Similar Search Results

The stock market reaction to the 2005 non-tradable share reform in China

Beltratti, Andrea; Bortolotti, Bernardo; Caccavaio, Marianna - European Central Bank - 2011

During 2005-2006, the Chinese government implemented a reform aimed at eliminating the so-called non-tradable shares (NTS), shares typically held by the State or by politically connected institutional investors that were issued at the early stage of financial market development. Our analysis,...

Persistent link: https://www.econbiz.de/10009021594

The effect of financial development on the investment cash flow relationship: cross-country evidence from Europe

Becker, Bo; Sivadasan, Jagadeesh - European Central Bank - 2006

level investment sensitivity to cash flow is used to identify financing constraints. We find that the sensitivities are … importantly, the cash flow sensitivity of investment is lower in countries with better-developed financial markets. This suggests …

Persistent link: https://www.econbiz.de/10005816313

Banking consolidation and small business lending

Takáts, Elod - European Central Bank - 2004

The paper investigates small business lending as an information problem. It models the effects of information asymmetries within the bank combined with fixed wages. Two kinds of inefficiencies arise in equilibrium: the credit officer either sometimes shirks or he is occasionally fired. In both...

Persistent link: https://www.econbiz.de/10005162884

Determinants and consequences of the unification of dual-class shares

Pajuste, Anete - European Central Bank - 2005

This paper explores the reasons why an increasing number of firms in continental Europe are unifying their shares into a single class, and analyzes the consequences of this restructuring. Interestingly, recent changes in corporate governance environment have created a situation when the reasons...

Persistent link: https://www.econbiz.de/10005162915

The performance impact of firm ownership transformation in China

Beirne, John; Liu, Guy S.; Sun, Pei - European Central Bank - 2013

Does firm ownership change affect performance? On the basis of a mean-value analysis and a fixed effects panel analysis of over 1100 Chinese companies during the period of ownership reform (1997-2003), this paper examines the performance impact of firm ownership transformation in China. The data...

Persistent link: https://www.econbiz.de/10010709524

Taking stock: monetary policy transmission to equity markets

Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2004

This paper analyses the effects of US monetary policy on stock markets. We find that, on average, a tightening of 50 basis points reduces returns by about 3%. Moreover, returns react more strongly when no change had been expected, when there is a directional change in the monetary policy stance...

Persistent link: https://www.econbiz.de/10005070377

The response of firms‘ investment and financing to adverse cash flow shocks: the role of bank relationships

Fuss, Catherine; Vermeulen, Philip - European Central Bank - 2006

We test whether firms with a single bank are better shielded from loss of credit and investment cuts in periods of … adverse cash flow shocks than firms with multiple bank relationships. Our estimates of the cash flow sensitivity of investment … shocks. In these periods, firms incur lower cuts in investment expenditures when they can obtain extra credit. In periods of …

Persistent link: https://www.econbiz.de/10005530672

Firms’ financing constraints: do perceptions match the actual situation?

Ferrando, Annalisa; Mulier, Klaas - European Central Bank - 2013

This paper uses a non parametric matching procedure to match survey replies to balance sheet information. It draws on the SAFE survey on access to finance for a sample of 11886 firms in the euro area which are matched with their nearest neighbour in an extended dataset with balance sheet...

Persistent link: https://www.econbiz.de/10010686800

Financing Constraints and Firms' Cash Policy in the Euro Area

Pál, Rozália; Ferrando, Annalisa - European Central Bank - 2006

This paper investigates the financing conditions of non-financial corporations in theeuro area. We develop a new firm classification based on micro data by distinguishingbetween three groups of firms: unconstrained, relatively and absolutely constrainedfirms. We also provide further evidence on...

Persistent link: https://www.econbiz.de/10005860982

Corporate finance and economic activity in the euro area

Rodriguez-Palenzuela, Diego; Darracq-Pariès, Matthieu; … - European Central Bank; Task Force of the Monetary … - 2013

-08, thus underlining the relevance of financing and credit conditions to investment and economic activity in turbulent times …

Persistent link: https://www.econbiz.de/10010693508