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Dynamic Information Acquisition, Comlementarity, and Market Liquidity
Cai, Zhifeng - 2020
This paper studies dynamic information acquisition in financial markets with information asymmetry. It first shows that multiplicity can arise in the information market due to a dynamic complementarity in information acquisition. It then characterizes interactions between information...
Persistent link: https://www.econbiz.de/10012663139
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Financialisation and rental housing: A case study of Berlin
Davies, Clementine - 2021
This paper seeks to understand the extent financialisation has had an impact on the rental housing market in Berlin. Specifically, it focuses on the financialisation of non-financial rental housing companies. The financial statements of five large, publicly listed, commercial rental housing...
Persistent link: https://www.econbiz.de/10012420679
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Hedging, financing, and investment decisions: A simultaneous equations framework
Lin, Chen-miao; Smith, Stephen D.; Lin, Chen-miao; … - 2005
The purpose of this paper is to empirically investigate the interaction between hedging, financing, and investment … two decisions are being made. We argue that the way in which hedging affects the firms’ financing and investing decisions …, but not their leverage, by hedging. However, we also find that firms with few investment opportunities use derivatives to …
Persistent link: https://www.econbiz.de/10010397691
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Family Firms, Agency Costs and Risk Aversion - Empirical Evidence from Diversification and Hedging Decisions
Schmid, Thomas; Ampenberger, Markus; Kaserer, Christoph; … - Center for Entrepreneurial and Financial Studies <München> - 2008
diversification or the application of currency hedging instruments. This analysis is based on a unique dataset of 339 publicly listed … hedging instruments.In a second step, we go beyond existing research and distinguish between two separate dimensions of family … costs and thus leads to lower levels of business segment diversification and less currency hedging. In contrast family …
Persistent link: https://www.econbiz.de/10005870324
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Do bankers sacrifice value to build empires? Managerial incentives, industry consolidation, and financial performance
Hughes, Joseph P.; Lang, William W.; Mester, Loretta J.; … - 2001
Bank consolidation is a global phenomenon. It may enhance the value of firms in the industry if, for example, it is driven by scale and scope economies, but skeptics often accuse bankers of sacrificing value to build empires. Using data on bank holding companies in the U.S., we find strong...
Persistent link: https://www.econbiz.de/10010318372
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Mitigating Information Frictions in Trade: Evidence from Export Credit Guarantees
Agarwal, Natasha; Lodefalk, Magnus; Tang, Aili; Tano, Sofia - 2019
Information frictions make foreign trade risky. Therefore, many countries offer export credit guarantees that insure export transactions against buyers' default. We investigate the causal effects of guarantees on firm performance. To overcome selection bias, we employ a quasi-experimental design...
Persistent link: https://www.econbiz.de/10012654440
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Business Angels and Firm Performance: First Evidence from Population Data
Andersson, Fredrik W.; Lodefalk, Magnus - 2020
Business angels dominate early-stage investment in firms, but research on their investment effects is scarce and is limited by sample selection. Therefore, we propose an algorithm for identifying business angel investments from total population data. We apply the algorithm to study business...
Persistent link: https://www.econbiz.de/10012654469
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Ownership Structure and the Operating Performanceof Hungarian Firms
Campbell, Kevin - Centre for the Study of Economic and Social Change in … - 2002
This paper uses firm-level data on 162 large Hungarian enterprises to analyse the relationship betweenownership structure and corporate performance in 1998 and 1999. Cross-sectional regressions are runfor each of these years using the return on assets (ROA) as the measure of performance. Both...
Persistent link: https://www.econbiz.de/10005868253
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Currency Mismatches, Balance-Sheet Effects and Hedging in Chilean Non-Financial Corporations
Cowan, Kevin; Hansen, Erwin; Herrera, Luis Oscar - 2005
Using a new database on the currency composition of assets and liabilities, this paper explores the determinants and consequences of currency mismatches in Chilean non-financial firms. As in previous firm level studies for Chile, we find that in periods following a depreciation firms with higher...
Persistent link: https://www.econbiz.de/10010327083
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Import protection, business cycles, and exchange rates: Evidence from the great recession
Bown, Chad P.; Crowley, Meredith A. - 2011
This paper uses highly detailed, quarterly data for five major industrialized economies to estimate the impact of macroeconomic fluctuations on import protection policies over 1988:Q1 - 2010:Q4. First, estimates on a pre-Great Recession sample of data provide evidence of two key relationships....
Persistent link: https://www.econbiz.de/10010292150