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Law, Share Price Accuracy and Economic Performance : The New Evidence

Fox, Merritt B. - 2013

The value of mandatory securities disclosure is intensely debated. Two big questions occupy much of the attention: Do …, will mandatory disclosure effectively contribute to share price accuracy? To date, the debate has been largely theoretical … the effect of a December 1980 change in the SEC's disclosure rule requiring every issuer's filings to contain a section …

Persistent link: https://www.econbiz.de/10012754624

Law, Share Price Accuracy and Economic Performance : The New Evidence

Fox, Merritt B. - 2013

Persistent link: https://www.econbiz.de/10012712102

State-controlled Banks and the Effectiveness of Monetary Policy

Morck, Randall; Yavuz, M. Deniz; Yeung, Bernard - National Bureau of Economic Research (NBER) - 2013

We find lending by state controlled banks to be significantly more associated with monetary policy than is lending by private sector banks. At the country-level, we further find monetary policy to be significantly closely linked to aggregate loan growth and aggregate fixed capital investment...

Persistent link: https://www.econbiz.de/10010696636

Does Firm-Specific Information in Stock Prices Guide Capital Allocation?

Durnev, Art - 2013

We show that firms in industries in which firm-specific stock price variation is larger use more external financing and allocate capital with greater precision in the sense that their marginal q ratios are closer to one. Greater precision of stock prices in tracking firm fundamentals should...

Persistent link: https://www.econbiz.de/10012712241

Does Firm-specific Information in Stock Prices Guide Capital Allocation?

Morck, Randall; Durnev, Artyom; Yeung, Bernard - National Bureau of Economic Research (NBER) - 2001

We show that firms in industries in which firm-specific stock price variation is larger use more external financing and allocate capital with greater precision in the sense that their marginal q ratios are closer to one. According to the Efficient Markets Hypothesis, greater firm-specific stock...

Persistent link: https://www.econbiz.de/10005829285

When Labor Has a Voice in Corporate Governance

Morck, Randall; Faleye, Olubunmi; Mehrotra, Vikas - National Bureau of Economic Research (NBER) - 2005

Equity ownership gives labor both a fractional stake in the firm's residual cash flows and a voice in corporate governance. Relative to other firms, labor-controlled publicly-traded firms deviate more from value maximization, invest less in long-term assets, take fewer risks, grow more slowly,...

Persistent link: https://www.econbiz.de/10005830210

The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950

Kandel, Eugene; Morck, Randall; Kosenko, Konstantin; … - National Bureau of Economic Research (NBER) - 2013

Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed firms control other listed firms. Hand-collected historical data illuminate how the present ownership structure of the United States arose: (1)...

Persistent link: https://www.econbiz.de/10011234895

Adoptive Expectations: Rising Sons in Japanese Family Firms

Morck, Randall; Mehrotra, Vikas; Shim, Jungwook; … - National Bureau of Economic Research (NBER) - 2011

The practice of adopting adults, even if one has biological children, makes Japanese family firms unusually competitive. Our nearly population-wide panel of postwar listed nonfinancial firms shows inherited family firms more important in postwar Japan than generally realized, and also performing...

Persistent link: https://www.econbiz.de/10008869236

Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market

Deng, Yongheng; Morck, Randall; Wu, Jing; Yeung, Bernard - National Bureau of Economic Research (NBER) - 2011

In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land...

Persistent link: https://www.econbiz.de/10008869238

Finance and Governance in Developing Economies

Morck, Randall - National Bureau of Economic Research (NBER) - 2011

Classic Big Push industrialization envisions state planners coordinating economic activity to internalize a range of externalities that otherwise lock in a low-income equilibrium, but runs afoul of well-known government failure problems. Successful Big Push coordination may occur instead when a...

Persistent link: https://www.econbiz.de/10008869241