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The Real Effects of Credit Ratings : The Sovereign Ceiling Channel
Almeida, Heitor - 2017
We show that sovereign debt impairments can have a significant impact on financial markets and real economies through a credit ratings channel. Specifically, we find that firms reduce their investment and reliance on credit markets due to a rising cost of debt capital following a sovereign...
Persistent link: https://www.econbiz.de/10012973813
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Does Earnings Management Relieve the Negative Effects of Mandatory Pension Contributions?
Phan, Hieu V. - 2016
Mandatory pension contributions (MCs) are negative shocks to a firm's liquidity that can unfavorably impact its cost of capital, financing, and investment plans. We study whether firms faced with MCs use both non-cash (NEM) and cash generating earnings management (CEM) to partly offset their...
Persistent link: https://www.econbiz.de/10013006538
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Product Market Threats and the Value of Corporate Cash Holdings
Chi, J. Daniel - 2020
We construct a model to show that predatory strategies by a financially strong rival can cause a financially weak firm to underinvest. This threat intensifies when the two firms produce similar products and share similar future investment opportunities. We show that cash holdings become more...
Persistent link: https://www.econbiz.de/10012857111
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Financial Constraints, Uses of Funds and Firm Growth : An International Comparison
Maksimovic, Vojislav; Demirgüç-Kunt, Asli - 2005
In this paper we focus on two issues. First, we examine whether firms in a thirty country sample finance long-term and short-term investment similarly. Second, we investigate whether perceived differences in the efficiency of the legal systems and in financial institutions across countries are...
Persistent link: https://www.econbiz.de/10014048292
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Path Dependence or Convergence? The Evolution of Corporate Ownership Around the World
Yeh, Andy - 2016
We derive and develop a simple and intuitive model that shines fresh light on the relentless debate over whether corporate ownership converges to the Berle-Means modern corporation with high stock ownership dispersion. Our model takes into account the importance of both protective legal...
Persistent link: https://www.econbiz.de/10013004147
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Stock Market Liberalization and Corporate Investment Revisited
Li, Zhisheng - 2020
A recent reform in China, the Shanghai-Hong Kong Stock Connect program, made a subset of Chinese stocks investable for … foreign investors, thus partially opening China's stock market. We use this reform to examine the quantity and quality effects …
Persistent link: https://www.econbiz.de/10012845804
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Privatization and Finance
Megginson, William L. - 2010
This paper summarizes research examining how privatization programs implemented by governments over the past three … a privatized company. We show how sales programs have changed during the three historical eras of privatization: 1979 … examine the role privatization has played in increasing the total market capitalization of global stock exchanges from $3 …
Persistent link: https://www.econbiz.de/10013148363
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A Survey of Private Debt Funds
Block, Jorn H.; Jang, Young Soo; Kaplan, Steven N.; … - 2023
Despite its large and increasing size in the U.S. and Europe, there is relatively little research on the private debt (PD) market, particularly compared to the bank and syndicated loan markets. Accordingly, in this paper, we survey U.S. and European investors with private debt assets under...
Persistent link: https://www.econbiz.de/10014258038
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The Sequencing of Stock Market Liberalization Events and Corporate Financing Decisions
Flavin, Thomas - 2010
We examine if the sequence of stock market liberalization events matters for corporate financing choices. We contrast firms who attain ‘investable' status through domestic reforms with those who do so by issuing American Depository Receipt programs. We find that the first liberalization event...
Persistent link: https://www.econbiz.de/10013149116
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Econometric analysis of integration of selected new eu member cee stock markets with global stock market and eurozone : impact of global financial crisis
Sucháček, Jan; Koutský, Jaroslav; Caridad y López … - In: Amfiteatru economic : an economic and business research … 23 (2021) 58, pp. 824-842
The period of the global financial crisis can be characterized by the spillover of negative innovations among stock markets worldwide. Stock markets in Central Europe were not excluded as they are not isolated from global stock markets. Recently published scientific studies dealing with this...
Persistent link: https://www.econbiz.de/10012939609