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Zingales, Luigi - 2008

In this paper I argue that corporate finance theory, empirical research, practical applications, and policy recommendations are deeply rooted in an underlying theory of the firm. I also argue that while the existing theories have delivered very important and useful insights, they seem to be...

Persistent link: https://www.econbiz.de/10012728294

The Great Reversals: The Politics of Financial Development in the 20th Century

Rajan, Raghuram G.; Zingales, Luigi - National Bureau of Economic Research (NBER) - 2001

We show that the development of the financial sector does not change monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern is inconsistent with...

Persistent link: https://www.econbiz.de/10005830365

Private Benefits of Control: An International Comparison

Dyck, Isaac John Alexander; Zingales, Luigi - National Bureau of Economic Research (NBER) - 2002

We construct a measure of the private benefits of control in 39 countries based on 412 control transactions between … 1990 and 2000. We find that the value of control ranges between 4% and +65%, with an average of 14 percent. As predicted by … theory, in countries where private benefits of control are larger capital markets are less developed, ownership is more …

Persistent link: https://www.econbiz.de/10005830542

Understanding Trust

Sapienza, Paola; Toldra, Anna; Zingales, Luigi - National Bureau of Economic Research (NBER) - 2007

Several papers study the effect of trust by using the answer to the World Values Survey (WVS) question "Generally speaking, would you say that most people can be trusted or that you can't be too careful in dealing with people?" to measure the level of trust. Glaeser et al. (2000) question the...

Persistent link: https://www.econbiz.de/10005830667

The Value of Corporate Culture

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2013

We study which dimensions of corporate culture are related to a firm’s performance and why. We find that proclaimed values appear irrelevant. Yet, when employees perceive top managers as trustworthy and ethical, firm’s performance is stronger. We then study how different governance...

Persistent link: https://www.econbiz.de/10011084023

The Value of Corporate Culture

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - National Bureau of Economic Research (NBER) - 2013

We study which dimensions of corporate culture are related to a firm's performance and why. We find that proclaimed values appear irrelevant. Yet, when employees perceive top managers as trustworthy and ethical, firm's performance is stronger. We then study how different governance structures...

Persistent link: https://www.econbiz.de/10010951120

In Search of New Foundations

Zingales, Luigi - C.E.P.R. Discussion Papers - 2000

Persistent link: https://www.econbiz.de/10005792089

What Determines Firm Size?

Kumar, Krishna; Rajan, Raghuram G.; Zingales, Luigi - National Bureau of Economic Research (NBER) - 1999

Motivated by theories of the firm, which we classify as technological' or organizational,' we analyze the determinants of firm size across industries and across countries in a sample of 15 European countries. We find that, on average, firms facing larger markets are larger. At the industry...

Persistent link: https://www.econbiz.de/10005777528

Why Do Companies Go Public? An Empirical Analysis

Pagano, Marco; Panetta, Fabio; Zingales, Luigi - C.E.P.R. Discussion Papers - 1996

) it is often associated with equity sales by controlling shareholders, and is followed by a higher turnover of control …

Persistent link: https://www.econbiz.de/10005123719

Private Benefits of Control: An International Comparison

Dyck, Alexander; Zingales, Luigi - C.E.P.R. Discussion Papers - 2002

Based on 412 control transactions between 1990 and 2000 we construct a measure of the private benefits of control in 39 … countries. We find that the value of control ranges between –4% and +65%, with an average of 14%. As predicted by theory, in … countries where private benefits of control are larger capital markets are less developed, ownership is more concentrated, and …

Persistent link: https://www.econbiz.de/10005123949