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Capital structure and financial flexibility : expectations of future shocks
Lambrinoudakis, Costas; Neumann, Michael; Skiadopoulos, … - 2014 - This draft: 3 October 2014
We test one of the main predictions of the financial flexibility paradigm that expectations about future firm-specific shocks affect the firm's leverage. We extract the expectations of small and large future shocks from the market prices of equity options. We find that expectations for future...
Persistent link: https://www.econbiz.de/10010472840
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The Impact of a Break-Through Rule on European Firms
Bennedsen, Morten; Nielsen, Kasper - 2002
We analyze the impact of a 75 pct. Break-Through rule on 1,035 European firms with dual class shares. In 3-5 pct. of the firms the controlling owners incur a direct loss of control, whereas in additional 11-17 pct. of the firms the controlling owners are likely to incur a control loss. Firms in...
Persistent link: https://www.econbiz.de/10012142260
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The Principle of Proportionality: Separating the Impact of Dual Class Shares, Pyramids and Cross-ownership on Firm Value Across Legal Regimes in Western Europe
Bennedsen, Morten; Meisner, Kasper, Nielsen - 2006
Recent policy initiatives within the harmonization of European company laws have promoted a so-called "principle of proportionality" through proposals that regulate mechanisms opposing a proportional distribution of ownership and control. We scrutinize the foundation for these initiatives by...
Persistent link: https://www.econbiz.de/10012142316
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Long term changes in voting power and control structure following the unification of dual class shares
Lauterbach, Beni; Yāfe, Yišay - 2009
minor improvement in corporate governance. -- Dual class shares ; corporate governance …
Persistent link: https://www.econbiz.de/10008840054
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Sample separation and the sensitivity of investment to cash flow : is the monotonicity condition empirically satisfied?
Iona, Alfonsina; Leonida, Leone - 2018
This paper studies whether the monotonicity condition of the investment-cash flow sensitivity is satisfied empirically. We show that if this condition holds, then the point of sample separation does not affect the monotonic relationship between the sensitivities of any two complementary classes...
Persistent link: https://www.econbiz.de/10011872436
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Why do firms have boards?
Bennedsen, Morten - 2002
In a world where corporate boards are not required by law, I identify a governance and a distribute motive for board … motives are significant and discuss related corporate governance implications. …
Persistent link: https://www.econbiz.de/10012142253
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Corporate capture of blockchain governance
Ferreira, Daniel Bernardo Soares; Li, Jin; Nikolowa, … - 2019
We develop a theory of blockchain governance. In our model, the proof-of-work system, which is the most common set of … services. We analyze the two-way interactions between blockchain governance and the market structure of the industries in the … blockchain ecosystem. Our main result is that the proof-of-work system leads to a situation where the governance of the …
Persistent link: https://www.econbiz.de/10011962959
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Long-term finance and investment with frictional asset markets
Kozlowski, Julian - 2017
Trading frictions in financial markets affect more long- than short-term bonds generating an upward sloping yield curve. Long-term financing is more expensive in economies with higher trading frictions so firms choose to borrow and invest in shorter horizons and lower productivity projects. The...
Persistent link: https://www.econbiz.de/10011911516
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Financing micro firms in Europe : an empirical analysis
Masiak, Christian; Block, Jörn; Moritz, Alexandra; … - 2017
The vast majority of firms in Europe are micro firms. Still, we know little about their financing patterns. Our paper aims to close this gap. Based on a large European firm-level data set, we find that micro firms differ in their financing patterns from small and medium-sized companies. Our...
Persistent link: https://www.econbiz.de/10011859838
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Inside the Family Firm
Bennedsen, Morten; Nielsen, Kasper; Pérez-González, … - 2005
This paper uses a unique dataset from Denmark to investigate (1) the role of family characteristics in corporate decision making, and (2) the consequences of these decisions on firm performance. We focus on the decision to appoint either a family or an external chief executive officer (CEO). We...
Persistent link: https://www.econbiz.de/10012142315