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CEO Turnover, Firm Performance and Enterprise Reform in China: Evidence from New Micro Data
Kato, Takao; Long, Cheryl - Institute for the Study of Labor (IZA) - 2006
Using comprehensive financial and accounting data on China’s listed firms from 1998 to 2002, augmented by unique data on CEO turnover, ownership structure and board characteristics, we estimate Logit models of CEO turnover. We find consistently for all performance measures including both stock...
Persistent link: https://www.econbiz.de/10005566546
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Executive Compensation, Firm Performance, and Corporate Governance in China: Evidence from Firms Listed in the Shanghai and Shenzhen Stock Exchanges
Kato, Takao; Long, Cheryl - Institute for the Study of Labor (IZA) - 2005
managers and thus possibly making China’s listed firms less effective in solving the agency problem. As such, ownership …
Persistent link: https://www.econbiz.de/10005566733
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Financing Entrepreneurship and the Old-Boy Network
Inci, Eren; Parker, Simon C. - Institute for the Study of Labor (IZA) - 2012
We study entrepreneurs' start-up financing from banks and local financiers. An informal network, whose membership cannot be observed by outsiders, conveys the good signals it gets about the hidden types of network entrepreneurs to local financiers, which are then reflected in different loan...
Persistent link: https://www.econbiz.de/10009646307
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Bad Bank(s) and Recapitalization of the Banking Sector
Schäfer, Dorothea; Zimmermann, Klaus F. - Institute for the Study of Labor (IZA) - 2009
-out unit, a so-called bad bank. The key element of the plan is the valuation of troubled assets at their current market value … recapitalize the good bank by taking an equity stake in it. In extreme cases, this would mean a takeover of the bank by the …. A clear emphasis that the government stake is temporary would also be necessary. The government would cover the bad bank …
Persistent link: https://www.econbiz.de/10008632733
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Financial Liberalization and the Relationship-Specificity of Exports
Defever, Fabrice; Suedekum, Jens - Institute for the Study of Labor (IZA) - 2013
We investigate the causal impact of equity market liberalizations in the period 1980‐1997 on sectoral export performance across 91 countries. The increased availability of external finance has boosted trade of industries that intensively use relationship‐specific inputs, and lowered exports...
Persistent link: https://www.econbiz.de/10010764593
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Pension Investments in Employer Stock
Even, William E.; Macpherson, David A. - Institute for the Study of Labor (IZA) - 2006
This study examines the consequences of a pension fund investing in the stock of the sponsoring firm. Using a merger of data on pension asset holdings from IRS Form 5500 filings and financial data on the company’s stock from CRSP, two broad questions are addressed: First, what factors...
Persistent link: https://www.econbiz.de/10005566649
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Risk Management among the Poor: The Case of Microfinancial Services
Arun, Thankom; Bendig, Mirko - Institute for the Study of Labor (IZA) - 2010
This paper argues that the level of financial services provision determines the risk management strategies among the poor. The paper estimates the determinants of the household’s use of one, two or all three types of microfinancial services applying ordered probit models and additionally...
Persistent link: https://www.econbiz.de/10008564688
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Win Some Lose Some? Evidence from a Randomized Microcredit Program Placement Experiment by Compartamos Banco
Angelucci, Manuela; Karlan, Dean; Zinman, Jonathan - Institute for the Study of Labor (IZA) - 2013
Theory and evidence have raised concerns that microcredit does more harm than good, particularly when offered at high interest rates. We use a clustered randomized trial, and household surveys of eligible borrowers and their businesses, to estimate impacts from an expansion of group lending at...
Persistent link: https://www.econbiz.de/10010884156
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Does Greater Inequality Lead to More Household Borrowing? New Evidence from Household Data
Coibion, Olivier; Gorodnichenko, Yuriy; Kudlyak, Marianna; … - Institute for the Study of Labor (IZA) - 2014
One suggested hypothesis for the dramatic rise in household borrowing that preceded the financial crisis is that low-income households increased their demand for credit to finance higher consumption expenditures in order to "keep up" with higherincome households. Using household level data on...
Persistent link: https://www.econbiz.de/10010884200
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Do SBA Loans Create Jobs?
Brown, J. David; Earle, John S. - Institute for the Study of Labor (IZA) - 2013
Small Business Administration (SBA) loans have long been one of the most significant policy interventions in the U.S. affecting firm behavior, but little is known about their outcomes. This paper estimates the effects on employment using a list of all SBA loans linked to annual data on all U.S....
Persistent link: https://www.econbiz.de/10010884334