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I study the effects of minority equity ownership by firms in their trade partners. Passive ownership promotes relationship-specific investments by both parties and increases the joint surplus. The relative attractiveness of partial backward vs. forward ownership depends on the specific nature of...
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This article is devoted to the research of the functioning of financial and industrial groups on Ukraine's markets for corporate control and investments. The largest financial and industrial groups of Ukraine -- “Finance & Credit”, “Privat-Invest”, “Ukrsibbank” and “The Industrial...
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This paper presents a model of the financial structure of private equity firms. In the model, the general partner of the firm encounters a sequence of deals over time where the exact quality of each deal cannot be credibly communicated to investors. We show that the optimal financing arrangement...
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The current research estimates the accelerator type model of fixed investment using a Russian industrial enterprise …-Industrial Groups and non-group subsets were analyzed in order to compare sensitivities of investment to changes in internal liquidity … in these three sets of firms. Controlling for size and investment opportunities it was found that in 1996-1997 the firms …
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