Similar Search Results

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

Stock Markets Liquidity, Corporate Governance and Small Firms

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

While the importance of equity markets as a vehicle for capital formation is well recognized, their role in providing economically valuable governance services, particularly to small and medium enterprises (SME), has not received much attention. The paper examines the role of public policy in...

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

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

Bank Discrimination in Transition Economies: Ideology, Information or Incentives?

Brandt, Loren; Li, Hongbin - William Davidson Institute, University of Michigan - 2002

We study bank discrimination against private firms in transition countries. Theoretically, we show that banks may discriminate for non-profit reasons, but this discrimination diminishes with a bank’s incentives and human capital. Employing matching bank-firm data from China, we empirically...

Persistent link: https://www.econbiz.de/10005207887

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 Economic Value of Regulated Disclosure: Evidence from the Banking Sector

Tadesse, Solomon - William Davidson Institute, University of Michigan - 2006

The study examines the economic consequences of regulated disclosure in the banking sector, focusing on its impacts on the stability of banking systems. In a cross-country study of banking systems across 49 countries in the 90s, I find that banking crises are less likely in countries with...

Persistent link: https://www.econbiz.de/10005677694

Credit Ratings as Coordination Mechanisms

Boot, Arnoud W. A.; Milbourn, Todd T. - William Davidson Institute, University of Michigan - 2002

In this paper, we provide a novel rationale for credit ratings. The rationale that we propose is that credit ratings can serve as a coordinating mechanism in situations where multiple equilibria can obtain. We show that credit ratings provide a "focal point" for firms and their investors. We...

Persistent link: https://www.econbiz.de/10005489915

Competition and Firm Performance: Lessons from Russia

Brown, J. David; Earle, John S. - William Davidson Institute, University of Michigan - 2000

The "big-bang" liberalization of the inefficient Russian economy in 1992 provides a fruitful setting for analyzing the impact of several dimensions of market competition and other factors on enterprise efficiency. We analyze 1992-1998 panel data on 14,961 enterprises covering 75 percent of...

Persistent link: https://www.econbiz.de/10005652516

The Ownership School vs. the Management School of State Enterprise Reform: Evidence from China

Li, David D.; Wu, Changqi - William Davidson Institute, University of Michigan - 2002

' ownership, including privatization, in order to eliminate government control of SOEs. The management school emphasizes the need …

Persistent link: https://www.econbiz.de/10005652523

Ownership, Control and Corporate Performance After Large-Scale Privatization

Hanousek, Jan; Evžen Ko?enda; Svejnar, Jan - William Davidson Institute, University of Michigan - 2004

-scale privatization economy (Czech Republic). Using specifications based on first-differences and unique instrumental variables, we find … that few types of private ownership improve dynamic post-privatization performance. Concentrated foreign (but not domestic …

Persistent link: https://www.econbiz.de/10005652527