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Divergence of opinion causes market prices to differ from intrinsic values. Greater divergence of opinion results in larger bid/ask spreads. This study utilizes Miller's theory (Miller, 1977) which states that differences between bid and ask prices (price spread) is caused by divergence of...
Persistent link: https://www.econbiz.de/10013123116
In this paper, we aim to extend the empirical literature on the determinants of agency costs by using a large sample of UK listed firms. We investigate the impact of several corporate governance mechanisms on two alternative proxies for agency costs, namely the ratio of total sales to total...
Persistent link: https://www.econbiz.de/10013123965
This paper compares funding structure, financial facilities, and evolution of roles and activities of Export-Import Banks (EXIMs) in six Asian economies -- Japan, Korea, Taiwan of China (hereinafter referred as Taiwan), India, Thailand, and China. It examines the similarities and differences...
Persistent link: https://www.econbiz.de/10013098997
While the paper touches upon the experience of most transition economies in Eastern and Central Europe, it focuses on the creation and functioning of capital market development in four countries in the region, namely, the Czech Republic, Hungary, Poland and Slovenia. Capital market in these four...
Persistent link: https://www.econbiz.de/10013098999
This paper examines the evolvement, categories, legal basis, operating characteristics, and key concerns of credit guarantee schemes (CGSs) in China. It aims at providing background note on China's CGS as well as useful references for the sustainable development of China's CGS
Persistent link: https://www.econbiz.de/10013099000
JVs were once the domain of international market entry – a “necessary evil” to comply with restrictions on foreign ownership. In so doing, they also afforded access to local expertise and enabled companies to effectively “trial” a foreign market entry with a smaller commitment of...
Persistent link: https://www.econbiz.de/10013102232
An important variable absent in agency cost analyses is the extent of cooperation among the manager and the investors. Two types of cooperation are studied: 1.) generalized cooperation, a concept close to social capital; and 2.) discriminating cooperation, a concept close to cooperation with...
Persistent link: https://www.econbiz.de/10013102718
In looking into firm level financial performance, generally analysis is concerned with two sets of performance measures. One based on capital market valuation of a firm and the other set based on accounting measures of profitability and financial performance.Our method is to approach the issue...
Persistent link: https://www.econbiz.de/10013108359
Islamic finance is based on ethical principles in line with Islamic religious law. Despite its low share of the global financial market, Islamic finance has been one of this sector's fastest growing components over the last decades and has gained further momentum in the wake of the financial...
Persistent link: https://www.econbiz.de/10013083299
Research Question/Issue: This research examines the relationship between board processes and corporate financial risk. Using a unique questionnaire survey about board behavior, several measures related to board processes are developed and used to explain certain aspects of financial risk during...
Persistent link: https://www.econbiz.de/10013090001