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All You Need is Cash : Corporate Cash Holdings and Investment after the Global Financial Crisis

Joseph, Andreas; Kneer, Christiane; Horen, Neeltje van - 2021

Cash holdings at the onset of a financial crisis are a key determinant of investment by SMEs not only during the crisis but also during the recovery period. Cash-rich SMEs could maintain their capital stock during the global financial crisis, while cash-poor rivals reduced theirs. This gave...

Persistent link: https://www.econbiz.de/10013229694

Exchange Competition, Entry, and Welfare

Cespa, Giovanni - 2019

liquidity and (generally) welfare compared to the case of an unregulated monopoly. Controlling entry or, even better, platform …

Persistent link: https://www.econbiz.de/10012892152

How weak is the weakest-link principle? : On the measurement of firm owners' control rights

Weichenrieder, Alfons J.; Edwards, Jeremy S. S. - 2004

The paper argues that the weakest link principle, which has been widely used as a measure of ultimate owners? control rights, has a number of serious problems. A theoretically more satisfactory method of measuring control rights, based on voting power indices, is proposed, and the different...

Persistent link: https://www.econbiz.de/10010261241

Rhineland exit?

Bovenberg, Lans; Teulings, Coen N. - 2008

We argue in favor of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle about the ultimate goal of the company....

Persistent link: https://www.econbiz.de/10010276828

Politics-Business Co-evolution Paths : Workers’ Organization and Capitalist Concentration

Belloc, Marianna - 2012

Most pre-crisis explanations of the various corporate governance systems have considered the separation between ownership and control to be an advantage of the Anglo-American economies. They have also attributed the failure of other countries to achieve these efficient arrangements to their...

Persistent link: https://www.econbiz.de/10013116042

Have Capital Market Anomalies Worldwide Attenuated in the Recent Era of High Liquidity and Trading Activity?

Auer, Benjamin R. - 2018

We revisit and extend the study by Chordia et al. (2014) which documents that, in recent years, increased liquidity has … characterised by positive trends in liquidity, there is no persuasive time-series and cross-sectional evidence for a negative link … between anomalies in market returns and liquidity. Thus, this proxy of arbitrage activity does not appear to be a key factor …

Persistent link: https://www.econbiz.de/10012908691

Low Inflation : High Default Risk and High Equity Valuations

Smarzynska Javorcik, Beata - 2019

We develop an asset-pricing model with endogenous corporate policies that explains how inflation jointly impacts real asset prices and corporate default risk. Our model includes two empirically grounded nominal frictions: fixed nominal coupons and sticky profitability. Taken together, these two...

Persistent link: https://www.econbiz.de/10012892192

Power, Scrutiny, and Congressmen's Favoritism for Friends' Firms

Do, Quoc-Anh; Lee, Yen-Teik; Nguyen, Bang D.; Nguyen, … - 2023

Does higher office always lead to more favoritism? We argue that firms may lose their benefit from a connected politicians ascent to higher office, if it entails stricter scrutiny that may reduce favoritism. Around close Congress elections, we find RDD-based evidence of this adverse effect that...

Persistent link: https://www.econbiz.de/10014469310

Cybersecurity Risk

Florackis, Chris; Louca, Christodoulos; Michaely, Roni; … - 2020

We develop a novel firm-level measure of cybersecurity risk using textual analysis of cybersecurity-risk disclosures in corporate filings. The measure successfully identifies firms extensively discussing cybersecurity risk in their 10-K, displays intuitive relations with quantitative measures of...

Persistent link: https://www.econbiz.de/10012425666

Disclosure Deregulation of Quarterly Reporting

Behrmann, Vanessa; Hornuf, Lars; Zimmermann, Jochen - 2021

In this article, we investigate the deregulation efforts resulting from the 2015 transposition of the EU’s Transparency Directive into German law and analyze whether a reduction in the minimum content requirements for quarterly reporting increases information asymmetries and decreases firm...

Persistent link: https://www.econbiz.de/10012799644