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The deep-pocket effect of internal capital markets
Boutin, Xavier; Cestone, Giacinta; Fumagalli, Chiara; … - 2009
We provide evidence suggesting that incumbents' access to group deep pockets has a negative impact on entry in product … cash holdings owned by incumbent-affiliated groups is negatively related to entry in a market. Second, the impact on entry …, the entry deterring effect of group deep pockets is more pronounced when groups have more active internal capital markets …
Persistent link: https://www.econbiz.de/10010279491
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Do business groups affect corporate cash holdings? Evidence from a transition economy
Cai, Weixing; Zeng, Cheng; Lee, Edward; Ozkan, Neslihan - In: China Journal of Accounting Research 9 (2016) 1, pp. 1-24
We examine whether business groups' influence on cash holdings depends on ownership. Group affiliation can increase firms' agency costs or benefit firms by providing an internal capital market, especially in transition economies characterized by weak investor protection and difficult external...
Persistent link: https://www.econbiz.de/10011937016
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Banking globalization, monetary transmission and the lending channel
Cetorelli, Nicola; Goldberg, Linda S. - 2008
The globalization of banking in the United States is influencing the monetary transmission mechanism both domestically and in foreign markets. Using quarterly information from all U.S. banks filing call reports between 1980 and 2005, we find evidence for the lending channel for monetary policy...
Persistent link: https://www.econbiz.de/10010298734
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Banking globalization, transmission, and monetary policy autonomy
Goldberg, Linda S. - 2013
International financial linkages, particularly through global bank flows, generate important questions about the consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I address the monetary autonomy issue in the context of...
Persistent link: https://www.econbiz.de/10010333575
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When is FDI a Capital Flow?
Marin, Dalia; Schnitzer, Monika - 2006
In this paper we analyze the conditions under which a foreign direct investment (FDI) involves a net capital flow across countries. Frequently, foreign direct investment is financed in the host country without an international capital movement. We develop a model in which the optimal choice of...
Persistent link: https://www.econbiz.de/10010333841
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Creditor Rights and Debt Allocation within Multinationals
Akbel, Basak; Schnitzer, Monika - 2009
We analyze the optimal debt structure of multinational corporations choosing between centralized or decentralized borrowing. We identify how this choice is affected by creditor rights and bankruptcy costs, taking into account managerial incentives and coinsurance considerations. We find that...
Persistent link: https://www.econbiz.de/10010334120
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Reallocation of Capital and Labor within Firms
Mueller, Holger - In: Swiss Journal of Economics and Statistics 152 (2016) 4, pp. 289-303
Understanding how internal capital and labor markets function sheds light on one of the most fundamental questions in economics: what determines the boundaries of the firm? This essay reviews the theoretical and empirical literature on internal capital markets and firm boundaries, focusing in...
Persistent link: https://www.econbiz.de/10011933346
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Diversication advantages during the global financial crisis
Levander, Mats - 2018
In this paper, I investigate whether being part of a business group mitigated the effects of the global financial crisis for Swedish firms. The crisis is used as an exogenous shock to firms' external financing. The investments made by business group firms are compared to those made by standalone...
Persistent link: https://www.econbiz.de/10011943329
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Shock Transmission through International Banks: Austria
Segalla, Esther - 2015
This study provides findings on the transmission of liquidity shocks by Austrian parent banks through the lending channel. I investigate how different types of parent banks adjust their balance sheet positions in response to a liquidity shock and how such an adjustment is transmitted into...
Persistent link: https://www.econbiz.de/10013370116
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Picking winners: Managerial ability and capital allocation
Benz, Andreas; Demerjian, Peter R.; Hoang, Daniel; … - 2024
We examine how division managers' human capital affects internal capital allocation using a hand-collected data set of divisional managers at S&P 1,500 firms. Based on a novel measure of division-manager ability, we show that more able division managers receive substantially larger capital...
Persistent link: https://www.econbiz.de/10014478432