Legislation affects corporate governance and the return to human and financial capital. We allow the preference of a political majority to determine both the governance structure and the extent of labor rents. In a society where median voters have relatively more at stake in the form of human...

We test the ‘law matters’ and ‘legal origin’claims using a newly created panel dataset measuring legal change over time in a sample of developed and developing countries. Our dataset improves on previous ones by avoiding country-specific variables in favour of functional and generic...

We examine whether firms have increased their timely loss recognition with the mandatory adoption of International Financial Reporting Standards (IFRS) across Europe since 2005. We estimate firm-specific asymmetric timeliness using the Khan and Watts (2009) C-score, which accounts for size,...

Statistics on corporate earnings in Germany are still not being recorded satisfactorily, despite them being an important economic indicator. To date, DaFNE remains a seldom-used data basis for describing company profits. It includes statutory financial statements (balance sheet, profit and loss...

This study is based on the premise that mostly large enterprises require investment banking services, due to their complexity and the difficult scenarios in which they operate. Accordingly, we empirically investigate the hypothesis that both the type of ownership structures and the quality of...

This paper is a conceptual work on financial needs generated by the internationalization process of firms, especially non-large ones, in their life cycle. The forms of internationalization considered are trade (export and import) and foreign direct investment (FDI). A careful analysis of the...

This paper presents a framework for quantitatively evaluating the macroeconomic effects of corporate restructuring and applies it to Japan. Using firm-level financial statement data, it estimates total factor productivity (TFP) of individual Japanese firms. Given the estimated distribution of...

We study the effects of investor protection on the availability of external finance, entrepreneurship, and creation of new firms in an equilibrium search model of private capital markets. In addition to search frictions, we examine contract frictions, specifically interim and ex post moral...

This paper analyzes the determinants of the sources of funding for the firms of an economy without stock market. Once the available and relevant financial sources for a Uruguayan firm are defined, their determinants are analyzed through cross section econometric models. The analysis casts out...