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On the Real Effects of Bank Bailouts: Micro-Evidence from Japan
Giannetti, Mariassunta; Simonov, Andrei - C.E.P.R. Discussion Papers - 2009
Exploiting the Japanese banking crisis as a laboratory, we provide firm-level evidence on the real effects of bank … investors have similar effects. Moreover, bank mergers engineered to enhance bank stability appear to hurt the borrowers of the …
Persistent link: https://www.econbiz.de/10005014571
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Mergers as Auctions
Ivaldi, Marc; Motis, Jrissy - C.E.P.R. Discussion Papers - 2007
structural approach to infer acquirers’ gains from merging by interpreting a merger as an auction. Using nonparametric methods …
Persistent link: https://www.econbiz.de/10005656211
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Performance Pay, CEO Dismissal, and the Dual Role of Takeovers
Burkart, Mike; Raff, Konrad - C.E.P.R. Discussion Papers - 2012
We propose that an active takeover market provides incentives by offering acquisition opportunities to successful … performance-based pay are non-monotonic in the intensity of the takeover threat. In firms with weak boards, turnover (performance …-based pay) increases (decreases) with the intensity of the takeover threat. When choosing its acquisition policy and the quality …
Persistent link: https://www.econbiz.de/10011083799
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What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions
Pagano, Marco; Randl, Otto; Röell, Ailsa A; Zechner, Josef - C.E.P.R. Discussion Papers - 2001
Despite the increasing integration of capital markets, geography has not yet become irrelevant to finance. Between 1986 and 1997, European public companies have increasingly listed abroad, especially in the US. We relate the cross-listing decisions to the characteristics of the destination...
Persistent link: https://www.econbiz.de/10005662106
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Entry Mistakes, Entrepreneurial Boldness and Optimism
Brocas, Isabelle; Carrillo, Juan D - C.E.P.R. Discussion Papers - 1999
We analyze the investment decision of a population of time inconsistent entrepreneurs who overweight current payoffs relative to future returns. We show that, in order to avoid inefficient procrastination, agents may find it optimal to keep optimistic priors about their chances of success and...
Persistent link: https://www.econbiz.de/10005791696
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The Quality of Entrepreneurs
Hvide, Hans K - C.E.P.R. Discussion Papers - 2005
What determines the quality of entrepreneurs? To address this question, the paper proposes a simple model of the interaction between individual workers’ decision to become entrepreneurs and established firms’ effort to keep their best workers and ideas. The main prediction from the model is...
Persistent link: https://www.econbiz.de/10005792326
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CEO-Firm Match and Principal-Agent Problem
Li, Fei; Ueda, Masako - C.E.P.R. Discussion Papers - 2005
We study the implication of the standard principal-agent theory developed by Holmstrom and Milgrom (1987) on the endogenous matching of CEO and firm. We show that a CEO with low disutility of effort, low risk aversion, or both should manage a safer firm in the matching equilibrium, and that a...
Persistent link: https://www.econbiz.de/10005792377
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Effects of Ownership and Financial Status on Corporate Environmental Performance
Earnhart, Dietrich; Lizal, Lubomir - C.E.P.R. Discussion Papers - 2002
This Paper analyses the effects of ownership structure on corporate environmental performance and examines the link from financial performance to environmental performance in a transition economy. In particular, it analyses these ownership effects and this performance link using an unbalanced...
Persistent link: https://www.econbiz.de/10005123506
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The Geography of Equity Listing: Why Do Companies List Abroad?
Pagano, Marco; Röell, Ailsa A; Zechner, Josef - C.E.P.R. Discussion Papers - 2001
This Paper documents the aggregate trends in the foreign listings of companies and analyses both their distinctive pre-listing characteristics and their post-listing performance relative to other companies. In the 1986-97 interval, many European companies listed abroad, but did so mainly on US...
Persistent link: https://www.econbiz.de/10005067637
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Cross-Listing, Investment Sensitivity to Stock Price and the Learning Hypothesis
Foucault, Thierry; Frésard, Laurent - C.E.P.R. Discussion Papers - 2011
We show that the sensitivity of corporate investment to stock price is higher for firms cross-listed in the U.S. than for firms that never cross-list. This difference is strong, does not exist prior to the cross-listing date, and does not vanish over time after this date. Moreover, the impact of...
Persistent link: https://www.econbiz.de/10009003378