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Economic Impact of 'Regulation on Corporate Governance': Evidence from India

Bhattacharyya, Asish K.; Rao, Sadhalaxmi Vivek - EconWPA - 2005

India, with its 20 million shareholders, is one of the largest emerging markets in terms of the market capitalization. In order to protect the large investor base, the Securities and Exchange Board of India (SEBI) has enforced a regulation effective from April 2001, requiring mandatory...

Persistent link: https://www.econbiz.de/10005413156

Goodwill des groupes français de 1992 à 2002 - French group goodwill from 1992 to 2002

Bernard, Paranque - EconWPA - 2004

La fin des années 90 et le début des années 2000 ont été marqués par de fortes progression des goodwill des entreprises … exigences de création de valeur pour les actionnaires ? During the last years, the goodwill of the non financial companies has … the goodwill and the lack of value for shareholders. At the same time, the international insolvency rules produces many …

Persistent link: https://www.econbiz.de/10005413224

Why Individual Investors Want Dividends

Dong, Ming; Robinson, Chris; Veld, Chris - EconWPA - 2004

The question of why individual investors want dividends is investigated by submitting a questionnaire to a Dutch investor panel. The respondents indicate that they want dividends partly because the cost of cashing in dividends is lower than the cost of selling shares. Their answers provide...

Persistent link: https://www.econbiz.de/10005076991

Booms, Busts, and Fraud

Povel, Paul; Singh, Rajdeep; Winton, Andrew - EconWPA - 2003

We examine firm managers' incentives to commit fraud in a model where firms seek funding from investors and investors can monitor firms at a cost in order to get more precise information about firm prospects. We show that fraud incentives are highest when business conditions are good, but not...

Persistent link: https://www.econbiz.de/10005134707

Économie de la PME : de l’artefact statistique à une réalité économique

Bernard, Paranque - EconWPA - 2003

Cet essai traite de ce qu’on appelle habituellement les PME ( Petites et Moyennes entreprises, incluant donc les TPE, très petites entreprises). Mais il pose en préambule la question de la pertinence, d’un point de vue économique, de cette catégorie statistique, définie, par exemple,...

Persistent link: https://www.econbiz.de/10005408135

TOWARDS MODERNIZATION OF THE CORPORATE GOVERNANCE IN BULGARIA

Keremidchiev, Spartak - EconWPA - 2005

The paper aims at outlining the existing gaps in Bulgarian corporate governance compared to the standards and the state of corporate governance in developed market economies. The current state of corporate governance, the degree of ownership concentration as well as the strengths and weaknesses...

Persistent link: https://www.econbiz.de/10005412937

Bank Stability and Market Discipline: Debt-for-Equity Swap versus Subordinated Notes

Raviv, Alon - EconWPA - 2004

Several studies have recommended reliance on subordinated debt as a tool for monitoring banks by investors and for enhancing depositors’ protection. However, subordinated debenture increases the level of leverage and thus the probability of costly failure. We propose a novel financial...

Persistent link: https://www.econbiz.de/10005413031

Cutting the Dividends Tax…and Corporate Governance Too?

Falaschetti, Dino; Orlando, Michael - EconWPA - 2003

Economists tend to agree that the recent cutting of dividends taxes will encourage investment and reduce financial distress. In addition to creating these “benefits,” however, the tax cut can also increase governance costs. For example, by removing a bias for leveraged capital structures,...

Persistent link: https://www.econbiz.de/10005413182

Privatization, Corporate Control and Regulatory Reform: The case of Telefonica

Bel, Germa; Trillas, Francesc - EconWPA - 2004

This study analyzes the interaction of agency problems in public policy and of agency problems inside the firm: it investigates the case of a large privatized firm subject to many policy constraints. The last steps of Telefonica's privatization were designed to promote a disperse ownership and...

Persistent link: https://www.econbiz.de/10005413213

Courts, firms and allocation of credit

Shvets, Julia - EconWPA - 2005

The paper investigates whether and how performance of regional commercial courts has affected external credit of Russian enterprises between 1995 and 2002. The results show that more reliable courts lead to higher bank lending to firms. This occurs predominantly through expansion of the number...

Persistent link: https://www.econbiz.de/10005118841