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Corporate Acquisitions and Firm-Level Uncertainty: Domestic Versus Cross-Border Deals
Bai, Ye; Girma, Sourafel; Riaño, Alejandro - 2020
This paper studies the impact of corporate acquisitions - both domestic and cross-border - on the uncertainty faced by …-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty … - engender a positive response in acquirers' volatility. Our results suggest that acquisitions affect uncertainty because they …
Persistent link: https://www.econbiz.de/10012179878
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Corporate Acquisitions and Firm-Level Uncertainty : Domestic versus Cross-Border Deals
Bai, Ye - 2020
This paper studies the impact of corporate acquisitions - both domestic and cross-border - on the uncertainty faced by …-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty … - engender a positive response in acquirers' volatility. Our results suggest that acquisitions affect uncertainty because they …
Persistent link: https://www.econbiz.de/10012841927
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Disagreement and Optimal Security Design
Ortner, Juan M.; Schmalz, Martin C. - 2018
the asset to be securitized. We show that pooling assets can be optimal because it mitigates the effects of disagreement … between issuer and investors, whereas tranching a cash-flow stream allows the issuer to exploit disagreement between investors …
Persistent link: https://www.econbiz.de/10011815799
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Business groups in emerging markets: financial control and sequential investment
Hainz, Christa - 2006
Business groups in emerging markets perform better than unaffiliated firms. One explanation is that business groups substitute some functions of missing institutions, for example, enforcing contracts. We investigate this by setting up a model where firms within the business group are connected...
Persistent link: https://www.econbiz.de/10010263949
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Buying to Sell: Private Equity Buyouts and Industrial Restructuring
Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2013
We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block rivals from obtaining assets. These incentives...
Persistent link: https://www.econbiz.de/10010318810
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Do Dividend Taxes Affect Corporate Investment
Alstadsæter, Annette; Jacob, Martin - 2014
We test whether dividend taxes affect corporate investments. We exploit Sweden's 2006 dividend tax cut of 10 percentage points for closely held corporations and five percentage points for widely held corporations. Using rich administrative panel data and triple-difference estimators, we find...
Persistent link: https://www.econbiz.de/10010398651
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Manpower Constraints and Corporate Policies
D'Acunto, Francesco; Weber, Michael; Yang, Shuyao - 2020
Manpower constraints are the pervasive lack of specialized high- and low-skill workers, irrespective of the wage firms might offer. For a panel of German firms, we show manpower-constrained firms have higher capacity utilization and longer backlog of orders (measured in months). They are more...
Persistent link: https://www.econbiz.de/10012425604
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Money Creation in Decentralized Finance: A Dynamic Model of Stablecoin and Crypto Shadow Banking
Li, Ye; Mayer, Simon - 2021
Stablecoins rise to meet the demand for safe assets in decentralized finance. Stablecoin issuers transform risky reserve assets into tokens of stable values, deploying a variety of tactics. To address the questions on the viability of stablecoins, regulations, and the initiatives led by large...
Persistent link: https://www.econbiz.de/10012657966
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Money Creation in Decentralized Finance : A Dynamic Model of Stablecoin and Crypto Shadow Banking
Li, Ye; Mayer, Simon - 2021
Stablecoins rise to meet the demand for safe assets in decentralized finance. Stablecoin issuers transform risky reserve assets into tokens of stable values, deploying a variety of tactics. To address the questions on the viability of stablecoins, regulations, and the initiatives led by large...
Persistent link: https://www.econbiz.de/10013214344
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Manpower Constraints and Corporate Policies
D'Acunto, Francesco; Weber, Michael; Yang, Shuyao - 2021
Manpower constraints are the pervasive lack of specialized high- and low-skill workers, irrespective of the wage firms might offer. For a panel of German firms, we show manpower-constrained firms have higher capacity utilization and longer backlog of orders (measured in months). They are more...
Persistent link: https://www.econbiz.de/10013314951