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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
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An Analysis of the Effects of the Severance Payment Reform on Credit to Italian SMEs
Calcagno, Riccardo; Kraeussl, Roman; Monticone, Chiara - Tinbergen Instituut - 2008
We study the effects of the reform of the system of severance payments (TFR) of Italian employees on the cost and the access to credit for small and medium-size enterprises (SMEs). The most direct consequence of the reform is to reduce in the long run the amount of liquid assets available to...
Persistent link: https://www.econbiz.de/10011255902
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A Real Option Perspective on Valuing Gas Fields
Zhao, Lin; Wijnbergen, Sweder van - Tinbergen Instituut - 2013
Real option theory has remained a fringe field; practitioners believe it is not practically applicable in complex real … world environments. We show that this view is mistaken. We apply real option theory to a highly complex energy problem with …
Persistent link: https://www.econbiz.de/10011257259
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A Real Options Perspective on R&D Portfolio Diversification
Bekkum, Sjoerd van; Pennings, Enrico; Smit, Han - Tinbergen Instituut - 2007
. Real option theory argues that research projects with conditional phases have option-like risk and return properties, and …
Persistent link: https://www.econbiz.de/10011257428
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Volatility Smirk as an Externality of Agency Conflict and Growing Debt
Jaskowski, Marcin; McAleer, Michael - Tinbergen Instituut - 2013
Since Black (1976), the source of the stock price volatility smirk has remained a controversy. The volatility smirk is a side effect of agency conflict. An important distinction is that the smirk occurs in the optimum, even after agency conflict has been resolved. The slope of the smirk is found...
Persistent link: https://www.econbiz.de/10011268659
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Microeconomic Evidence of Creative Destruction in Industrial and Developing Countries
Bartelsman, Eric J.; Haltiwanger, John; Scarpetta, Stefano - Tinbergen Instituut - 2004
productivity directly, by reallocating resources towards more productive uses, but also indirectly through the effects of increased …
Persistent link: https://www.econbiz.de/10011255936
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Capital Structure and the Redeployability of Tangible Assets
Campello, Murillo; Giambona, Erasmo - Tinbergen Instituut - 2011
salability of tangible assets. Theory suggests that tangibility increases borrowingcapacity because it allows creditors to more …
Persistent link: https://www.econbiz.de/10011255648
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Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure
Boot, Arnoud W.A.; Thakor, Anjan V. - Tinbergen Instituut - 2003
ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …
Persistent link: https://www.econbiz.de/10011242147
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Cyclicality in Losses on Bank Loans
Keijsers, Bart; Diris, Bart; Kole, Erik - Tinbergen Instituut - 2015
Cyclicality in the losses of bank loans is important for bank risk management. Because loans have a different risk profile than bonds, evidence of cyclicality in bond losses need not apply to loans. Based on unique data we show that the default rate and loss given default of bank loans share a...
Persistent link: https://www.econbiz.de/10011272584
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Modeling Portfolio Defaults using Hidden Markov Models with Covariates
Banachewicz, Konrad; Vaart, Aad van der; Lucas, André - Tinbergen Instituut - 2006
We extend the Hidden Markov Model for defaults of Crowder, Davis, and Giampieri (2005) to include covariates. The covariates enhance the prediction of transition probabilities from high to low default regimes. To estimate the model, we extend the EM estimating equations to account for the time...
Persistent link: https://www.econbiz.de/10011255628