Showing 1 - 10 of 588
This paper introduces a new rationale for the existence of “Directors' and Officers'” (D&O) insurance. We use a model with volatile stock markets where shareholders design compensation schemes that incentivize managers to stimulate short-term increases in stock prices that do not maximize...
Persistent link: https://www.econbiz.de/10013058491
plants exist. The results indicate that divestment is associated with a drop in total factor productivity accompanied by a …
Persistent link: https://www.econbiz.de/10013030495
, and total factor productivity (TFP) using firm-level data for China between 1998 and 2007. We find, consistent with the …Subordination of business to political influence has remains pervasive in China. We construct a Schumpeterian … model predicts the impact of different patterns of state ownership and/or political connectedness on firm productivity …
Persistent link: https://www.econbiz.de/10012964690
This paper assesses sources of productivity spillovers in China's electric and electronic manufacturing industry using … important reliance on technology. In particular, the paper focuses on the role of other firms' productivity as well as … productivity shifters in affecting own firm-level total factor productivity. In addition, this paper examines the possible …
Persistent link: https://www.econbiz.de/10013052092
This paper assesses the role of intra-sectoral spillovers in total factor productivity across Chinese producers in the … as a function of skilled and unskilled labor, capital, materials, and total factor productivity, which is broadly defined …, the extent of accumulated intangible assets, and unobservable total factor productivity. Despite the richness of our data …
Persistent link: https://www.econbiz.de/10013030498
We decompose the market-to-book ratio into two additive components: a conservatism correction factor and a future-to-book ratio. The conservatism correction factor exceeds the benchmark value of one whenever the accounting for past transactions has been subject to an (unconditional) conservatism...
Persistent link: https://www.econbiz.de/10010259673
We examine the classical Gibrat's law or Law of Proportionate Effects (LPE) using Blundel and Bond (1998)'s two-step Generalized Method of Moments dynamic panel model for a mixed sample of more than 1500 banks in 29 OECD and 36 non-OECD countries. Our analysis show that size distribution of...
Persistent link: https://www.econbiz.de/10012753202
This paper uses German evidence to address two questions about corporate governance. The effects of ownership on corporate governance have received much recent attention, but very little of this has been devoted to the appropriate way to measure firm ownership. The results of this paper show...
Persistent link: https://www.econbiz.de/10012754150
This paper uses German evidence to address two questions about corporate governance. The effects of ownership on corporate governance have received much recent attention, but very little of this has been devoted to the appropriate way to measure firm ownership. The results of this paper show...
Persistent link: https://www.econbiz.de/10005181443
This paper investigates (i) whether growth and profitability persist in banking firms, (ii) whether the level and volatility of growth and profitability are bank-size dependent, and (iii) the relationship between growth and profitability of a bank. Using a dynamic panel model estimated by GMM...
Persistent link: https://www.econbiz.de/10008572506