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Investor confidence in financial markets depends in large part on the existence of an accurate disclosure and reporting regime that provides transparency in the beneficial ownership and control structures of publicly listed companies. Today, a common post-financial crisis regulatory reform theme...
Persistent link: https://www.econbiz.de/10013119886
This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate governance affects the disutility of managerial effort and the possibility of managers to divert company resources. It shows that corporate governance affects firms’ stock...
Persistent link: https://www.econbiz.de/10010212666
Using data on anti-takeover provisions (ATPs) and top management characteristics hand-collected from IPO prospectuses, we analyze the effect of the pre-IPO innovativeness and the top management quality of private firms on the number and strength of ATPs in IPO firm charters. We test the...
Persistent link: https://www.econbiz.de/10012897332
Persistent link: https://www.econbiz.de/10011525410
This paper investigates the effects of going public on innovation by comparing the innovative activity of firms that … innovation declines following the IPO and firms experience both an exodus of skilled inventors and a decline in productivity of … going public changes firms' strategies in pursuing innovation …
Persistent link: https://www.econbiz.de/10013064878
Persistent link: https://www.econbiz.de/10013445898
One of the important consequences to be drawn from the course of the financial crisis up to now is the insight that more attention must be paid in the future to the factors of liquidity, liquidity management and liquidity protection. That holds true for the protection of the stability of an...
Persistent link: https://www.econbiz.de/10011689941
We survey and interview Chief Financial Officers (CFOs) of French firms in 2009 about the impact of the global financial crisis and their firms' financial flexibility levels before and during the crisis. Over two-thirds of CFOs report a strong impact of the crisis and cite liquidity problems,...
Persistent link: https://www.econbiz.de/10013133682
The paper uses firm-level data to assess the financial health of the Vietnamese non-financial corporate sector on the eve of pandemic. Our analysis finds that smaller domestic firms were particularly vulnerable even by regional comparison. A sensitivity analysis suggests that the COVID-19 shock...
Persistent link: https://www.econbiz.de/10013249409
Since its first occurance in January 2020 COVID-19 has spread globally. In order to contrain the COVID 19, China has adopted a zero-covid policy and consequently contributed to local economic crises in the form of slowed industry growth. Consequentily in the first Quarter of 2020, this crisis...
Persistent link: https://www.econbiz.de/10013291427