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Do Investors Value Insider Trading Laws? International Evidence

Beny, Laura - William Davidson Institute, University of Michigan - 2006

The article presents a simple agency model of the relationship between corporate valuation and insider trading laws. The article then investigates the model’s three testable hypotheses using firm-level data from a cross-section of developed countries. I find that more stringent insider trading...

Persistent link: https://www.econbiz.de/10005677456

The Changing Corporate Governance Paradigm: Implications for Transition and Developing Countries

Berglof, Erik; Thadden, Ernst-Ludwig von - William Davidson Institute, University of Michigan - 1999

The rapidly growing literature studying the relationship between legal origin, investor protection, and finance has stimulated an important debate in academic circles. It has also generated a number of applied research projects and strong policy statements. This paper discusses the implications,...

Persistent link: https://www.econbiz.de/10005677653

Going Public in Poland: Case-by-Case Privatizations, Mass Privatization and Private Sector Initial Public Offerings

Aussenegg, Wolfgang - William Davidson Institute, University of Michigan - 1999

This study compares the characteristics and the price behavior of case-by-case privatization initial public offerings …, private sector initial public offerings and the mass privatization program in Poland over the first eight years after the … sense of Perotti (1995), trying to build up reputation for its privatization policy over time by underpricing and selling a …

Persistent link: https://www.econbiz.de/10005677595

Which Foreigners are Worth Wooing? A Meta-Analysis of Vertical Spillovers from FDI

Havranek, Tomas; Irsova, Zuzana - William Davidson Institute, University of Michigan - 2010

The principal argument for subsidizing foreign investment, especially in developing and transition economies, is the assumed spillover of technology to local firms. Yet researchers report mixed results on spillovers. To examine the phenomenon in a systematic way, we collected 3,626 estimates...

Persistent link: https://www.econbiz.de/10009001051

Direct and Indirect Effects of FDI in Emerging European Markets: A Survey and Meta-analysis

Hanousek, Jan; Kocenda, Evzen; Maurel, Mathilde - William Davidson Institute, University of Michigan - 2010

We review a large body of literature dealing with the effects of Foreign Direct Investment (FDI) on economies during their transformation from a command economic system toward a market system. We report the results of a meta-analysis based on the literature on externalities from FDI. The studies...

Persistent link: https://www.econbiz.de/10008529033

Determinants of Financial Distress: What Drives Bankruptcy in a Transition Economy? The Czech Republic Case

Lízal, Lubomír - William Davidson Institute, University of Michigan - 2002

does not receive support in the ownership but the indicator of voucher privatization supports it. The initial conditions … from early 90's were not the driving the financial distress. The voucher-scheme privatization results in poorer corporate …

Persistent link: https://www.econbiz.de/10005784676

The Unanticipated Effects of Insider Trading Regulation

Durnev, Art A.; Nain, Amrita S. - William Davidson Institute, University of Michigan - 2004

Using a sample of 2,827 firms from 21 countries we examine whether insider trading laws achieve the primary objective for which they are introduced – protecting uninformed investors from private information-based trading. We find that when control is concentrated in the hands of a large...

Persistent link: https://www.econbiz.de/10005784671

Tax Avoidance and the Allocation of Credit

Meyendorff, Anna - William Davidson Institute, University of Michigan - 1998

This paper models the credit-seeking behavior of a firm when applying for a bank loan increases the probability of being monitored by the fiscal authorities. Using Russia as an example of an economy with poorly enforced tax payment, I find that if the probability of paying taxes increases as a...

Persistent link: https://www.econbiz.de/10005784712

POLICY REGIME CHANGE AND CORPORATE CREDIT IN BULGARIA: ASYMMETRIC SUPPLY AND DEMAND RESPONSES

Dobrinsky, Rumen; Markov, Nikolay - William Davidson Institute, University of Michigan - 2003

The paper seeks to assess how a major policy regime change – such as the introduction of the currency board in Bulgaria – affects the flow of bank credit to the corporate sector. An attempt is made to identify the determinants of corporate credit separately from the viewpoint of lenders and...

Persistent link: https://www.econbiz.de/10005207906

DO INSIDER TRADING LAWS MATTER? SOME PRELIMINARY COMPARATIVE EVIDENCE

Beny, Laura Nyantung - William Davidson Institute, University of Michigan - 2005

Despite the longstanding insider trading debate, there is little empirical research on insider trading laws, especially in a comparative context. The article attempts to fill that gap. I find that countries with more prohibitive insider trading laws have more diffuse equity ownership, more...

Persistent link: https://www.econbiz.de/10005784800