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Vertical integration and operational flexibility
Moretto, Michele; Rossini, Gianpaolo - 2008
The main aim of the paper is to highlight the relation between flexibility and vertical integration. To this purpose … dynamic uncertain environment. The enterprise we model enjoys flexibility since it can switch from a certain amount of … produce all inputs even when it buys them in the market. This sort of flexibility makes for results which are somehow contrary …
Persistent link: https://www.econbiz.de/10010331069
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Liquidity, innovation, and endogenous growth
Malamud, Semyon; Zucchi, Francesca - 2016
We study optimal liquidity management, innovation, and production decisions for a continuum of firms facing financing frictions and the threat of creative destruction. We show that financing constraints lead firms to decrease production but may spur investment in innovation (R&D). We...
Persistent link: https://www.econbiz.de/10011605964
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Is there a non-linear relationship of market value with cash and ownership?
Arvanitis, Stavros E.; Stamatopoulos, Theodoros V.; … - In: SPOUDAI - Journal of Economics and Business 68 (2018) 1, pp. 3-25
The paper provides new evidence on the way that both the cash and ownership influence firms' market value in the Athens Stock Exchange (ASE) within the Eurozone (2000-2015). Based on corporate governance theory and critical analysis we use the dynamic panel data econometrics, in order to get...
Persistent link: https://www.econbiz.de/10011994282
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Business groups in emerging markets: financial control and sequential investment
Hainz, Christa - 2006
Business groups in emerging markets perform better than unaffiliated firms. One explanation is that business groups substitute some functions of missing institutions, for example, enforcing contracts. We investigate this by setting up a model where firms within the business group are connected...
Persistent link: https://www.econbiz.de/10010263949
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Investment efficiency, state-owned enterprises and privatisation: Evidence from Vietnam in transition
O'Toole, Conor M.; Morgenroth, Edgar - 2015
Our research tests the difference in investment efficiency between state-owned enterprises (SOEs) and private firms and then evaluates the effect of privatisation and equitisation policies on the investment efficiency of former state owned enterprises (SOEs). We use a novel dataset from Viet Nam...
Persistent link: https://www.econbiz.de/10011440389
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The Political Economy of Dominant Investors
Perotti, Enrico C.; von Thadden, Ernst-Ludwig - 2004
We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...
Persistent link: https://www.econbiz.de/10010325240
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Crowdinvesting
Hainz, Christa; Hornuf, Lars - In: CESifo DICE Report 14 (2016) 1, pp. 67-69
Persistent link: https://www.econbiz.de/10011696957
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An Introduction to Crowdfunding
Rocholl, Jörg - In: CESifo DICE Report 14 (2016) 2, pp. 3-5
Persistent link: https://www.econbiz.de/10011696961
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Ownership, Wealth, and Risk Taking: Evidence on Private Equity Fund Managers
Bienz, Carsten; Thorburn, Karin; Walz, Uwe - 2019
We examine the incentive effects of private equity (PE) professionals' ownership in the funds they manage. In a simple model, we show that managers select less risky firms and use more debt financing the higher their ownership. We test these predictions for a sample of PE funds in Norway, where...
Persistent link: https://www.econbiz.de/10012302573
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Do nonfinancial firms hold risky financial assets? Evidence from Germany
Hoang, Daniel; Silbereis, Fabian; Stengel, Raphael - 2021
Recent empirical evidence suggests that US industrial firms invest heavily in noncash, risky financial assets. Using hand-collected data on financial portfolios of German firms, we show that risky asset holdings are not an anomaly unique to the US. We find that industrial firms in Germany invest...
Persistent link: https://www.econbiz.de/10012496057