The paper investigates whether the presence and tenure of Private Equity (PE) investment in European companies improves their performance. Previous studies documented the unambiguous merit of a buyout during the 1980s and 1990s for listed firms in the US and UK markets. This study analyzes such...

Dans ce traité d'enseignement supérieur (niveau maîtrise), l'auteur parle successivement du diagnostic financier, de la gestion de la trésorerie, du financement à long et moyen terme, de la sélection et de la planification des investissements et, enfin, de l'évaluation financière de...

We provide a synthesis of the empirical evidence on market liquidity. The liquidity measurement literature has established standard measures of liquidity that apply to broad categories of market microstructure data. Specialized measures of liquidity have been developed to deal with data...

This study by extending an earlier study by Haq and Baqai (1967) on growth, profitability and savings of companies quoted on the Karachi Stock Exchange analysis movements of these key variables and identifies key factors and events which explain them for the entire period of the 1960s.

This paper presents a new way of measuring residual income, originally introduced by Magni (2000a, 2000b, 2003). Contrary to the standard residual income, the capital charge is equal to the capital lost by investors. The lost capital may be viewed as (a) the foregone capital, (b) the capital...

Residual income as commonly described in academic papers and in real-life applications may be formally described as a function of three variables: (i) the capital invested, (ii) the rate of return, (iii) the opportunity cost of capital. This paper shows that a different paradigm of residual...

In this paper, we analyze whether incoming foreign investment in China plays an important role in alleviating domestic firms' credit constraints. Access to external finance is a crucial determinant of business expansion. Using firm-level data on 2,200 domestic companies for the period 1999-2002,...

This paper is concerned with the influence of economic fluctuations on corporate financing decisions. Based on a sample of listed South African companies over the years from 1996 to 2005, our results confirm the existence of different transmission channels through which economic changes are...

In this paper, we demonstrate the use of the country credit rating model in Japan, a developed economy, Malaysia, an upper middle-income economy, and Russia, a lower middle-income economy. We find that the country credit rating model tracks the gradual and minor deterioration of the economic...

This paper analyses the effect of the degree of the legal enforcement of credit contracts on the level of private investment. We use a model of corporate finance with moral hazard and collateralized asset. We introduce in the model a third agent: the government, which is responsible for the...