Similar Search Results

Business Groups : Panics, Runs, Organ Banks and Zombie Firms

Colpan, Asli M.; Morck, Randall - National Bureau of Economic Research - 2021

Business groups often contain banks or near banks that can protect group firms from economic shocks. A group bank subordinate to other group firms can become an "organ bank" that selflessly bails out distressed group firms and anticipates a government bailout. A group bank subordinating other...

Persistent link: https://www.econbiz.de/10012599325

Business Groups and the Incorporation of Firm-specific Shocks into Stock Prices

Faccio, Mara - 2019

In lower-income economies, stocks exhibit less idiosyncratic volatility and business groups are more prevalent. This study connects these two findings by showing that business group affiliated firms' stock returns exhibit less idiosyncratic volatility than do the returns of otherwise similar...

Persistent link: https://www.econbiz.de/10012479857

Corporate Governance, Business Group Governance and Economic Development Traps

Dau, Luis - 2020

Every firm in a developed economy relies on the mere existence of countless other firms to keep prices competitive up and down all supply chains. Without this network externality, no firm forms; and without many firms, no network forms; locking in a low-income trap. Business group governance...

Persistent link: https://www.econbiz.de/10012482288

How to Eliminate Pyramidal Business Groups - The Double Taxation of Inter-Corporate Dividends and Other Incisive Uses of Tax Policy

Morck, Randall - 2004

Arguments for eliminating the double taxation of dividends apply only to dividends paid by corporations to individuals. The double (and multiple) taxation of dividends paid by one firm to another -- intercorporate dividends - was explicitly included in the 1930s as part of a package of tax and...

Persistent link: https://www.econbiz.de/10012467743

Business Groups in Canada : Their Rise and Fall, and Rise and Fall Again

Morck, Randall - 2015

Family-controlled pyramidal business groups were important in Canada early in the 20th century, amid rapid catch-up industrialization, but largely gave way to widely held free-standing firms by mid- century. In the 1970s and early 1980s - an era of high inflation, financial reversal,...

Persistent link: https://www.econbiz.de/10012456963

The Great Pyramids of America : A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950

Kandel, Eugene - 2013

Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups … ownership structure of the United States arose: (1) Until the mid-20th century, US corporate ownership was unexceptional: large … diversified and family controlled; but the others were tightly focused and had widely held apex firms; (3) US business groups …

Persistent link: https://www.econbiz.de/10012458971

Finance and Governance in Developing Economies

Morck, Randall - 2011

Classic Big Push industrialization envisions state planners coordinating economic activity to internalize a range of externalities that otherwise lock in a low-income equilibrium, but runs afoul of well-known government failure problems. Successful Big Push coordination may occur instead when a...

Persistent link: https://www.econbiz.de/10012461788