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Firms as monitor of other firms: mutual guarantee institutions and SME finance
Columba, Francesco; Leonardo, Gambacorta; Paolo Emilio, … - Volkswirtschaftliche Fakultät, … - 2008
-finance, firms affiliated to a MGI are linked by a joint responsibility for the loan providing MGI affiliates with peer monitoring …
Persistent link: https://www.econbiz.de/10005835569
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The effects of mutual guarantee consortia on the quality of bank lending
Columba, Francesco; Gambacorta, Leonardo; Mistrulli, … - Volkswirtschaftliche Fakultät, … - 2009
In this paper we investigate whether or not mutual guarantee consortia (MGC), a financial institution well developed in Italy, alleviate the difficulties that Small and Medium Enterprises (SMEs) face when they ask for a bank loan. We find that the probability of a small firm affiliated to a MGC...
Persistent link: https://www.econbiz.de/10005109557
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Who issues debt securities in emerging countries?
Mamoru, Nagano - Volkswirtschaftliche Fakultät, … - 2011
This paper focuses on the differences of capital market accessibility and investigates the determinants of firm debt securities issuance in emerging countries. The following results are derived from the empirical analysis. First, country panel analyses showed that the debt securities market...
Persistent link: https://www.econbiz.de/10009323440
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The Case for Mandatory Ownership Disclosure
Schouten, Michael C. - Volkswirtschaftliche Fakultät, … - 2009
The use of equity derivatives to conceal economic ownership of shares (“hidden ownership”) is increasingly drawing attention from the financial community, as is the exercise of voting power without corresponding economic interest (“empty voting”). Market participants and commentators...
Persistent link: https://www.econbiz.de/10005000662
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The Case for Mandatory Ownership Disclosure
Schouten, Michael C. - Volkswirtschaftliche Fakultät, … - 2009
The use of equity derivatives to conceal economic ownership of shares (“hidden ownership”) is increasingly drawing attention from the financial community, as is the exercise of voting power without corresponding economic interest (“empty voting”). Market participants and commentators...
Persistent link: https://www.econbiz.de/10005621423
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An Incentive-Compatibility Approach to the Problem of Monitoring a Bureau
Claar, Victor V - Volkswirtschaftliche Fakultät, … - 1997
of monitoring a bureau. Following Mueller (1989), the bureau does not make take-it-or-leave-it budget proposals to the …
Persistent link: https://www.econbiz.de/10005621692
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Renegotiation and Relative Performance Evaluation: Why an Informative Signal may be Useless
Yim, Andrew - Volkswirtschaftliche Fakultät, … - 2000
Although Holmstrom’s informativeness criterion provides a theoretical foundation for the controllability principle and interfirm relative performance evaluation, empirical and field studies provide only weak evidence on such practices. This paper refines the traditional informativeness...
Persistent link: https://www.econbiz.de/10008784967
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Poverty Alleviation Programs: Monitoring vs. Workfare
Oliveira, Márcia; Côrte-Real, Paulo - Volkswirtschaftliche Fakultät, … - 2006
monitoring. We �nd that when disutility of labor is the only unobservable variable, a workfare policy is ine¢ cient because it …, monitoring may be the best instrument for preventing fraud. When income-generating ability is the only unobservable variable …, choosing between workfare and monitoring depends not only on the cost function associated with the latter, but also on income …
Persistent link: https://www.econbiz.de/10005789624
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On the fundamentals of winning virtuous strategies creation toward leveraged buyout transactions implementation during private equity investment in conditions of resonant absorptio...
Ledenyov, Dimitri O.; Ledenyov, Viktor O. - Volkswirtschaftliche Fakultät, … - 2014
The authors perform an original research on the fundamentals of winning virtuous strategies creation toward the leveraged buyout transactions implementation during the private equity investment in the conditions of the resonant absorption of discrete information in the diffusion - type financial...
Persistent link: https://www.econbiz.de/10011156987
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On the fundamentals of winning virtuous strategies creation toward leveraged buyout transactions implementation during private equity investment in conditions of resonant absorptio...
Ledenyov, Dimitri O.; Ledenyov, Viktor O. - Volkswirtschaftliche Fakultät, … - 2014
The authors perform an original research on the fundamentals of winning virtuous strategies creation toward the leveraged buyout transactions implementation during the private equity investment in the conditions of the resonant absorption of discrete information in the diffusion - type financial...
Persistent link: https://www.econbiz.de/10011107335