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Imperfect Market or Imperfect Theory: A Unified Analytical Theory of Production and Capital Structure of Firms
Chen, Jing - EconWPA - 2005
We present a unified analytical theory of production and capital structure of firms. It is extended from an analytical theory of production, whose main result is an analytical formula of variable cost of production as a function of fixed cost and uncertainty. Problems on capital structure can be...
Persistent link: https://www.econbiz.de/10005561680
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Foreign Banks in Transition Economies: Small Business Lending and Internal Capital Markets
Haas, Ralph de; Naaborg, Ilko - EconWPA - 2005
On the basis of focused interviews with managers of foreign parent banks and their affiliates in Central Europe and the Baltics, we analyse foreign banks’ small business lending and internal capital markets. This allows us to complement the standard empirical literature, which has difficulty...
Persistent link: https://www.econbiz.de/10005125553
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The economic sense of royalty rates.
Malki, Elli - EconWPA - 1997
Academic institutions, involved in technology transfer to industry, are always concerned about the "fairness" of the royalty rate payable to them. The common method used by practitioners is the "Industry-Standard Approach" which is based mainly on past experience. However such approach is very...
Persistent link: https://www.econbiz.de/10005134686
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How Do Firms Choose Their Lenders? An Empirical Investigation
Cantillo, Miguel; Wright, Julian - EconWPA - 1998
This article investigates which firms borrow directly from the capital markets and which raise funds through intermediaries. Our empirical results show that large companies with abundant cash and collateral tap the credit markets directly. These markets cater to safe and profitable industries,...
Persistent link: https://www.econbiz.de/10005134863
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Adjustment of the WACC with Subsidized Debt in the Presence of Corporate Taxes: the N-Period Case
Velez-Pareja, Ignacio; Tham, Joseph; Fernandez, Viviana - EconWPA - 2005
In the Weighted Average Cost of Capital (WACC) applied to the free cash flow (FCF), we assume that the cost of debt is the market, unsubsidized rate. With debt at the market rate and perfect capital markets, debt only creates value in the presence of taxes through the tax shield. In some cases,...
Persistent link: https://www.econbiz.de/10005134868
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Royalty rates, sub licensing considerations and joint ventures.
Malki, Elli - EconWPA - 1997
Technology transfer agreements between universities and industrial companies usually involve royalties, sublicensing considerations and allocation of equity. This article extends the analysis of my previous one ("The Economic Sense of Royalty Rates", ewp-fin/970903)to deal with sublicensing...
Persistent link: https://www.econbiz.de/10005076945
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Corporate Governance as an instrument of change state owned Corporate Governance as an instrument of change state owned companies: The case of the Hellenic Telecommunications Organ...
Spanos, Loukas; Papoulias, Demetrios - EconWPA - 2005
’s case within the international debate regarding the privatization of state-owned companies and the importance of CG … mechanisms as instruments of change. It is argued that the privatization of state-owned companies, when is accompanied with …
Persistent link: https://www.econbiz.de/10005561676
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Ownership, Control and Corporate Performance after Large-Scale Privatization
Hanousek, Jan; Kocenda, Evzen; Svejnar, Jan - EconWPA - 2004
-scale privatization economy. Using specifications based on first-differences and unique instrumental variables, we find that few types of … private ownership improve dynamic post-privatization performance. Concentrated foreign (but not domestic) ownership improves …
Persistent link: https://www.econbiz.de/10005135012
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Privatization, Corporate Control and Regulatory Reform: The case of Telefonica
Bel, Germa; Trillas, Francesc - EconWPA - 2004
investigates the case of a large privatized firm subject to many policy constraints. The last steps of Telefonica's privatization … documented phenomenon both in this study and in the cross-country literature on privatization; e.g. political ends in … privatization, influence in appointments, golden shares) as the most visible part of such collusion. Liberalization and multi …
Persistent link: https://www.econbiz.de/10005413213
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Spinoffs, Privatization and Corporate Performance in Emerging Markets
Hanousek, Jan; Kocenda, Evzen; Svejnar, Jan - EconWPA - 2004
We use new firm-level data to examine the effects of spinoffs and privatization on corporate performance in a rapidly … spinoffs increase the firm’s profitability but do not alter its scale of operations, while the effect of privatization … consistent with tunneling (looting) by managers or (partial) owners. The effects of privatization are hence much less clear …
Persistent link: https://www.econbiz.de/10005077066