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The deep-pocket effect of internal capital markets

Boutin, Xavier; Cestone, Giacinta; Fumagalli, Chiara; … - 2009

We provide evidence suggesting that incumbents' access to group deep pockets has a negative impact on entry in product markets. Relying on a unique French data set on business groups, our paper presents three major findings. First, the amount of cash holdings owned by incumbent-affiliated groups...

Persistent link: https://www.econbiz.de/10008824490

Validierung von Konzepten zur Messung des Marktrisikos : insbesondere des Value at Risk und des Expected Shortfall

Mehmke, Fabian; Cremers, Heinz; Packham, Natalie - 2012

Market risk management is one of the key factors to success in managing financial institutions. Underestimated risk can have desastrous consequences for individual companies and even whole economies, not least as could be seen during the recent crises. Overestimated risk, on the other side, may...

Persistent link: https://www.econbiz.de/10009575075

Household balance sheets and economic crisis

Jakubík, Petr - 2011

This paper studies the economic impact of the current global economic downturn on the household sector. Household budgets can be negatively affected by declines in nominal wages and increases in unemployment. We empirically test this effect for the small open emerging economy. As a result of a...

Persistent link: https://www.econbiz.de/10009229365

Investor protection and the demand for equity

Giannetti, Mariassunta; Koskinen, Yrjö - 2004 - Rev. February 23, 2004

Anecdotal evidence suggests that investor protection affects the demand for equity, but existing theories emphasize only the effect of investor protection on the supply of equity. We build a model showing that the demand for equity is important in explaining financial development. If the level...

Persistent link: https://www.econbiz.de/10009502217

Do US market interactions affect CEO pay? : evidence from UK companies

Gerakos, Joseph J.; Piotroski, Joseph D.; Srinivasan, Suraj - 2011

This paper examines how different types of interactions with U.S. markets by non-U.S. firms are associated with higher level of CEO pay, greater emphasis on incentive-based compensation, and smaller pay gap with U.S. firms. Using a sample of CEOs of U.K. firms and using both broad...

Persistent link: https://www.econbiz.de/10009506641

Regulatory dualism as a development strategy : corporate reform in Brazil, the US, and the EU

Gilson, Ronald J.; Hansmann, Henry B.; Pargendler, Mariana - 2010

Countries pursuing economic development confront a fundamental obstacle. Reforms that increase the size of the overall pie are blocked by powerful interests that are threatened by the growth-inducing changes. This problem is conspicuous in efforts to create effective capital markets to support...

Persistent link: https://www.econbiz.de/10009506961

Gobierno corporativo en la empresa familar : una arquitectura de organización orientada a la supervivencia de la emmpresa familiar

Barugel, Ernesto A. - 2012

Persistent link: https://www.econbiz.de/10009509742

Taxes and the choice of organizational form by entrepreneurs in Sweden

Edmark, Karin; Gordon, Roger H. - 2012

role of both tax and non-tax determinants in the choice to be a closely-held corporation vs. a proprietorship. While lower …-income individuals face relatively neutral incentives, higher income households face strong tax incentives to be corporate. The data … suggest a strong response to these tax incentives. Many conventional non-tax determinants are confirmed in the data as well …

Persistent link: https://www.econbiz.de/10009530883

Corporate governance and firm value : international evidence

Ammann, Manuel; Oesch, David; Schmid, Markus M. - 2010

In this paper, we investigate the relation between firm-level corporate governance and firm value based on a large and previously unused dataset from Governance Metrics International (GMI) comprising 6,663 firm-year observations from 22 developed countries over the period from 2003 to 2007....

Persistent link: https://www.econbiz.de/10009306609

Fragmentation and heterogeneity in the euro-area corporate bond market : back to normal?

Zaghini, Andrea - 2016

-specific effects which are a suitable indicator of the market fragmentation. We find that, after peaking during the sovereign debt …

Persistent link: https://www.econbiz.de/10011431131