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Bigelli, Marco - 2011

Evidence from a wide sample of Italian private firms shows that cash holdings are significantly related with smaller size, higher risk and lower effective tax rates, therefore supporting predictions from the trade-off model. More cash is also held by firms with longer cash conversion cycles and...

Persistent link: https://www.econbiz.de/10013122309

Cash Holdings in Private Firms

Bigelli, Marco - 2010

Results from about 17,000 Italian private companies and 152,000 firm-year observations in the 1996-2005 period show that cash holdings in private firms support both the trade-off model and the financing hierarchy theory. In fact, more cash holdings are a feature of riskier companies and firms...

Persistent link: https://www.econbiz.de/10013150965

Financial Constraints of Private SMEs in Germany : Measurement and Consequences on Corporate Policies

Schauer (neé Klepsch), Catharina - 2016

We examine a large and unique panel containing survey and financial statement data on small and medium sized private enterprises (SMEs) in Germany from 1991 to 2011. From the survey data, we derive a financial constraints measure based on managers' self-perception. We find that our measure...

Persistent link: https://www.econbiz.de/10013007687

Blockholder exit threats in the presence of private benefits of control

Hope, Ole-Kristian; Wu, Han; Zhao, Wuyang - 2016

this prediction using the Split-Share Structure Reform (SSSR) in China, which provided a large, exogenous, and permanent …

Persistent link: https://www.econbiz.de/10011646329

Firm performance, asset acquisition and the method of controlling rights transfer : evidence from the Chinese market

Bai, Yunxia; Chen, Shaw-kuan; Lin, Bingxuan; Wu, Liansheng - In: International review of economics & finance : IREF 17 (2008) 1, pp. 138-149

Persistent link: https://www.econbiz.de/10003749803

Do Private Firms (Mis) Learn from the Stock Market?

Yan, Dong - 2021

This paper examines whether and to what extent private firms learn from the stock market. Using a large panel data set for the United Kingdom, I find that private firms' investment responds positively to the valuation of public firms in the same industry. The sensitivity increases with price...

Persistent link: https://www.econbiz.de/10013312912

Regulatory independence and political interference : evidence from EU mixed-ownership utilities’ investment and debt

Cambini, Carlo; Rondi, Laura - 2010 - This draft: 11 May 2010

This paper examines the investment and financial decisions of a sample of 92 EU regulated utilities, taking into account key institutional features of EU public utilities, such as: a) regulation by agencies with various degrees of independence; b) partial ownership of the state in the regulated...

Persistent link: https://www.econbiz.de/10008729094

Investment efficiency, state-owned enterprises and privatisation : evidence from Vietnam in transition

O'Toole, Conor M.; Morgenroth, Edgar L. W.; Ha Thi Thu Thuy - 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/10010499591

The Impact of Privatization on State-Owned Enterprises Performance and Efficiency : Case Study of Sudan Airways

Mohamed, Issam A.W. - 2011

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 …. Experience shows that privatization needs large amount of capital plus qualified managerial, technical, financial and marketing …

Persistent link: https://www.econbiz.de/10013130174

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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