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Improving corporate governance where the State is the controlling block holder: Evidence from China
Berkman, Henk; Cole, Rebel; Fu, Lawrence - Volkswirtschaftliche Fakultät, … - 2007
We examine changes in market values and accounting returns for a sample of publicly traded Chinese firms around announcements of block-share transfers among government agencies (“State Bureaucrats”), market-oriented State-owned enterprises (“MOSOEs”) and private investors (“Private...
Persistent link: https://www.econbiz.de/10005619712
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State - owned banks from Romania
Dumitriu, Ramona; Stefanescu, Razvan; Nistor, Costel - Volkswirtschaftliche Fakultät, … - 2012
: In Romania, as in many Central and Eastern Europe countries, during the communist regime all the banks were owned by the state and their activities were circumscribed by rigid norms. After the communist regime had fallen, the state owned banks had to adapt to a competitive environment. The...
Persistent link: https://www.econbiz.de/10011109368
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Reluctant Regulation
Bortolotti, Bernardo; Cambini, Carlo; Rondi, Laura - Volkswirtschaftliche Fakultät, … - 2012
We study the effect of state ownership on the market-to-book ratios of publicly traded European utilities observed from 1994 to 2005. We find that when the company is subject to independent regulation, state ownership is positively associated with firm value. This effect is strong and...
Persistent link: https://www.econbiz.de/10011112859
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National and international exigencies on increasing the quality of accounting information generated by evaluation by comparison
Goagara, Daniel; Vasilescu, Laura; Nitu, Cornelia - Volkswirtschaftliche Fakultät, … - 2012
The approach by comparison establishes the limits of the shares market value by analyzing the prices, normally paid for … shares to the competing entities to the one evaluated. In order to select the comparison base, the motivations of the parties … of the participants on the market shall be eliminated. These prices will be analyzed by using some proper comparison …
Persistent link: https://www.econbiz.de/10011113573
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The Allocation of Economic Capital in Opaque Financial Conglomerates
Mierzejewski, Fernando - 2009
The capital structure of firms that face restrictions on liquidity (i.e. that cannot hedge continuously) is affected by the agency costs and moral-hazard implicit in the contracts they establish with stockholders and customers. It is demonstrated in this paper that then an optimal level of...
Persistent link: https://www.econbiz.de/10013159445
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Horizontal and Vertical Firm Networks, Corporate Performance and Product Market Competition
Bischoff, Oliver - 2015
This paper sheds new light on the assessment of firm networks via multiple directorships in terms of corporate firm performance. Using a large sample of European listed firms in the period from 2003 to 2011 and system GMM we find a significant compensation effect on corporate firm performance...
Persistent link: https://www.econbiz.de/10013024843
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Debt concentration of European Firms
Giannetti, Caterina - Volkswirtschaftliche Fakultät, … - 2015
This paper investigates the level of debt specialization across European firms relying on a cross-country comparable sample of manufacturing firms. We find that a number of firm characteristics -- such as firm size and age -- help predict the firm composition of the various types of debts (i.e....
Persistent link: https://www.econbiz.de/10011210474
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Riesgo operativo en el sector salud en Colombia
Franco-Arbeláez, Luis Ceferino; Franco-Ceballos, Luis … - Volkswirtschaftliche Fakultät, … - 2015
In this research, based on the guidelines of the Basel agreements and its relationships with the health sector according to the respective resolutions of the Ministry of Social Protection of Colombia, the operational risk in the social security in Colombia is quantified in the context of...
Persistent link: https://www.econbiz.de/10011210487
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Monetary Policy versus Structural Reforms: The Case of Croatia
Vidakovic, Neven; Radošević, Dubravko - Volkswirtschaftliche Fakultät, … - 2014
Over the course of the recession during the last six years, central bank officials in Croatia have on numerous occasions stated there is a strong need for structural reforms in Croatia and that there is no need for monetary policy reforms. This short paper investigates why the CNB is only...
Persistent link: https://www.econbiz.de/10011268351
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The problem with government interventions: The wrong banks, inadequate strategies, or ineffective measures?
Hryckiewicz, Aneta - Volkswirtschaftliche Fakultät, … - 2014
The most recent crisis prompted regulatory authorities to implement directives prescribing actions to resolve systemic banking crises. Recent findings show that government intervention results in only a small proportion of bank recoveries. This study examines the reasons for this failure and...
Persistent link: https://www.econbiz.de/10011271681