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Corporate Financial Policies and Performance Around Currency Crises

Bris, Arturo - 2008

Using data from 20 countries that have suffered a currency crisis, this paper studies firm-level leverage and performance before and after a crisis has occurred. First we provide some evidence of increasing leverage both before and after a crisis. We show that, in the years preceding a currency...

Persistent link: https://www.econbiz.de/10012728182

The Performance of Newly Privatized Firms in Selected MENA Countries : The Role of Ownership Structure, Governance and Liberalization Policies

Ben Naceur, Sami - 2006

The paper works with a sample of 95 newly privatized firms (NPFs) that went public through stock markets in four Middle East and North Africa countries (Egypt, Morocco, Tunisia and Turkey). We find that these firms experience significant increase in profitability and operating efficiency, and...

Persistent link: https://www.econbiz.de/10012734152

Motivations for Public Equity Offers : An International Perspective

Kim, Woojin - 2006

This paper examines the extent to which investment financing and market-timing explanations motivate public equity offers. We consider a sample of 16,958 initial public offerings and 12,373 seasoned equity offerings from 38 countries between 1990 and 2003. We provide estimates of the change in...

Persistent link: https://www.econbiz.de/10012735044

An Application of Multistage Real Options : International Expansion Strategies of Insurance Companies

Sinha, Tapen - 2005

The implementation of the final phase of the North American Free Trade Agreement (NAFTA) has produced a flurry of merger and acquisitions across Canada, Mexico and the United States. This process has brought in wholesale acquisition of companies offering financial services in Mexico. More than...

Persistent link: https://www.econbiz.de/10012736326

Financial Hedging and Product Market Rivalry

Mello, Antonio S. - 2005

This paper studies the optimal hedging and production strategies of financially constrained firms in imperfectly competitive markets. A hedging policy that minimizes the volatility of earnings reduces a firm's financial constraints most effectively on average, but makes it impossible for the...

Persistent link: https://www.econbiz.de/10012736655

The Value of Investor Protection : Firm Evidence from Cross-Border Mergers

Bris, Arturo - 2005

-border mergers provide a natural experiment to analyze the effects of changes - both improvements and deteriorations - in corporate … acquiror's return. All in all, we present evidence that the transfer of better corporate governance practices through cross …-border mergers is positively valued by markets with weaker corporate governance …

Persistent link: https://www.econbiz.de/10012737347

World Markets for Raising New Capital

Henderson, Brian J. - 2005

Financial markets are increasingly integrated globally. We examine the extent to which firms from countries around the world rely on different sources of capital, the locations where they raise capital, and the factors that affect these choices during the 1990-2001 period. International security...

Persistent link: https://www.econbiz.de/10012737506

Banking Reform in China : Catalyzing the Nation's Financial Future

Barth, James R. - 2004

In 2003 China posted its highest economic growth rate in seven years, a robust 9.1 percent. Today the nation's gross domestic product (GDP) dwarfs by more than eight fold its level of 1978, the year China began taking its first tentative steps away from a centrally-planned communist economy...

Persistent link: https://www.econbiz.de/10012738252

To Steal or Not to Steal : Firm Attributes, Legal Environment, and Valuation

Durnev, Art - 2004

Newly released data on corporate governance and disclosure practices reveal wide within-country variation, with the … legal environment; and the relation between firm valuation and corporate governance. A simple model, in which a controlling …

Persistent link: https://www.econbiz.de/10012739091

Corporate Governance, Investor Protection and Performance in Emerging Markets

Klapper, Leora F. - 2004

literature and provide a study of firm-level corporate governance practices across emerging markets and a greater understanding … of the environments under which corporate governance matters more. Their empirical tests show that better corporate … evidence showing that firm-level corporate governance provisions matter more in countries with weak legal environments. These …

Persistent link: https://www.econbiz.de/10012739110