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The Political Economy of Dominant Investors

Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Instituut - 2004

We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...

Persistent link: https://www.econbiz.de/10011255534

An Analysis of the Effects of the Severance Payment Reform on Credit to Italian SMEs

Calcagno, Riccardo; Kraeussl, Roman; Monticone, Chiara - Tinbergen Instituut - 2008

reduce the aggregate investment by SMEs in a more than proportional way, since it will restrict the access to credit for some … intermediated finance, coeteris paribus. In order to assess the effects of the reform on the investment of SMEs and on the cost of …

Persistent link: https://www.econbiz.de/10011255902

A Real Option Perspective on Valuing Gas Fields

Zhao, Lin; Wijnbergen, Sweder van - Tinbergen Instituut - 2013

unhedgeable risk, time varying volatilities and endogenous exercise dates (non-European options). Investment decisions in the … markets. Finally investment decisions can be postponed or delayed, which implies an non-European option setting, for which no …

Persistent link: https://www.econbiz.de/10011257259

A Real Options Perspective on R&D Portfolio Diversification

Bekkum, Sjoerd van; Pennings, Enrico; Smit, Han - Tinbergen Instituut - 2007

This paper shows that the presence of conditional staging in R&D (Research & Development) has a critical impact on portfolio risk, and changes diversification arguments when a portfolio is constructed. When R&D projects exhibit option-like characteristics, correlation between projects plays a...

Persistent link: https://www.econbiz.de/10011257428

The Impact of Uncertainty on Investment: A Meta-Analysis

Koetse, Mark J.; Groot, Henri L.F. de; Florax, Raymond … - Tinbergen Instituut - 2006

In this paper we perform a meta-analysis on empirical estimates of the impact between investment and uncertainty. Since … investment research. For example, not including factor prices in investment models may seriously affect the model outco! mes … can explain to a large extent why empirical estimates of the investment-uncertainty relationship differ. …

Persistent link: https://www.econbiz.de/10011255622

The Economic Value of Flexibility when there is Disagreement

Boot, Arnoud W.A.; Thakor, Anjan V. - Tinbergen Instituut - 2003

We develop an economic theory of “flexibility”, which we interpret as the discretion orability to make a decision that others disagree with. We show that flexibility is essentiallyan option for the decisionmaker, and can be valued as such. The value of the flexibilityoption is decreasing in...

Persistent link: https://www.econbiz.de/10011249540

Market Liquidity, Investor Participation and Managerial Autonomy: Why do Firms go Private?

Boot, Arnoud W.A.; Gopaian, Radhakrishnan; Thakor, Anjan V. - Tinbergen Instituut - 2006

We analyze a publicly-traded firm's decision to stay public or go private when managerial autonomy from shareholder intervention affects the supply of productive inputs by management. We show that both the advantage and the disadvantage of public ownership relative to private ownership lie in...

Persistent link: https://www.econbiz.de/10011256406

Ordering the Preference Hierarchies for Internal Finance, Bank Loans, Bond and Share Issues

Haan, Leo de; Hinloopen, Jeroen - Tinbergen Instituut - 2002

We estimate the incremental financing decision for a sample of some 150Dutch companies for the years 1984 through 1997, thereby distinguishinginternal finance and three types of external finance: bank borrowing, bondissues and share issues. First, we estimate a multinomial logit model...

Persistent link: https://www.econbiz.de/10011256803

The Interest Rate and Capital Durability, and the Importance of Methodological Pluralism

Arkel, Roder van; Vermeylen, Koen - Tinbergen Instituut - 2013

investment in more durable capital is encouraged by lower interest rates, we investigate whether policy makers can steer the …

Persistent link: https://www.econbiz.de/10011255735

Housing Supply and Land Use Regulation in the Netherlands

Vermeulen, Wouter; Rouwendal, Jan - Tinbergen Instituut - 2007

Netherlands, where real house prices have roughly tripled since 1970. Besides the volume of investment in residential structures …

Persistent link: https://www.econbiz.de/10011255818