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Cross-border Listings, Capital Controls, and Equity Flows To Emerging Markets
Edison, Hali J. - 2006
We investigate the impact of two types of financial liberalizations on short- and long-horizon capital flows to emerging markets in a framework that controls for push and pull factors. The first type of liberalization, a reduction in capital controls, is countrywide but uncertain, because its...
Persistent link: https://www.econbiz.de/10012466073
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How do CEOs see their Role? Management Philosophy and Styles in Family and Non-Family Firms
Mullins, William - 2013
Using a survey of 800 CEOs in 22 emerging economies we show that CEOs' management styles and philosophy vary with the control rights and involvement of the owning family and founder: CEOs of firms with greater family involvement have more hierarchical management, and feel more accountable to...
Persistent link: https://www.econbiz.de/10012459265
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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
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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
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Picking Winners? Government Subsidies and Firm Productivity in China
Branstetter, Lee; Li, Guangwei; Ren, Mengjia - National Bureau of Economic Research - 2022
subsidies provided to China's publicly traded firms. We categorize subsidies into different types. We then estimate total … suggest that China's increasingly prescriptive industrial policies may have generated limited effects in promoting …
Persistent link: https://www.econbiz.de/10013477191
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Listing Advantages Around the World
Ueda, Kenichi - 2019
Using the firm-level data of 33 countries over 10 years (from 2008-2017), we find that the listed firms, on average, have lower marginal products of capital (measured by return on assets) than the unlisted firms in many countries. This implies that the listed firms face less financial...
Persistent link: https://www.econbiz.de/10012480389
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Does Stock Market Listing Impact Investment in Japan?
French, Joseph J. - 2019
We provide the first large sample comparison of investment by Japanese listed and unlisted public firms. We show that listed firms invest more and have greater sensitivity to investment opportunities than comparable unlisted companies. Our findings suggest that the role of listing in alleviating...
Persistent link: https://www.econbiz.de/10012480438
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Agency Costs, Mispricing, and Ownership Structure
Chernenko, Sergey - 2010
Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear agency costs and therefore have a strong incentive to minimize conflicts of interest with outside investors. We show that if equity is overvalued, however, mispricing offsets agency costs...
Persistent link: https://www.econbiz.de/10012462742
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Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices Over Time
Doidge, Craig - 2007
We study the determinants and consequences of cross-listings on the New York and London stock exchanges from 1990 to 2005. This investigation enables us to evaluate the relative benefits of New York and London exchange listings and to assess whether these relative benefits have changed over...
Persistent link: https://www.econbiz.de/10012465575
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Partisan Impacts on the Economy : Evidence from Prediction Markets and Close Elections
Snowberg, Erik - 2006
Analyses of the effects of election outcomes on the economy have been hampered by the problem that economic outcomes also influence elections. We sidestep these problems by analyzing movements in economic indicators caused by clearly exogenous changes in expectations about the likely winner...
Persistent link: https://www.econbiz.de/10012466596