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Persistent link: https://www.econbiz.de/10011704988
We examine the stock price reaction of rival firms to privatization announcements to infer information about industry … effects of privatization. We find that the rival firms reacted negatively to privatization announcements, thus suggesting that … find that the adverse reaction of the rival firms to privatization announcements in developing countries is stronger than …
Persistent link: https://www.econbiz.de/10011598302
We study the determinants of local governments' reliance on bank loans using granular data from the Federal Reserve. Governments that are larger, riskier, rely on historically stable revenue sources, or have higher spending relative to revenues are more likely to borrow from banks. Declines in...
Persistent link: https://www.econbiz.de/10014631848
We study the determinants of local governments' reliance on bank loans using granular data from the Federal Reserve. Governments that are larger, rely on stable revenue sources, or have higher spending relative to revenues are more likely to borrow from banks. About a third of governments in the...
Persistent link: https://www.econbiz.de/10014335610
We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to...
Persistent link: https://www.econbiz.de/10011591071
privatization (i.e., IPO) has different effects depending on the types of owners to whom it gives control in corporate governance …
Persistent link: https://www.econbiz.de/10012212672
The financial services sectors of Romania and Estonia moved towards privatization in sharply contrasting manners. For a … paper; few steps were made towards its fulfillment. By contrast, Estonia's experience of privatization was generally a …
Persistent link: https://www.econbiz.de/10010425997
Zentrales Ziel der Einbindung privater Vermittlungsdienstleister - über so genannte Beauftragungen Dritter mit der gesamten Vermittlung - ist die Einführung von Wettbewerb. Über den Marktmechanismus soll sich die Effektivität der Arbeitsvermittlung erhöhen. Die Studie untersucht die...
Persistent link: https://www.econbiz.de/10003873490
Does finance facilitate efficient allocation of resources? Our aim in this paper is to find out whether increases in private and public indebtedness affect capital misallocation, which is measured as the dispersion in the return to capital across firms in different industries. For this, we use a...
Persistent link: https://www.econbiz.de/10012132686
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