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Financial Systems and Economic Growth: An Evaluation Framework for Policy
Claus, Iris; Jacobsen, Veronica; Jera, Brock - 2004
The purpose of this paper is to develop an analytical framework for discussing the link between financial systems and economic growth. Financial systems help overcome an information asymmetry between borrowers and lenders. If they do not function well, economic growth will be negatively...
Persistent link: https://www.econbiz.de/10012115569
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Postprivatization Corporate Governance: the Role of Ownership Structure and Investor Protection
Boubakri, Narjess; Cosset, Jean-Claude; Guedhami, Omrane - 2003
We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to...
Persistent link: https://www.econbiz.de/10011325056
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The effects of privatization and corporate governance of soes in transition economy: The case of Kazakhstan
Lee, Keun Jung - 2020
privatization (i.e., IPO) has different effects depending on the types of owners to whom it gives control in corporate governance …
Persistent link: https://www.econbiz.de/10012610022
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The motives for issuing exchangeable bonds in the privatization of state-owned enterprises
Kaźmierczak, Damian - In: Comparative Economic Research. Central and Eastern Europe 26 (2023) 2, pp. 33-49
investigates the role of hybrid debt in the privatization of state-owned enterprises (SOEs) via government-controlled investment … in Europe and Asia. Moreover, in some cases, the privatization of SOEs by means of exchangeables can prove to be a more … shareholders. Third, the entire privatization process tends to be more flexible for issuers in that they can perceive exchangeables …
Persistent link: https://www.econbiz.de/10014516373
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Abnormal Returns in Privatization Public Offerings: The Case of Portuguese Firms
Vieira, Carla; Serra, Ana Paula - 2005
This paper provides evidence on abnormal returns of Portuguese privatization public offerings for the period from 1989 … privatization transactions and investigates the determinants of the observed price behavior. Our results are not supportive of the … underpricing phenomenon except if we exclude the very extreme observations. The results show further that privatization IPOs …
Persistent link: https://www.econbiz.de/10010312287
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Share Issuing Privatizations in China: Determinants of Public Share Allocation and Underpricing
Quan, Qi; Huyghebaert, Nancy - 2005
Using data on 451 Chinese privatizations over the period 1994-2002, this paper empirically investigates the firm and stock market characteristics that detfirmine the size of the portion of new shares sold to the general public and underpricing at SIP-time. We find that poor perfirmance and...
Persistent link: https://www.econbiz.de/10010313366
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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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Ukrainische Banken: politische Patronage von Bedeutung
Baum, Christopher F.; Caglayan, Mustafa; Schäfer, Dorothea - In: DIW Wochenbericht 74 (2007) 23, pp. 367-371
Verflechtungen zwischen Banken und Politikern werden hier am Beispiel ukrainischer Geschäftsbanken analysiert. Es zeigt sich, dass die "Nähe zur Politik" tendenziell einen dämpfenden Effekt auf die Entwicklung der Zinsmargen und einen positiven Effekt auf die Veränderung der...
Persistent link: https://www.econbiz.de/10011601732
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The structure and performance of Ethiopia's financial sector in the pre- and post-reform period with a special focus on banking
Geda, Alemayehu - 2006
banks to acquire new technology that enhance the efficiency of the financial sector in general and the banking sector in …
Persistent link: https://www.econbiz.de/10010333062
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Ranking Systemically Important Financial Institutions
Dungey, Mardi; Luciani, Matteo; Veredas, David - 2012
We propose a simple network–based methodology for ranking systemically important financial institutions. We view the risks of firms –including both the financial sector and the real economy– as a network with nodes representing the volatility shocks. The metric for the connections of the...
Persistent link: https://www.econbiz.de/10010326485