Narrow search
Showing 1 - 10 of 1,042
Cover Image
Estimating the Effects of Large Shareholders Using a Geographic Instrument
Becker, Bo - 2011
Large shareholders may play an important role for firm performance and policies, but identifying this empirically presents a challenge due to the endogeneity of ownership structures. We develop and test an empirical framework which allows us to separate selection from treatment effects of large...
Persistent link: https://www.econbiz.de/10012461265
Cover Image
Legislating Stock Prices
Cohen, Lauren - 2012
In this paper we demonstrate that legislation has a simple, yet previously undetected impact on firm stock prices. While it is understood that the government and firms have an important relationship, it remains difficult to determine which firms any given piece of legislation will affect, and...
Persistent link: https://www.econbiz.de/10012460370
Cover Image
Top Executives, Turnover and Firm Performance in Germany
Kaplan, Steven N. - 1993
This paper examines executive turnover -- both for management and supervisory boards - - and its relation to firm performance in the largest companies in Germany in the 1980s. The management board turns over slowly -- at a rate of 10% per year -- implying that top executives in Germany have...
Persistent link: https://www.econbiz.de/10012474534
Cover Image
The Specter of the Giant Three
Bebchuk, Lucian A. - 2019
This paper examines the large, steady, and continuing growth of the Big Three index fund managers--BlackRock, Vanguard, and State Street Global Advisors. We show that there is a real prospect that index funds will continue to grow, and that voting in most significant public companies will come...
Persistent link: https://www.econbiz.de/10012479864
Cover Image
Lazy Prices
Cohen, Lauren - 2018
Using the complete history of regular quarterly and annual filings by U.S. corporations from 1995-2014, we show that when firms make an active change in their reporting practices, this conveys an important signal about future firm operations. Changes to the language and construction of financial...
Persistent link: https://www.econbiz.de/10012480735
Cover Image
Is the U.S. public corporation in trouble?
Kahle, Kathleen - 2016
We examine the current state of the U.S. public corporation and how it has evolved over the last 40 years. After falling by 50 percent since its peak in 1997, the number of public corporations is now smaller than 40 years ago. These corporations are now much larger and over the last twenty years...
Persistent link: https://www.econbiz.de/10012455823
Cover Image
Why Does Idiosyncratic Risk Increase with Market Risk?
Bartram, Söhnke M. - 2016
From 1963 through 2015, idiosyncratic risk (IR) is high when market risk (MR) is high. We show that the positive relation between IR and MR is highly stable through time and is robust across exchanges, firm size, liquidity, and market-to-book groupings. Though stock liquidity affects the...
Persistent link: https://www.econbiz.de/10012456185
Cover Image
China's GDP Growth May be Understated
Clark, Hunter - 2017
Concerns about the quality of China's official GDP statistics have been a perennial question in understanding its …
Persistent link: https://www.econbiz.de/10012455358
Cover Image
Price Discovery and Market Segmentation in China's Credit Market
Geng, Zhe - 2019
information content of credit spreads in China. Using Merton's model of default, we construct credit measures of publicly listed … 2014, do credit spreads in China become informative. Compared with the findings in the US credit market, the magnitude of … state-owned enterprises (SOEs) in China results in a market segmentation between SOE and non-SOE issuers that is harmful to …
Persistent link: https://www.econbiz.de/10012480519
Cover Image
Share Pledging in China : Funding Listed Firms or Funding Entrepreneurship?
He, Zhiguo; Liu, Bibo; Zhu, Feifei - National Bureau of Economic Research - 2022
This paper studies the connection between share pledging and entrepreneurial activities in China, challenging the …
Persistent link: https://www.econbiz.de/10012938700