: https://www.econbiz.de/10005134663
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Corporate Governance Rating and Family Firms: The Greek Case
Spanos, Loukas; Tsipouri, Lena; Xanthakis, Manolis - EconWPA - 2005
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...
Persistent link: https://www.econbiz.de/10005076961
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An Empirical Analysis of Market Reaction Around the Bonus Issues in India
Mishra, Asim - EconWPA - 2005
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...
Persistent link: https://www.econbiz.de/10005134827
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Empirical evidence on the incentives to hedge transaction and translation exposure
Hagelin, Niclas; Pramborg, Bengt - EconWPA - 2004
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...
Persistent link: https://www.econbiz.de/10005413167
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A Catering Theory of Analyst Bias
Lai, Richard Kum-yew - EconWPA - 2005
what investors’ beliefs. We use a simultaneous-equations model for estimation, with instruments to rule out alternative …
Persistent link: https://www.econbiz.de/10005561608
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Security Analysts and Market Reaction:Caveat for Monitoring
Kanungo, Rama Prasad - EconWPA - 2004
Security analysts, analyst forecast and market reaction are anecdotal in restructuring transactions, sometime conflicting and some other time imperative to the process of transaction. This article attempts to highlight a consistent association between analyst, market reaction and corporate...
Persistent link: https://www.econbiz.de/10005561639
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The Firms Speak: What the World Business Environment Survey Tells Us about Constraints on Private Sector Development
Batra, Geeta; Kaufmann, Daniel; Stone, Andrew H. W. - EconWPA - 2004
This paper, a synthesis of salient findings of the authors’ book entitled “Investment Climate Around the World: Voices … of the Firms from the World Business Environment Survey”, and based on a chapter in “Pathways Out of Poverty: Private … the World Business Environment Survey (WBES). It shows that important dimensions for the climate of business operation and …
Persistent link: https://www.econbiz.de/10005077053