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Stock Markets Liquidity, Corporate Governance and Small Firms

Tadesse, Solomon - William Davidson Institute, University of Michigan - 2005

’ liquidity, presenting further international evidence that firms supported by liquid equity markets realize improved economic … through enhancing market liquidity. It examines the impact on market liquidity of two significant U.S. Securities and Exchange … delivering corporate governance through increased market liquidity. …

Persistent link: https://www.econbiz.de/10005652604

Globalization and Firms' Financing Choices: Evidence from Emerging Economies

Schmukler, Sergio; Vesperoni, Esteban - William Davidson Institute, University of Michigan - 2001

This paper studies the relation between firm's financing choices and financial globalization. Using an East Asian and Latin American firm-level panel for the 1980s and 1990s, we study how leverage ratios, debt maturity structure, and sources of financing change when economies are liberalized and...

Persistent link: https://www.econbiz.de/10005652609

National Culture and Financial Systems

Tadesse, Solomon; Kwok, Chuck - William Davidson Institute, University of Michigan - 2005

Countries differ in the way their financial activities are organized. In Anglo-Saxon countries such as the U.S. and the U.K., financial systems are dominated by stock markets whereas in Continental Europe and Japan, banks play a predominant role. Why do countries differ in the configuration of...

Persistent link: https://www.econbiz.de/10005677716

Objectives and Constraints of Entrepreneurs: Evidence from Small and Medium Size Enterprises in Russia and Bulgaria

Pissarides, Francesca; Singer, Miroslav; Svejnar, Jan - William Davidson Institute, University of Michigan - 2000

We analyze the principal objectives and constraints of small and medium enterprises (SMEs), using data from a survey of 437 owners and top managers (CEOs) of SMEs in Russia and Bulgaria. The CEOs display similar views and identify a small number of specific constraints as being the most...

Persistent link: https://www.econbiz.de/10005784609

Firm Performance in Bulgaria and Estonia: The effects of competitive pressure and disorganization

Konings, Jozef - William Davidson Institute, University of Michigan - 1998

This paper is concerned with the analysis of firm performance, measured as total factor productivity, using a panel of over 1200 Bulgarian and 200 Estonian firms. The main empirical conclusions are (i) higher Financial and competitive pressure improves firm performance in Bulgaria; (ii)...

Persistent link: https://www.econbiz.de/10005784673

Capital Markets and Capital Allocation: Implications for Economies in Transition

Durnev, Artyom; Morck, Randall; Yeung, Bernard - William Davidson Institute, University of Michigan - 2001

Persistent link: https://www.econbiz.de/10005489863

The emergence of large shareholders in mass privatized firms: Evidence from Poland and the Czech Republic

Grosfeld, Irena; Hashi, Iraj - William Davidson Institute, University of Michigan - 2004

Mass privatization offers a particularly suitable framework to study the change in ownership concentration as the extent of change is unusual for a stable market economy. Focusing on two different mass privatization schemes in two transition economies, Poland and the Czech Republic, we find that...

Persistent link: https://www.econbiz.de/10005652508

The Allocation and Monitoring Role of Capital Markets: Theory and International Evidence

Tadesse, Solomon - William Davidson Institute, University of Michigan - 2003

Capital markets perform two distinct functions: provision of capital and facilitation of good governance through information production and monitoring. I argue that the governance function has more impact on the efficiency with which resources are utilized within the firm. Based on industry...

Persistent link: https://www.econbiz.de/10005652524

Corporate Financial Policies and Performance Prior to Currency Crises

Bris, Arturo; Koskinen, Yrjö; Pons, Vicente - William Davidson Institute, University of Michigan - 2001

Using company level data from 17 countries that have suffered a currency crisis during the past decade, this paper documents that firms have increasing leverage and declining profitability prior to a crisis. After sorting companies into two groups based on their exchange rate beta, we show that...

Persistent link: https://www.econbiz.de/10005652558

Evaluation of Mass Privatization in Bulgaria

Miller, Jeffrey - William Davidson Institute, University of Michigan - 2006

The mass privatization program in Bulgaria was implemented in 1996-97. Following programs in countries like the Czech Republic, more sophisticated regulatory bodies were put into place to prevent the kind of abuses observed elsewhere. This study finds that Bulgaria avoided some of the extreme...

Persistent link: https://www.econbiz.de/10005677534