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Financing entrepreneurial firms in Europe : facts, issues, and research agenda
Bottazzi, Laura; Da Rin, Marco - 2003
During the latter part of the 1990s the introduction of the euro, the dramatic increase in the supply of venture capital in most EU countries, and the creation of several new equity markets targeted at innovative firms have dramatically transformed the financing prospects of European...
Persistent link: https://www.econbiz.de/10011507965
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State ownership and control in the Czech Republic
Kočenda, Evžen; Hanousek, Jan - 2009
We analyze the extent of the integrated control of the state over privatized firms during the post-privatization decade … (1995-2005) in the Czech Republic. During this period the integrated control potential of the state resembled a corporate … pyramid. While pyramidal control was not fully utilized, the golden share in the hands of the state substantially enhanced its …
Persistent link: https://www.econbiz.de/10003887481
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Investor protection and foreign stakeholders
Giofré, Maela - 2010
Different investor classes are endowed with different rights, and conflicting interests among them can make protections afforded to one party detrimental to another. Indeed, we find that investor protection laws have sizeable "cross" effects on foreign portfolio investment and the direction of...
Persistent link: https://www.econbiz.de/10003979974
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CEO compensation
Frydman, Carola; Jenter, Dirk - 2010
This paper surveys the recent literature on CEO compensation. The rapid rise in CEO pay over the past 30 years has sparked an intense debate about the nature of the pay-setting process. Many view the high level of CEO compensation as the result of powerful managers setting their own pay. Others...
Persistent link: https://www.econbiz.de/10008797772
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Voting in corporate boards with heterogeneous preferences
Balduzzi, Paolo; Graziano, Clara; Luporini, Annalisa - 2011
We analyze the voting behavior of a board of directors that has to approve (or reject) an investment proposal with uncertain return. We consider three types of directors: insiders, who are biased toward acceptance of the project, independent outsiders who want to maximize the firm's profit and...
Persistent link: https://www.econbiz.de/10009009615
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Euro area SMEs under financial constraints : belief or reality?
Artola, Concha; Genre, Véronique - 2011
During the recent financial crisis, euro area firms, and especially Small and Medium-sized Enterprises, have been reporting acute problems of access to external finance. Using firm-level replies to the SME survey on access to finance, we use two indicators of financing constraints based on...
Persistent link: https://www.econbiz.de/10009380414
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Do bubbles lead to overinvestment? : a revealed preference approach
Chirinko, Robert S.; Schaller, Huntley - 2011
Many economists believe that the stock market plays an important role in efficiently allocating capital to its most productive uses. This standard story of the stock market was called into question by events in the late 1990s, when some observers believed that stock market overvaluation - or a...
Persistent link: https://www.econbiz.de/10009153871
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Taxes do affect corporate financing decisions : the case of Belgian ACE
Princen, Savina - 2012
structure of a company. By comparing the financial leverage of treatment and control companies before and after the introduction …
Persistent link: https://www.econbiz.de/10009488958
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The value of the revolving door : political appointees and the stock market
Lüchinger, Simon; Moser, Christoph - 2012
We analyze stock market reactions to announcements of political appointments from the private sector and corporate appointments of former government officials. Using unique data on corporate affiliations and announcements of all Senate-confirmed U.S. Defense Department appointees of six...
Persistent link: https://www.econbiz.de/10009621770
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CEO preferences and acquisitions
Jenter, Dirk; Lewellen, Katharina - 2011
This paper explores the impact of target CEOs' retirement preferences on the incidence, the pricing, and the outcomes of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone benefits of staying employed until the planned retirement...
Persistent link: https://www.econbiz.de/10009412377