Showing 1 - 6 of 6
We show that country characteristics explain most of the cross-sectional variation in bank board independence. In contrast, country characteristics have little explanatory power for the fraction of outside bank directors with experience in the banking industry. Exploiting the time-series...
Persistent link: https://www.econbiz.de/10009493188
We develop a structural model of an industry with many entrepreneurial firms in order to investigate the cyclical behaviour of aggregate fixed investment, variable capital investment and output. In particular, we consider an environment in which the entrepreneur cannot borrow unless the debt is...
Persistent link: https://www.econbiz.de/10005102411
This paper proposes a structural model that analyses the way financing constraints affect investment, consumption and saving decisions of the entrepreneur of a small/medium firm. The entrepreneur may face financing constraints because he cannot precommit to repay debt, unless the debt is secured...
Persistent link: https://www.econbiz.de/10005073770
We develop a dynamic industry model where financing frictions affect the entry decisions of new firms in the home market, as well as the riskiness of operating firms. These two factors in turn determine a joint endogenous distribution of firms across productivity, volatility and financial...
Persistent link: https://www.econbiz.de/10009492913
This paper estimates the effects of Say-on-Pay (SoP); a policy that increases shareholder "voice" by providing shareholders with a regular vote on executive pay. We apply a regression discontinuity design to the votes on shareholder-sponsored SoP proposals. Adopting SoP leads to large increases...
Persistent link: https://www.econbiz.de/10010858777
This paper studies the effect of deregulation and increased product market competition on the compensation packages that firms offer to their executives. We use a panel of US executives in the nineties and exploit the deregulation episodes in the banking and financial sectors as quasi-natural...
Persistent link: https://www.econbiz.de/10005073759