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Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation
Beltratti, Andrea; Stulz, René M. - National Bureau of Economic Research (NBER) - 2009
Though overall bank performance from July 2007 to December 2008 was the worst since at least the Great Depression …, there is significant variation in the cross-section of stock returns of large banks across the world during that period. We … performance of banks during the credit crisis. More specifically, we investigate whether bank performance is related to bank …
Persistent link: https://www.econbiz.de/10005061603
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Why Do Foreign Firms Leave U.S. Equity Markets?
Karolyi, G. Andrew; Doidge, Craig; Stulz, René M. - National Bureau of Economic Research (NBER) - 2008
This paper investigates Securities and Exchange Commission (SEC) deregistrations by foreign firms from the time the Sarbanes-Oxley Act (SOX) was passed in 2002 through 2008. We test two theories, the bonding theory and the loss of competitiveness theory, to understand why foreign firms leave...
Persistent link: https://www.econbiz.de/10005718297
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Private Benefits of Control, Ownership, and the Cross-Listing Decision
Karolyi, G. Andrew; Doidge, Craig; Lins, Karl V.; … - National Bureau of Economic Research (NBER) - 2005
This paper investigates how a foreign firm's decision to cross-list its shares in the U.S. is related to the concentration of the ownership of its cash flow rights and of its control rights. Theory has proposed that when private benefits are high, controlling shareholders are less likely to...
Persistent link: https://www.econbiz.de/10005033490
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Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices Over Time
Karolyi, G. Andrew; Doidge, Craig; Stulz, Rene M. - National Bureau of Economic Research (NBER) - 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/10005580788
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State Capitalism vs. Private Enterprise
Chen, Donghua; Jiang, Dequan; Ljungqvist, Alexander; … - National Bureau of Economic Research (NBER) - 2015
We study the efficiency of internal capital markets at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital flows, we document stark differences: while private groups allocate more capital to units with better investment opportunities,...
Persistent link: https://www.econbiz.de/10011165127
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Uncertainty as Commitment
Ordonez, Guillermo L.; Nosal, Jaromir - National Bureau of Economic Research (NBER) - 2013
Time-inconsistency of no-bailout policies can create incentives for banks to take excessive risks and generate endogenous crises when the government cannot commit. However, at the outbreak of financial problems, usually the government is uncertain about their nature, and hence it may delay...
Persistent link: https://www.econbiz.de/10010969240
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Consolidation of Banks in Japan: Causes and Consequences
Hosono, Kaoru; Sakai, Koji; Tsuru, Kotaro - National Bureau of Economic Research (NBER) - 2007
We investigate the motives and consequences of the consolidation of banks in Japan during the period of fiscal year 1990-2004 using a comprehensive dataset. Our analysis suggests that the government's too-big-to-fail policy played an important role in the mergers and acquisitions (M&As), though...
Persistent link: https://www.econbiz.de/10005085391
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The Valuation Effects of Geographic Diversification: Evidence from U.S. Banks
Laeven, Luc; Levine, Ross; Goetz, Martin - National Bureau of Economic Research (NBER) - 2011
This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United … States on their market valuations. Using two novel identification strategies based on the dynamic process of interstate bank …
Persistent link: https://www.econbiz.de/10009652836
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Governance and Bank Valuation
Caprio, Gerard Caprio, Jr.; Laeven, Luc; Levine, Ross - National Bureau of Economic Research (NBER) - 2003
supervisory/regulatory policies on bank valuations. Except in a few countries with very strong shareholder protection laws, banks … cash flow rights mitigate the adverse effects of weak shareholder protection laws on bank valuations. These results are …
Persistent link: https://www.econbiz.de/10005089223
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Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?
Miller, Marcus; Stiglitz, Joseph E. - National Bureau of Economic Research (NBER) - 2010
An iconic model with high leverage and overvalued collateral assets is used to illustrate the amplification mechanism driving asset prices to 'overshoot' equilibrium when an asset bubble bursts--threatening widespread insolvency and what Richard Koo calls a 'balance sheet recession'. Besides...
Persistent link: https://www.econbiz.de/10008624592