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Common Ownership, Competition, and Top Management Incentives
Anton, Miguel - 2020
When one firm's strategy affects other firms' value, optimal executive incentives depend on whether shareholders have interests in only one or in multiple firms. Performance-sensitive contracts induce managerial effort to reduce costs, and lower costs induce higher output. Hence, greater...
Persistent link: https://www.econbiz.de/10012854854
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Thin Capitalization Rules and Multinational Firm Capital Structure
Blouin, Jennifer - 2014
This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confidential...
Persistent link: https://www.econbiz.de/10013055986
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Vertical Integration and Valuation of International Oil Companies
Misund, Bard - 2014
This paper studies financial statement information from the 50 largest international oil and gas companies during 1992 to 2011 and evaluates their relation to market values. In particular, we examine how this relationship is affected by accounting method choice (successful efforts versus full...
Persistent link: https://www.econbiz.de/10013043599
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Entrepreneurship, Organization Capital and the Evolution of the Firm
Oshima, Atsushi; Ravikumar, B.; Riezman, Raymond G. - 2021
We view the entrepreneur as an agent who possesses human capital in the form of specific skills or talents. When she starts a firm, her human capital is essential to the firm and it has substantial private value. The entrepreneur transforms her human capital over time into what we call...
Persistent link: https://www.econbiz.de/10013316567
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Testing the General Validity of the Heckscher-Ohlin Theorem : The Natural Experiment of Japan
Bernhofen, Daniel M. - 2011
We exploit Japan's 19th century move from autarky to free trade to provide the first test of the general validity of … a single refutable prediction on the economy's factor content of trade. Our test combines factor price data from Japan …'s late autarky period with Japan's factor content of trade calculated with the technologies of the country of origin of …
Persistent link: https://www.econbiz.de/10013120071
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Real Effects of Quantitative Easing at the Zero-Lower Bound : Structural VAR-Based Evidence from Japan
Schenkelberg, Heike - 2013
. These results are interesting not only for Japan, but also for other advanced economies where monetary policy is currently …
Persistent link: https://www.econbiz.de/10013092811
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Asset Ownership and Foreign-Market Entry
Raff, Horst - 2006
This paper examines the link between a firm's ownership of productive assets and its choice of foreign-market entry strategy. We find that, controlling for industry - and country-specific characteristics, the most productive firms (i.e., those owning the most assets) will enter through...
Persistent link: https://www.econbiz.de/10012780461
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Firm-Specific Characteristics and the Timing of Foreign Direct Investment Projects
Raff, Horst; Ryan, Michael John - 2021
This paper uses a proportional hazard model to study foreign direct investment by Japanese manufacturers in Europe between 1970 and 1994. We divide each firm's investment total into a sequence of individual investment decisions and analyze how firm-specific characteristics affect each decision....
Persistent link: https://www.econbiz.de/10013317273
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Hong Kong Output Dynamics : An Empirical Analysis
Cheung, Yin-Wong - 2021
Advanced statistical techniques are used to analyze Hong Kong output dynamics. Hong Kong, Japan and the U.S. are found …
Persistent link: https://www.econbiz.de/10013321022
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Illiquidity and Under-Valuation of Firms
Gale, Douglas M. - 2012
We study a competitive model in which market incompleteness implies that debt-financed firms may default in some states of nature and default may lead to the sale of the firms' assets at fire sale prices when markets are illiquid. This incompleteness is the only friction in the model and the...
Persistent link: https://www.econbiz.de/10013116475