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Blockholder Dispersion and Firm Value
Konijn, Sander J.J.; Kraeussl, Roman; Lucas, Andre - Tinbergen Instituut - 2009
This discussion paper resulted in a publication in the <I>Journal of Corporate Finance</I> (2011). Vol. 17, issue 5.<P> This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however,...</p></i>
Persistent link: https://www.econbiz.de/10011257055
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Blockholder Dispersion and Firm Value
Konijn, Sander J.J.; Kraeussl, Roman; Lucas, Andre - Tinbergen Institute - 2009
This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test...
Persistent link: https://www.econbiz.de/10008513240
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A Real Option Perspective on Valuing Gas Fields
Zhao, Lin; Wijnbergen, Sweder van - Tinbergen Instituut - 2013
Real option theory has remained a fringe field; practitioners believe it is not practically applicable in complex real … world environments. We show that this view is mistaken. We apply real option theory to a highly complex energy problem with … unhedgeable risk, time varying volatilities and endogenous exercise dates (non-European options). Investment decisions in the …
Persistent link: https://www.econbiz.de/10011257259
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A Real Options Perspective on R&D Portfolio Diversification
Bekkum, Sjoerd van; Pennings, Enrico; Smit, Han - Tinbergen Instituut - 2007
. Real option theory argues that research projects with conditional phases have option-like risk and return properties, and … portfolio risk, and changes diversification arguments when a portfolio is constructed. When R&D projects exhibit option … are different from unconditional projects. We show that although the risk of a portfolio always depends on the correlation …
Persistent link: https://www.econbiz.de/10011257428
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A Real Options Perspective on R&D Portfolio Diversification
Bekkum, Sjoerd van; Pennings, Enrico; Smit, Han - Tinbergen Institute - 2007
. Real option theory argues that research projects with conditional phases have option-like risk and return properties, and … portfolio risk, and changes diversification arguments when a portfolio is constructed. When R&D projects exhibit option … are different from unconditional projects. We show that although the risk of a portfolio always depends on the correlation …
Persistent link: https://www.econbiz.de/10005016277
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The Political Economy of Dominant Investors
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Institute - 2004
that labor claims are exposed to undiversifiable risk, so voters with small financial stakes may prefer lender (or large … share- holder) dominance, as they choose lower risk strategies. The model may explain the "great reversal" phenomenon in the … or state control as a finan- cially weakened middle class became concerned about income risk. We offer evidence using …
Persistent link: https://www.econbiz.de/10005137317
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An Analysis of the Effects of the Severance Payment Reform on Credit to Italian SMEs
Calcagno, Riccardo; Kraeussl, Roman; Monticone, Chiara - Tinbergen Institute - 2008
We study the effects of the reform of the system of severance payments (TFR) of Italian employees on the cost and the access to credit for small and medium-size enterprises (SMEs). The most direct consequence of the reform is to reduce in the long run the amount of liquid assets available to...
Persistent link: https://www.econbiz.de/10005450759
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The Political Economy of Dominant Investors
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Instituut - 2004
claims are exposed to undiversifiable risk, sovoters with small financial stakes may prefer lender (or large share …-holder) dominance, as they choose lower risk strategies. The modelmay explain the "great reversal" phenomenon in the first half of the20 … as a finan-cially weakened middle class became concerned about income risk.We offer evidence using post WW1 inflationary …
Persistent link: https://www.econbiz.de/10011255534
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An Analysis of the Effects of the Severance Payment Reform on Credit to Italian SMEs
Calcagno, Riccardo; Kraeussl, Roman; Monticone, Chiara - Tinbergen Instituut - 2008
We study the effects of the reform of the system of severance payments (TFR) of Italian employees on the cost and the access to credit for small and medium-size enterprises (SMEs). The most direct consequence of the reform is to reduce in the long run the amount of liquid assets available to...
Persistent link: https://www.econbiz.de/10011255902
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Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure
Boot, Arnoud W.A.; Thakor, Anjan V. - Tinbergen Instituut - 2003
ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …
Persistent link: https://www.econbiz.de/10011242147