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Investor Protection and the Value of Shares : Evidence from Statutory Rules Governing Variations of Shareholders' Class Rights in Russia
Muravyev, Alexander - 2010
This paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their...
Persistent link: https://www.econbiz.de/10013149514
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Asset Stripping, Rule of Law and Firm Survival : The Hoff-Stiglitz Model and Mass Privatization in Montenegro
Koman, Matjaz - 2013
-oriented issue of why a large number of efficient firms disappeared during mass privatization in a booming economy of Montenegro …. Econometrically, we present the first study to look at firms that disappeared during a mass privatization transition, improving upon … remaining in samples when estimating the effects of privatization or other ownership changes. We also show that one needs to …
Persistent link: https://www.econbiz.de/10013071449
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How Policy Changes Affect Shareholder Wealth : The Case of the Fukushima Daiichi Nuclear Disaster
Betzer, André - 2011
This paper analyzes how policy changes affect shareholder wealth in the context of environmental regulation. We exploit the unique and unexpected German reaction to the Fukushima Daiichi nuclear disaster, which involved the immediate shutdown of almost half of Germany's nuclear reactors while...
Persistent link: https://www.econbiz.de/10013121551
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Risk Sharing Within and Outside the Firm : The Disparate Effects of Wrongful Discharge Laws on Expected Stock Returns
Mahlstedt, Robert; Weber, Rüdiger - 2021
We study the interrelation between two types of risk sharing -- within the firm and on capital markets -- by analyzing the effect of wrongful-discharge laws (WDLs) on stock returns. Consistent with rational, risk-based pricing, the effect on returns is linked to how shareholders and workers...
Persistent link: https://www.econbiz.de/10013246408
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Banks and Innovation : Microeconometric Evidence on Italian Firms
Benfratello, Luigi - 2014
In this paper we investigate the effect of local banking development on firms' innovative activities, using a rich data set on innovation for a large number of Italian firms over the 1990's. There is evidence that banking development affects the probability of process innovation, particularly...
Persistent link: https://www.econbiz.de/10012752497
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Risk Sharing within and Outside the Firm : The Disparate Effects of Wrongful Discharge Laws on Expected Stock Returns
Mahlstedt, Robert; Weber, Rüdiger - 2021
We study the effect of wrongful-discharge laws (WDL) on firm-level stock returns. We find disparate effects depending on the exact design of the law. Consistent with rational, risk-based pricing, the effect on returns seems to be linked to how firms share systematic risk with their employees...
Persistent link: https://www.econbiz.de/10013314816
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Has the Push for Equal Gender Representation Changed the Role of Women on German Supervisory Boards?
Bozhinov, Viktor - 2017
In Germany, an intensive public debate about increasing female participation in leadership positions started in 2009 and proceeded until the beginning of 2015, when the German parliament enacted a board gender quota. In that period, the share of women on supervisory boards for 111 German...
Persistent link: https://www.econbiz.de/10012946564
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Gains from Early Support of a New Political Party
Leonardi, Marco - 2019
We study the potential benefits and mechanisms of firms' political connections by analyzing the Italian experience, where, in the early nineties, Silvio Berlusconi, a rich TV tycoon, became the leader of the conservative political coalition. Using firm-level data, we find that the 101 companies...
Persistent link: https://www.econbiz.de/10012863805
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Too Low to Be True : The Use of Minimum Thresholds to Fight Tax Evasion
Tonin, Mirco - 2011
The enforcement of compliance with tax regulation is a complex task. This is particularly the case when the administrative capacity of the tax authority is low, as it often happens in developing and transition countries. This paper draws on some international experiences in fighting tax evasion...
Persistent link: https://www.econbiz.de/10013129909
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Status-Seeking in Criminal Subcultures and the Double Dividend of Zero-Tolerance
Dur, Robert - 2011
This paper offers a new argument for why a more aggressive enforcement of minor offenses ('zero-tolerance') may yield a double dividend in that it reduces both minor offenses and more severe crime. We develop a model of criminal subcultures in which people gain social status among their peers...
Persistent link: https://www.econbiz.de/10013129937