There has been a substantial debate about the benefits rationalisation might have conferred on British manufacturing during the interwar years. One industry which has featured prominently is the Lancashire cotton-textile industry. This article assesses the validity of John Maynard Keynes' claim...

The current paper analyzes the impacts of privatization of Sudan air carrier, Sudan Airways. The hypothetical framework in this study is that alternative policies other than privatization are feasible. Sudan airways represents the sovereignty of the country carrying its flag, its objectives is...

We study human capital reallocation following firm-specific shocks. Theory offers diverging predictions as to whether human capital gets reallocated to its most productive use following these shocks. To empirically test these predictions, we focus on relegation battles in the English Premier...

This paper tests the proposition that higher tournament incentives will result in greater risk taking by senior managers in order to increase their chance of promotion to the rank of CEO. Measuring tournament incentives as the pay gap between the CEO and the next layer of senior managers, we...

Using a comprehensive sample of US banks for years 2001 to 2016, we split the pay gap between the CEO and rank-and-file employees into two: CEO pay gap and VP pay gap. We examine the effect on bank performance of the tournament incentives arising from these different pay gaps. We find that CEO...

The main strategic objective of bank-affiliated venture capital funds (BVCs) is to enhance demand of debt capital from portfolio companies. This paper investigates the channels through which banks pursue such a strategy. Using detailed data from seven Western European countries in the period...

We empirically test whether banks' ownership network affects the relationship between product diversification and performance for a sample of European commercial banks. We measure banks' ownership network by the distance between the bank and its largest ultimate owner in pyramids. This measure...

Spanish savings banks (Cajas) and commercial banks have experienced very different destinies. Before the crisis both types of banks shared, almost equally, most of the financial Spanish market. Cajas were performing well. Nowadays, the soundest Cajas have been forced to transform themselves into...

According to the finance literature, nonfinancial stakeholders (NFS), such as customers, suppliers, and employees, take into account their expected liquidation costs when dealing with a firm. In this framework, firms can influence their probability of liquidation by choosing an appropriate...

Larger firms (by sales or employment) have higher leverage. This pattern is explained using a model in which firms produce multiple varieties and borrow with the option to default against their future cash ow. A variety can die with a constant probability, implying that bigger firms (those with...