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Risk management with thinly traded securities : methodology and implementation

Bernales, Alejandro; Beuermann, Diether W.; Cortazar, … - 2013

Thinly traded securities exist in both emerging and well developed markets. However, plausible estimations of market risk measures for portfolios with infrequently traded securities have not been explored in the literature. We propose a methodology to calculate market risk measures based on the...

Persistent link: https://www.econbiz.de/10011303812

Carbon boards and transition risk: explicit and implicit exposure implications for total stock returns and dividend payouts

Mazzarano, Matteo; Guastella, Gianni; Pareglio, Stefano; … - 2021

exposure and are not alternatives. One is the explicit declaration of exposure to transition risk in the legally binding … implicitly associated with transition risk exposure. This paper empirically analyses to what extent US companies stock returns … exposure and, probably as a consequence, boards in carbon intensive companies use dividend policies to attract investment in …

Persistent link: https://www.econbiz.de/10012694482

Financing India's disaster risk resilience strategy

Ray, Saon; Jain, Samridhi; Thakur, Vasundhara - 2021

In this paper, we try to cover a whole range of polices and schemes that have been undertaken in Indiato finance disaster risk resilience (DRR). This paper tries to emphasise the importance of DRR in dealing with natural catastrophesby integrating DRR and climate change adaptation strategies for...

Persistent link: https://www.econbiz.de/10012436024

Firms under tax asymmetry : price uncertainty and hedging

Eldor, Rafael; Zilcha, Itzhak - 1997

Persistent link: https://www.econbiz.de/10000965164

Financial engineering: a flexible longevity bond to manage individual longevity risk

Zhou, Yuxin; Sherris, Michael; Ziveyi, Jonathan; Xu, Mengyi - 2020

Persistent link: https://www.econbiz.de/10012534761

The balance of power in closely held corporations

Bennedsen, Morten; Wolfenzon, Daniel - 1999

We analyze a closely held corporation characterized by the absence of a resale market for shares and by potentially having several significant shareholders. The founder of the firm may optimally choose to distribute voting power to several large shareholders since this forces them to form...

Persistent link: https://www.econbiz.de/10012142222

Control Dilution and Distribution of Ownership

Bennedsen, Morten; Fosgerau, Mogens; Wolfenzon, Daniel - 2000

We investigate the patterns of ultimate distribution of ownership in a sample of small closely held corporations. Motivated by recent corporate governance theories we define control dilution as the absenc of a single dominating shareholder. Most firms have one or two ultimate owners implying...

Persistent link: https://www.econbiz.de/10012142239

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

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

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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