This paper provides an overview of the strategic and operational issues as well as institutional challenges, related to the implementation of the Sovereign Asset and Liability Management (SALM) approach. Application of an SALM framework allows the authorities to identify and monitor sovereign...

This paper analyses the largest buyouts done by private equity investors in Spain. The objective of the paper is to analyse in depth these deals, to be able to better understand their leverage levels, valuations and the evolution of both variables. It also reviews who is behind these deals, from...

Recently, some European Union member states implemented corporate tax rules restricting the deductibility of interest payments. Most prominently, Denmark extended its thin capitalization rule by an interest stripping rule restricting a firm's interest deductions to 80 percent of EBIT. Similar...

We investigate rights issues on the Athens Stock Exchange. Across 129 issues during 1992-99, we find a significant announcement effect of 2%. Further examination shows that firms were more likely to issue stock after large price run-ups, after recent earnings announcements, to lower uncertainty...

This study empirically explores whether, and how, selected attributes of China's two-tier board system affect Chinese firms' performance and earnings informativeness. Using a data base of 4623 firm-year observations over the 1999 to 2003 period, we find some effects that mirror ones reported in...

This paper analyses the largest buyouts done by private equity investors in Spain. The objective of the paper is to analyse in depth these deals, to be able to better understand their leverage levels, valuations and the evolution of both variables. It also reviews who is behind these deals, from...

This study evaluates the effects of concentrated management (board director) ownership on changes of firm performance (value and ROA) following the Asian Financial Crisis (1997-98), a shock period when corporate governance structures are of greater concern and strongly tested. Our results show...

The dividend policy is one of the most debated topics in the finance literature. According to the dividend signalling hypothesis, which has motivated a significant amount of theoretical and empirical research, dividend change announcements trigger share returns because they convey information...

The dividend policy is one of the most debated topics in the finance literature. According to the dividend signalling hypothesis, which has motivated a significant amount of theoretical and empirical research, dividend change announcements trigger share returns because they convey information...

The research examines the relationship of financial policy (dividend and leverage) influenced managerial ownership. Managerial ownership as dependent variable regressed with dividend and leverage policy that already separate the effect of agents and insiders wealth. Logit Model is use to examine...