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Regulating IPOs: Evidence from going public in London, 1900–1913
Burhop, Carsten; Chambers, David; Cheffins, Brian - In: Explorations in Economic History 51 (2014) C, pp. 60-76
This study assesses the impact of self-regulation on equity markets by analysing IPO failure rates on the London Stock Exchange during 1900–13. Focussing on differences between Official Quotation (OQ) and Special Settlement (SS) methods of going public, we find that the failure rate of IPOs by...
Persistent link: https://www.econbiz.de/10011042815
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Law, Stock Markets, and Innovation
Brown, James R.; Martinsson, Gustav; Petersen, Bruce C. - Centre of Excellence for Science and Innovation … - 2015
We study a broad sample of firms across 32 countries and find that strong shareholder protections and better access to stock market financing lead to substantially higher long-run rates of R&D investment, particularly in small firms, but are unimportant for fixed capital investment. Credit...
Persistent link: https://www.econbiz.de/10011124341
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Countercyclical capital regulation and bank ownership structure
Trani, Tommaso - 2012
This paper develops a macroeconomic framework where the representative bank is owned by inside and outside owners and copes with capital requirements that vary countercyclically. The issuance of outside equity is characterized getting insights from the literature on corporate governance,...
Persistent link: https://www.econbiz.de/10009625646
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The Impact of Investor Protection Law on Corporate Policy : Evidence from the Blue Sky Laws
Agrawal, Ashwini K. - 2018
Recent studies have debated the impact of investor protection law on corporate behavior and value. I exploit the staggered passage of state securities fraud statutes (“blue sky laws”) in the United States to estimate the causal effects of investor protection law on firm financing decisions...
Persistent link: https://www.econbiz.de/10012940724
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Investor Protection and the Role of Firm-Level Financial Transparency in Attracting Foreign Investment
Hansen, Bowe - 2015
We ask if companies can attract foreign equity capital by improving the transparency of their financial statements. Using a large panel of firms across fifty-one countries outside the U.S., we show that the answer is yes, but only in countries with relatively high levels of investor protection....
Persistent link: https://www.econbiz.de/10013028874
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Investor Protection and Firm Performance : Evidence from China's Cross-Border Mergers and Acquisitions
Hua, Xiuping - 2015
Using a sample of 1470 cross-border mergers and acquisitions from 1997 through 2011, it finds two distinctive features of the financial market in China. First, better investor protection mechanisms at target countries, such as better law and order conditions, lower public sector corruption and...
Persistent link: https://www.econbiz.de/10013029172
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On banking regulation and lobbying
Gersbach, Hans; Papageorgiou, Stylianos - 2019 - This version: January 2019
equilibrium setting, capital requirements and lobbying contributions are determined as the outcome of bargaining between banks and … politicians. We show that bankers and politicians agree on lobbying contributions and capital regulation that renders banks … capital regulation standards from international agreements eliminate lobbying incentives, yielding an efficient and fair …
Persistent link: https://www.econbiz.de/10011962140
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The Political Economy of Investor Protection
Tommasino, Pietro - Banca d'Italia - 2006
Why do some countries suffer from backward financial institutions and weak corporate governance rules? We show that, even if, overall, the economy would benefit corporate governance reforms, not all the agents would stand to gain from the improvement. In particular, entrepreneurs and firms that...
Persistent link: https://www.econbiz.de/10005609341
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Export Credit Guarantees and Export Performance: An Empirical Analysis for Germany
Felbermayr, Gabriel J.; Yalcin, Erdal - 2011
Recent literature finds that exporters are particularly vulnerable to financial market frictions.As a consequence, exports may be lower than their efficient levels. For this reason,many countries support exporters by underwriting export credit guarantees. The empiricalevidence on the effects of...
Persistent link: https://www.econbiz.de/10010312171
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Export Credit Guarantees and Export Performance:An Empirical Analysis for Germany
Felbermayr, Gabriel J.; Yalcin, Erdal - ifo Leibniz-Institut für Wirtschaftsforschung an der … - 2011
Recent literature finds that exporters are particularly vulnerable to financial market frictions.As a consequence, exports may be lower than their efficient levels. For this reason,many countries support exporters by underwriting export credit guarantees. The empiricalevidence on the effects of...
Persistent link: https://www.econbiz.de/10009368566