Similar Search Results

Eijffinger, Sylvester; Hoeberichts, M.M.; Schaling, E. - Tilburg University, Center for Economic Research - 1998

one is transparency of actual monetary policy, the second aspect is the question of who bears final responsibility for …. Transparency enhances the central bank’s accountability. Another way to make the central bank accountable is to shift final … central bank lower. The paper shows that accountability through transparency leads to a lower expected rate of inflation and …

Persistent link: https://www.econbiz.de/10011092603

The Degree of Financial Liberalization and Aggregated Stock-return Volatility in Emerging Markets

Umutlu, M.; Akdeniz, L.; Salih, A.A. - Tilburg University, Center for Economic Research - 2009

In this study, we address whether the degree of financial liberalization affects the aggregated total volatility of stock returns by considering the time-varying nature of financial liberalization. We also explore channels through which the degree of financial liberalization impacts aggregated...

Persistent link: https://www.econbiz.de/10011092874

The Iconic Boom in Modern Russian Art

Renneboog, Luc; Spaenjers, C. - Tilburg University, Center for Economic Research - 2009

This paper investigates the prices and the returns in the market for modern Russian art, a prime example of an ‘emerging art market’, over the last four decades. After applying a hedonic regression model on an extensive dataset containing 52,154 sales by 410 Russian artists, we show that the...

Persistent link: https://www.econbiz.de/10011091483

Capital Controls and Foreign Investor Subsidies Implicit in South Africa's Dual Exchange Rate System

Huizinga, Harry P.; van der Windt, P.C.; Schaling, E. - Tilburg University, Center for Economic Research - 2007

Both in theory and practice, capital controls and dual exchange rate systems can be part of a country's optimal tax policy. We first show how a dual exchange rate system can be interpreted as a tax (or subsidy) on international capital income. We show that a dual exchange rate system, with...

Persistent link: https://www.econbiz.de/10011092010

Dividend Policy of German Firms

Renneboog, Luc; Goergen, M.; Correia Da Silva, L. - Tilburg University, Center for Economic Research - 2004

German firms pay out a lower proportion of their cash flows than UK and US firms.However, on a published profits basis, the pattern is reversed.Company law provisions and accounting policies account for these conflicting results.A partial adjustment model is used to estimate the implicit target...

Persistent link: https://www.econbiz.de/10011092638

Insider Trading, Option Exercises and Private Benefits of Control (Revision of DP 2010-32)

de Goeij, Peter; Renneboog, Luc; Cziraki, P. - Tilburg University, Center for Economic Research - 2010

We investigate patterns of abnormal stock performance around insider trades and option exercises on the Dutch market. Listed firms in the Netherlands have a long tradition of employing many anti-shareholder mechanisms limiting shareholders rights. Our results imply that insider transactions are...

Persistent link: https://www.econbiz.de/10011092693

Corporate Governance Structures, Control and Performance in European Markets : A Tale of Two Systems

Renneboog, Luc; Crama, Y.; Leruth, L.; Urbain, J-P. - Tilburg University, Center for Economic Research - 1999

Traditionally share price returns and their variance have been explained by factors linked to the operations of the company such as systematic risk, corporate size and P/E ratios or by factors related to the influence of the macro-economic environment. In these models, the institutional...

Persistent link: https://www.econbiz.de/10011092775

Do Corporate Control and Product Market Competition Lead to Stronger Productivity Growth? Evidence from Market-Oriented and Blockholder-Based Governance Regimes

Renneboog, Luc; Koke, J. - Tilburg University, Center for Economic Research - 2003

This study investigates the impact of corporate governance and product market competition on total factor productivity growth for two large samples of German and UK firms. In poorly performing UK firms, the presence of strong outside blockholders lead to substantial increases in productivity....

Persistent link: https://www.econbiz.de/10011092792

Shareholding Cascades : The Separation of Ownership and Control in Belgium

Renneboog, Luc; Becht, M.C.; Chapelle, A. - Tilburg University, Center for Economic Research - 1999

This paper analyses the control of Belgian listed companies. The analysis reveals that control of listed companies in Belgium is highly concentrated. Business groups, holding companies, and voting pacts, play an important role in bringing about this concentration. The main characteristics of the...

Persistent link: https://www.econbiz.de/10011092838

Share Price Reactions to CEO Resignations and Large Shareholder Monitoring in Listed French Companies

Renneboog, Luc; Dherment-Ferere, I. - Tilburg University, Center for Economic Research - 2000

This study has analysed the share price reactions to changes in top management.A distinction was made among different types of CEO turnover: forced resignation, voluntary departures and age-related retirements.The announcement of a forced CEO resignation is hailed favourably by the market with a...

Persistent link: https://www.econbiz.de/10011092880