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Capital Structure and Regulation : Does Ownership Matter?
Bortolotti, Bernardo; Cambini, Carlo; Rondi, Laura; … - 2014
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...
Persistent link: https://www.econbiz.de/10014223408
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Hybrid Capital Structures and the Governance of State-Owned Companies : The Case of SABESP
Mirandola, Carlos Mauricio - 2010
Persistent link: https://www.econbiz.de/10013141012
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State Ownership and Corporate Leverage Around the World
De Haas, Ralph; Guriev, Sergei; Stepanov, Alexander - 2022
Does state ownership hinder or help firms access credit? We use data on almost 4 million firms in 89 countries to study the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and conventional firm-level determinants of leverage, we show...
Persistent link: https://www.econbiz.de/10013289156
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State Ownership and Corporate Leverage Around the World
De Haas, Ralph; Guriev, Sergei; Stepanov, Alexander - 2022
Does state ownership hinder or help firms access credit? We use data on almost 4 million firms in 89 countries to study the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and conventional firm-level determinants of leverage, we show...
Persistent link: https://www.econbiz.de/10013289285
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Privatization, Financial Development, Property Rights and Growth
Marcelin, Isaac - 2018
growth. Most of the studies surveyed show that privatization enhances privatized firms performance, efficiency, and … frameworks. Partial privatization may be beneficial in countries with weak institutions, namely, the French civil law countries … to economic growth. Overall, privatization allows firms to achieve improved efficiency while driving the development of …
Persistent link: https://www.econbiz.de/10012931240
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Capital Structure and Regulation: Does Ownership Matter?
Cambini, Carlo; Bortolotti, Bernardo; Rondi, Laura; … - 2007
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...
Persistent link: https://www.econbiz.de/10010312393
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Ownership Characteristics and Access to Finance:Evidence from a Survey of Large Privatised Companiesin Hungary and Poland.
Isachenkova, Natalia; Mickiewicz, Tomasz - Centre for the Study of Economic and Social Change in … - 2003
We examine financial constraints and forms of finance used for investment, byanalysing survey data on 157 large privatised companies in Hungary and Poland for theperiod 1998 – 2000. The Bayesian analysis using Gibbs sampling is carried out toobtain inferences about the sample companies’...
Persistent link: https://www.econbiz.de/10005868232
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Debt overhang and capital regulation
Admati, Anat R.; DeMarzo, Peter M.; Hellwig, Martin F.; … - 2012
We analyze shareholders' incentives to change the leverage of a firm that has already borrowed substantially. As a result of debt overhang, shareholders have incentives to resist reductions in leverage that make the remaining debt safer. This resistance is present even without any government...
Persistent link: https://www.econbiz.de/10010323860
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Financial leverage and corporate taxation: evidence from German corporate tax return data
Dwenger, Nadja; Steiner, Viktor - 2009
We estimate the impact of effective profit taxation on the financial leverage of corporations on the basis of a pseudo-panel constructed from corporate tax return micro data for the period 1998-2001, a period which saw the introduction of a major corporate tax reform in Germany. The financial...
Persistent link: https://www.econbiz.de/10010271086
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Fallacies, irrelevant facts, and myths in the discussion of capital regulation: Why bank equity is not expensive
Admati, Anat R.; DeMarzo, Peter M.; Hellwig, Martin; … - 2010
We examine the pervasive view that equity is expensive which leads to claims that high capital requirements are costly and would affect credit markets adversely. We find that arguments made to support this view are either fallacious, irrelevant, or very weak. For example, the return on equity...
Persistent link: https://www.econbiz.de/10010286715