In this study we used Japanese firm-level data in order to explore the productive impact of organizational capital by isolating the effect of other intangibles like R&D, brand, human and social capital. Fixed-effect and random-effect panel methodology are proposed to assess...

This paper presents a new way of measuring residual income, originally introduced by Magni (2000a, 2000b, 2003). Contrary to the standard residual income, the capital charge is equal to the capital lost by investors. The lost capital may be viewed as (a) the foregone capital, (b) the capital...

This paper presents a new way of measuring residual income, originally introduced by Magni (2000a, 2000b, 2003). Contrary to the standard residual income, the capital charge is equal to the capital lost by investors. The lost capital may be viewed as (a) the foregone capital, (b) the capital...

European family-controlled public companies tend to perform less well in the stock market than their American counterparts. Also, while more and more investment funds that focus on family-firm opportunities are being formed in the United States, data indicates that institutional investors remain...

This paper presents a study of the economic organization of systems of financial cooperatives (FC). The first part is a theoretical framework rooted in principles of transaction cost economics that seeks to explain empirical regularities observable in systems of FC worldwide. The second part is...

In this paper we analyze a model of voluntary disclosure by firms in financial markets. We focus on externalities that arise when firm values are correlated and the disclosures made by one firm affect the valuation of other firms. In our model, firms can choose the precision of their disclosure,...

Extant literature is not unequivocal about IPO pricing. It is almost silent about the misallocation in the capital market. IPO pricing is mostly argued from the point of view of listing gains/losses.This paper seeks to explain the process and outcomes of IPO pricing in the capital market with...

Mergers and acquisitions are a fast way for a firm to grow. Using plant-level data, we examine how firms redraw their boundaries after acquisitions. We find that there is a large amount of restructuring in a short period following mergers. Acquirers sell 27% and close 19% of acquired plants...

This paper conducts the first empirical assessment of theories concerning relationships among risk taking by banks, their ownership structures, and national bank regulations. We focus on conflicts between bank managers and owners over risk, and show that bank risk taking varies positively with...

The picture of the securities exchanges and financial sectors in CEE countries is still relatively unfavorable. The CEE securities exchanges - with the only exception ofthe Warsaw Stock Exchange - are, in comparison with their western counterparts, underdeveloped and less important for the...