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Common ownership exists when investors concurrently hold partial and significant shares in related firms. In this paper, I compile, document, and taxonomize 30 separate cases of intervention to demonstrate how common owners influence firm behavior. Although previous literature has identified a...
Persistent link: https://www.econbiz.de/10012827564
We find that ownership changes much less over time in private firms than in public firms. The average largest shareholder in private (public) Norwegian firms keeps the same stake in 82% (14%) of two consecutive years. In private firms past ownership dominates ownership determinants proposed in...
Persistent link: https://www.econbiz.de/10012433547
A number of studies have examined the effect of public and private ownership on the cost of debt and conclude that the cost of debt of privately owned firms is higher, driven mainly by the poorer information environment in which these firms operate. We extend this strand of research in two ways....
Persistent link: https://www.econbiz.de/10012950719
This paper analyses the impact of common ownership on markups and innovation and adds to the discussion of the recently … of common ownership on innovation activity in high-tech industries and no effectin low-tech industries. Both findings are …
Persistent link: https://www.econbiz.de/10012224881
We explore how trade credit complements cash holdings in product market competition. First, similar to cash to cash … show that both trade credit and cash holdings are strategically valuable in product market competition and their valuations … credit practices and product market competition. We also show that the value of trade credit depends on whether suppliers are …
Persistent link: https://www.econbiz.de/10012871737
competition. The analysis is based on a model of market entry and shows that to prevent entry incumbent firms engage in risk … nature of competition in industries …
Persistent link: https://www.econbiz.de/10012968581
examine whether banking competition affects the implied cost of equity. We hypothesize that banking competition may result in …, we find that banking competition increases the cost of equity of firms from states with high banking competition. Our … corporate governance, and higher firm risk. Overall, these results shed light on the information disadvantage of competition in …
Persistent link: https://www.econbiz.de/10013405081
discrimination lawsuit filing. However, we find no evidence that discrimination rates are related to product market competition …
Persistent link: https://www.econbiz.de/10013309334
We study the relation between product market competition and convertible debt financing. Competitive threats motivate … shock to competition. When competitive threats rise, convertible debt issuers increase the probability of future conversion …
Persistent link: https://www.econbiz.de/10014350266
We compare actual R&D spend with the managerial rhetoric around technology and innovation contained within corporate … increase their stock holdings, firms that espouse technology and innovation in their corporate disclosures are quite successful … crashes. Although it may seem that talk of technology and innovation represents a self-interested managerial effort to retain …
Persistent link: https://www.econbiz.de/10013240827