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Why Do Companies Go Public? An Empirical Analysis

Pagano, Marco; Panetta, Fabio; Zingales, Luigi - 2021

finance subsequent investment and growth, but to reduce leverage, (iv) going public reduces the cost of bank credit; (v) it is …

Persistent link: https://www.econbiz.de/10013244375

Why Do Companies Go Public? An Empirical Analysis

Pagano, Marco - 1995

finance subsequent investment and growth, but to reduce leverage, (iv) going public reduces the cost of bank credit; (v) it is …

Persistent link: https://www.econbiz.de/10012473502

Do Financing Constraints Explain Why Investment is Correlated with Cash Flow?

Kaplan, Steven N. - 1995

This paper investigates the sources of the correlation between corporate cash flow and investment by undertaking an in-depth analysis of the 49 low-dividend firms identified by Fazzari, Hubbard, and Petersen (1988) as having an unusually high investment-cash flow sensitivity. We find that in...

Persistent link: https://www.econbiz.de/10012473608

Kill Zone

Kamepalli, Sai Krishna - 2020

We study why high-priced acquisitions of entrants by an incumbent do not necessarily stimulate more innovation and entry in an industry (like that of digital platforms) where customers face switching costs and enjoy network externalities. The prospect of an acquisition by the incumbent platform...

Persistent link: https://www.econbiz.de/10012481729

Kill Zone

Kamepalli, Sai Krishna; Rajan, Raghuram G.; Zingales, Luigi - 2022

We study why acquisitions of entrant firms by an incumbent can deter innovation and entry in the digital platform industry, where there are strong network externalities and some customers face switching costs. A high probability of an acquisition induces some potential early adopters to wait for...

Persistent link: https://www.econbiz.de/10013298326

A Fiscal Union for the Euro : Some Lessons from History

Bordo, Michael D. - 2011

The recent financial crisis 2007-2009 was the longest and the deepest recession since the Great Depression of 1930. The crisis that originated in subprime mortgage markets was spread and amplified through globalised financial markets and resulted in severe debt crises in several European...

Persistent link: https://www.econbiz.de/10013120322

The Future of EMU : What Does the History of Monetary Unions Tell Us?

Bordo, Michael D. - 1999

The creation of EMU and the ECB has triggered a discussion of the future of EMU. Independent observers have pointed to a number of shortcomings or hazard areas' in the construction of EMU, such as the absence of a central lender of last resort function for EMU, the lack of a central authority...

Persistent link: https://www.econbiz.de/10012471419

A Long Term Perspective on the Euro

Bordo, Michael D. - 2008

This study grounds the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to reduce transactions costs of multiple currencies and...

Persistent link: https://www.econbiz.de/10012772728

Tales from the Bretton Woods

Bordo, Michael D. - 2014

An analogy has been made between the collapse of the Bretton Woods system in 1971 and the recent Eurozone crisis. The … (analogous to Germany today).However Bretton Woods is very different from the Eurozone in many dimensions. An even better analogy … mechanism for the Eurozone. In the early 1930s massive gold flows from the interior, hard hit by banking panics, to New York …

Persistent link: https://www.econbiz.de/10013051313

Monnet's Error?

Guiso, Luigi - 2015

-Europe sentiment as does the 2010 Eurozone crisis. Yet, in spite of the worst recession in recent history, the Europeans still support …

Persistent link: https://www.econbiz.de/10013023682