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Political Connections and Firm Value: Evidence from the Regression Discontinuity Design of Close Gubernatorial Elections

Do, Quoc-Anh; Lee, Yen-Teik; Nguyen, Bang Dang - C.E.P.R. Discussion Papers - 2015

Using the regression discontinuity design of close gubernatorial elections in the U.S., we identify a significant and positive impact of the social networks of corporate directors and politicians on firm value. Firms connected to elected governors increase their value by 3.89%. Political...

Persistent link: https://www.econbiz.de/10011249372

Equity Block Transfers in Transition Economies: Evidence from Poland

Trojanowski, Grzegorz - C.E.P.R. Discussion Papers - 2002

This Paper investigates valuation effects of share block transfers and employs agency theory to explain the determinants of block premia. A sample of transactions from Poland is used to measure benefits and costs of ownership concentration. Block premia are found to be substantially lower than...

Persistent link: https://www.econbiz.de/10005124379

Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?

Estrin, Saul; Tian, Lihui - C.E.P.R. Discussion Papers - 2005

The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized …

Persistent link: https://www.econbiz.de/10005656424

Machiavellian Underpricing

Biais, Bruno; Perotti, Enrico C - C.E.P.R. Discussion Papers - 1998

We analyse politically motivated privatization design in a bipartisan environment where politicians lack commitment power. Suppose the median class voters a priori favour redistributive policies. If the privatization programme succeeds in allocating enough shares to these citizens, they become...

Persistent link: https://www.econbiz.de/10005661730

The Determinants of Asset Stripping: Theory and Evidence from the Transition Economies

Campos, Nauro F; Giovannoni, Francesco - C.E.P.R. Discussion Papers - 2005

During the transition from plan to market, managers and politicians succeeded in maintaining control of large parts of the stock of socialist physical capital. Despite the obvious importance of this phenomenon, there have been no efforts to model, measure and investigate this process...

Persistent link: https://www.econbiz.de/10005504218

The Limits of Career Concerns in Federalism: Evidence from China

Persson, Petra; Zhuravskaya, Ekaterina - C.E.P.R. Discussion Papers - 2015

Performance-based promotion schemes in administrative hierarchies have limitations. Chinese provincial leaders, despite facing strong career concerns, make different policy decisions depending on their career backgrounds. Provincial party secretaries who rose from low to high positions within...

Persistent link: https://www.econbiz.de/10011165652

How Reform Worked in China

Qian, Yingyi - C.E.P.R. Discussion Papers - 2002

China’s reform worked and produced some of the most impressive growth in the largest developing and transition economy … in the world in the past twenty-two years. That China has managed to grow so rapidly despite the absence of many … initial conditions and to function as stepping stones in the transition toward the goal. Underlying China’s reform is a serial …

Persistent link: https://www.econbiz.de/10005136741

Business Groups in the United States: A Revised History of Corporate Ownership, Pyramids and Regulation, 1930-1950

Kandel, Eugene; Kosenko, Konstantin; Morck, Randall; … - C.E.P.R. Discussion Papers - 2013

The extent to which business groups ever existed in the United States and, if they did exist, the reasons for their disappearance are poorly understood. In this paper we use hitherto unexplored historical sources to construct a comprehensive data set to address this issue. We find that (1)...

Persistent link: https://www.econbiz.de/10011083947

On the Incentive Problems in Financial Conglomerates

Lóránth, Gyöngyi - C.E.P.R. Discussion Papers - 2002

This paper analyses the effects of scope expansion on the core activity of banks and provides a rationale for their interest in offering a wider product range. We show that scope economies may stem from moral hazard in the core business, and argue that a cost of scope expansion might be the...

Persistent link: https://www.econbiz.de/10005791861

Takeover Bids versus Proxy Fights in Contests for Corporate Control

Bebchuk, Lucian Arye; Hart, Oliver - C.E.P.R. Discussion Papers - 2001

This Paper evaluates the primary mechanisms for changing management or obtaining control in publicly traded corporations with dispersed ownership. Specifically, we analyse and compare three mechanisms: (1) proxy fights (voting only); (2) takeover bids (buying shares only); and (3) a combination...

Persistent link: https://www.econbiz.de/10005123692

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