Any corporate investment decision is highly dependent on the corporate internal cash flow and is quite sensitive to the variance of cash flow uncertainty. This paper empirically examines the association between cash flow uncertainty, state ownership and corporate real estate holding using the...

We investigate the persistence of the dividend policy following the initial public offering (IPO) in non-financial Gulf Cooperation Council (GCC) firms during the period 2000-2019. Using various regression models, we confirm that non-financial GCC firms maintain a persistent dividend policy from...

Since 2014, the Chinese government has sanctioned corporate bond defaults of both state-owned and non-state-owned firms. This study investigates the impact of state ownership on corporate governance mechanisms on the default risk of Chinese firms. Some similarities and differences in the effects...

This paper proposes a model of corporate control and oligopolistic competition under common ownership. Each firm’s conduct results from Nash bargaining (NB) among shareholders and firms play a Nash equilibrium in Nash bargains. NB encompasses a rich class of models of corporate control under...

This study employs an unbiased dual machine learning approach to examine the correlation between corporate ownership and the cost of corporate debt. The findings reveal that private firms incur greater costs of debt. Additionally, during periods of monetary policy tightening, ownership...

Like other emerging and developing economies of the world, business groups dominate the Pakistani economic landscape. The political economy of the country makes it easier for business groups to take bold business decisions in uncertain and inconsistent policy regimes. By incorporating new...

This paper investigates the effects of foreign ownership on bank liquidity creation. Using a manually collected novel dataset that includes both listed and unlisted commercial banks in China during the period between 2006 and 2018, we find that foreign ownership is significantly related to lower...

This chapter examines dual class common stock. Dual class stock has evolved from a vehicle used largely by insiders in family owned and media companies to retain control into a popular capital structure for founders and initial shareholders in technology start-ups. After briefly reviewing the...

Favorable tax treatment of coupon income, and unfavorable treatment of capital gains, lead municipal bonds to be issued with coupon rates substantially above market rates and an accompanying original issue premium. We present evidence that the size of the original issue premium is a response to...

Corporate bond ETFs provide stable funding to US companies, with pricing and real effects. ETF ownership reduces the yield spreads for bonds directly owned and for the other bonds of the same issuer. This lower cost of debt enables financially constrained firms to invest in risky projects....