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Capital Structure and Regulation: Do Ownership and Regulatory Independence Matter?

Bortolotti, Bernardo; Cambini, Carlo; Rondi, Laura; … - C.E.P.R. Discussion Papers - 2008

, and it also has a positive and significant effect on their market values. Our results are consistent with the theory that …

Persistent link: https://www.econbiz.de/10005497873

Corporate policies with permanent and temporary shocks

Décamps, Jean Paul; Gryglewicz, Sebastian; Morellec, Erwan - C.E.P.R. Discussion Papers - 2015

We develop a dynamic model of investment, cash holdings, financing, and risk management policies in which firms face …-flow sensitivity of cash display a more realistic behavior than in prior models with financing frictions. In addition, risk management …

Persistent link: https://www.econbiz.de/10011168895

Financing a Portfolio of Projects

Inderst, Roman; Mueller, Holger M; Muennich, Felix - C.E.P.R. Discussion Papers - 2006

This paper shows that investors financing a portfolio of projects may use the depth of their financial pockets to overcome entrepreneurial incentive problems. While competition for scarce informed capital at the refinancing stage increases the investor’s ex post bargaining position, it may...

Persistent link: https://www.econbiz.de/10005504454

Financial Development, Property Rights and Growth

Claessens, Stijn; Laeven, Luc - C.E.P.R. Discussion Papers - 2002

This Paper investigates how the legal framework not only affects the amount of external financing available, but also firms’ resource allocation among different types of assets. Using a simple model, we show that in a weaker legal environment a firm will get less financing, and thus invest...

Persistent link: https://www.econbiz.de/10005504760

Agency Conflicts, Investment and Asset Pricing

Albuquerque, Rui; Wang, Neng - C.E.P.R. Discussion Papers - 2005

incentives to overinvest, lower Tobin’s q, higher return volatility, larger risk premium, and higher interest rate, consistent …

Persistent link: https://www.econbiz.de/10005497980

Corporate Liquidity

Dittmar, Amy; Mahrt-Smith, Jan; Servaes, Henri - C.E.P.R. Discussion Papers - 2002

Agency problems are an important determinant of corporate liquidity. For a sample of more than 11,000 firms from 45 countries, we find that corporations in countries where shareholders rights are not well protected hold up to twice as much cash as corporations in countries with good shareholder...

Persistent link: https://www.econbiz.de/10005498063

Corporate Governance and Value Creation: Evidence from Private Equity

Acharya, Viral V; Hahn, Moritz; Kehoe, Conor - C.E.P.R. Discussion Papers - 2009

We examine deal-level data on private equity transactions in the UK initiated during the period 1996 to 2004 by mature private equity houses. We un-lever the deal-level equity return and adjust for (un-levered) return to quoted peers to extract a measure of "alpha" or abnormal performance of the...

Persistent link: https://www.econbiz.de/10004980202

The Internal Governance of Firms

Acharya, Viral V; Myers, Stewart C; Rajan, Raghuram G - C.E.P.R. Discussion Papers - 2009

theory of investment and dividend policy, where dividends are paid by self-interested CEOs to maintain a balance between …

Persistent link: https://www.econbiz.de/10004980207

State Capitalism vs. Private Enterprise

Chen, Donghua; Jiang, Dequan; Ljungqvist, Alexander P.; … - C.E.P.R. Discussion Papers - 2015

We study the efficiency of internal capital markets at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital flows, we document stark differences: while private groups allocate more capital to units with better investment opportunities,...

Persistent link: https://www.econbiz.de/10011168893

Aggregate Risk and the Choice between Cash and Lines of Credit

Acharya, Viral V; Almeida, Heitor; Campello, Murillo - C.E.P.R. Discussion Papers - 2012

We model corporate liquidity policy and show that aggregate risk exposure is a key determinant of how firms choose … with high aggregate risk find it costly to get credit lines and opt for cash in spite of higher opportunity costs and … liquidity premium. Likewise, in times when aggregate risk is high, firms rely more on cash than on credit lines. We verify these …

Persistent link: https://www.econbiz.de/10011083590