We construct a comprehensive panel data of 96 publicly traded European utilities over the period 1994-2005 in order to study the relationship between the capital structure of regulated firms, regulated prices, and investments, and examine if and how this interaction is affected by ownership...

This paper reviews the obstacles for an appropriate financial architecture of new economy firms in developing countries by reviewing the theoretical and some preliminary empirical underpinnings of the importance of legal and institutional barriers. Apart from the more conventional institutional...

This paper investigates the impact of pyramid ownership structure and multiple controlling shareholders on firm leverage. Pyramids, having at least one controlling shareholder and a subsidiary, rely significantly more on debt financing than non-pyramid firms. Moreover, higher leverage is...

We analyze firms’ investment behavior, differentiating firms according to the cash flow levels they experience during their lifecycles. We consequently consider the firm as the basic unit and not firm-year observations. Firms with persistent positive cash flow show higher investment-cash flow...

Offshore-Windparks sind eine wichtige Säule für die erfolgreiche Umsetzung der Energiewende. Weltweit boomen der Ausbau und die Entwicklung dieser nachhaltigen Technologien mit unterschiedlichen nationalen Herausforderungen. Allen Projekten ist jedoch gemein, dass mit steigender Tendenz viel...

The purpose of this paper is to empirically investigate the interaction between hedging, financing, and investment decisions. This work is relevant in that theoretical predictions are not necessarily identical to those in the case where only two decisions are being made. We argue that the way in...

The purpose of this study is to investigate how firms responded to the deterioration of bank health during the financially turbulent periods in the 2000s in making investment decisions and in meeting demand for liquidity. A rise in uncertainty regarding the ability to obtain external funds may...

We investigate and find out the inner differences between stand-alone firms and those participating to Productive Chain Networks (PCNs) as far as ownership and corporate governance characteristics are concerned. PCNs are typical Italian economic realities made of small and medium enterprises...

The aim of this paper is to explore the determinants of firms' financial policies according to the manager's psychological characteristics. More specifically, it examines the links between emotional intelligence, decision biases and the effectiveness of firms' financial policies. The article...

Building on recent developments in behavioral asset pricing, we develop a model in which an increase in the dispersion of investor beliefs under short-selling constraints predicts a bubble, or a rise in a stock's price above its fundamental value. Our model predicts that managers respond to...