Similar Search Results

Benmelech, Efraim - 2010

technologically older, vintage capital in the airline industry. Using a panel of aircraft-level data around the world, we find that …

Persistent link: https://www.econbiz.de/10012462916

Internal Finance and Firm Investment

Hubbard, R. Glenn - 1993

We examine the neoclassical investment model using a panel of U.S. manufacturing firms. The standard model with no … for firms with low (pre-sample) payouts (firms we expect to face financing constraints). Hem, investment is sensitive to … both firm cash flow and macroeconomic credit conditions, holding constant investment opportunities. Sample splits based on …

Persistent link: https://www.econbiz.de/10012474561

Law and Finance c. 1900

Musacchio, Aldo - 2010

development around the world today (La Porta et al, 1998, 1999 and passim). This paper examines the persistence of the effects of … variation observed in financial development around the world today is likely a product of events of the twentieth century rather …

Persistent link: https://www.econbiz.de/10012462439

Creditor rights and corporate risk-taking

Acharya, Viral V. - 2009

We analyze the link between creditor rights and firms' investment policies, proposing that stronger creditor rights in …

Persistent link: https://www.econbiz.de/10012463080

Institutional Weakness and Stock Price Volatility

Hale, Galina - 2006

We find an empirical regularity that stronger creditor protection reduces the volatility of stock market prices. We analyze two distinct mechanisms that characterize equity price volatility: government guarantees and creditor protection. Using a Tobin q model, we demonstrate that weak creditor...

Persistent link: https://www.econbiz.de/10012466542

How Law and Institutions Shape Financial Contracts : The Case of Bank Loans

Qian, Jun - 2005

We examine empirically how legal origin, creditor rights, property rights, legal formalism, and financial development affect the design of price and non-price terms of bank loans in almost 60 countries. Our results support the law and finance view that private contracts reflect differences in...

Persistent link: https://www.econbiz.de/10012467635

Culture, Openness, and Finance

Stulz, Rene M. - 2001

Religions have little to say about shareholders but have much to say about creditors. We find that the origin of a country's legal system is more important than its religion and language in explaining shareholder rights. However, a country's principal religion helps predict the cross-sectional...

Persistent link: https://www.econbiz.de/10012470502

Law and Finance

Porta, Rafael La - 1996

This paper examines legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries. The results show that common law countries generally have the best, and French civil law countries the worst, legal...

Persistent link: https://www.econbiz.de/10012473181

Investment Plans and Stock Returns

Lamont, Owen - 1999

quarters of the variation in real annual aggregate investment growth between 1948 and 1993. The negative correlation of … contemporaneous investment and stock returns is explained by the negative correlation of planned investment and subsequent stock … returns. Unexpected revisions to aggregate investment (actual minus plan) within a year are essentially unrelated to current …

Persistent link: https://www.econbiz.de/10012471834

Dividend Taxes, Corporate Investment, and "Q"

Poterba, James M. - 1981

will have no impact on corporate investment decisions. This paper develops econometric tests which distinguish between … these two views of dividend taxation. By extending Tobin's "q" theory of investment to incorporate taxes at both the … corporate and personal levels, the implications of each view for corporate investment decisions can be derived. The competing …

Persistent link: https://www.econbiz.de/10012478282

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