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The German entrepreneurial index (GEX®): a primer on an ownership-based style index in Germany
Achleitner, Ann-Kristin; Kaserer, Christoph; … - 2009
Recent research indicates that the majority of listed firms in Germany (and also in many other countries around the world) have a dominant owner rather than being widely-held. Hence, owner-dominated firms comprise an important subset of listed companies. This article introduces the concept of an...
Persistent link: https://www.econbiz.de/10010305735
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Mitigating Information Frictions in Trade: Evidence from Export Credit Guarantees
Agarwal, Natasha; Lodefalk, Magnus; Tang, Aili; Tano, Sofia - 2019
Information frictions make foreign trade risky. Therefore, many countries offer export credit guarantees that insure export transactions against buyers' default. We investigate the causal effects of guarantees on firm performance. To overcome selection bias, we employ a quasi-experimental design...
Persistent link: https://www.econbiz.de/10012654440
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Estimating Managers' Utility Maximizing Demand for Agency Goods
Hughes, Joseph P.; Moon, Choon-Geol - 2003
An empirical model of managers' demand for agency goods is derived and estimated using the Almost Ideal Demand System of Deaton and Muellbauer (AER 1980). As in Jensen and Meckling (JFE 1976), we derive managers' demand for agency goods by maximizing a managerial utility function where managers...
Persistent link: https://www.econbiz.de/10010274320
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DAXplus family: Ein Aktienindex zur Darstellung der Performance von Familienunternehmen
Achleitner, Ann-Kristin; Kaserer, Christoph; Kauf, Tobias; … - 2010
In January 2010 the Deutsche Börse Group introduced two family firm stock indices. Both indices are calculated as price and performance indices and extend the number of investment strategy indices of Deutsche Börse Group. The DAXplus Family is an all-share index whereas the DAXplus Family 30...
Persistent link: https://www.econbiz.de/10010305712
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Recent claims of China's economic exceptionalism: Reflections inspired by WTO accession
Woo, Wing Thye - 2001
The desirability of WTO membership for China depends on whether its economic successes have been the result of its discovery of new institutional forms (e.g. dual track pricing, SOE contracts, and fiscal contracts) that are optimal for China''s particular economic circumstances, or have been the...
Persistent link: https://www.econbiz.de/10010318608
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Ownership Characteristics and Access to Finance:Evidence from a Survey of Large Privatised Companiesin Hungary and Poland.
Isachenkova, Natalia; Mickiewicz, Tomasz - Centre for the Study of Economic and Social Change in … - 2003
We examine financial constraints and forms of finance used for investment, byanalysing survey data on 157 large privatised companies in Hungary and Poland for theperiod 1998 – 2000. The Bayesian analysis using Gibbs sampling is carried out toobtain inferences about the sample companies’...
Persistent link: https://www.econbiz.de/10005868232
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Saving behavior of non-financial firms in Turkey
Demircan, Hamza; Öz, Sumru - 2018
This paper proposes a method to calculate undistributed profits, thus saving rates of non-financial firms using only the information given in their balance sheets. This allows us to analyze the saving behavior of non-financial firms even in the absence of their statement of cash flows, which...
Persistent link: https://www.econbiz.de/10012060202
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Dynamic Investment and Financing under PersonalTaxation
Morellec, Erwan; Schürhoff, Norman - National Centre of Competence in ResearchFinancial … - 2008
This paper examines the effects of capital gains taxation on firms’ investmentand financing decisions. We develop a real options model in which the timing ofinvestment, the decision to default, and the firm’s capital structure are endogenouslyand jointly determined. Our analysis demonstrates...
Persistent link: https://www.econbiz.de/10005868706
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Dynamic Corporate Finance and Financial Innovation
Morellec, Erwan; Schürhoff, Norman - National Centre of Competence in ResearchFinancial … - 2008
This paper examines the effects of capital gains taxation on firms’ investmentand financing decisions. We develop a real options model in which the timing ofinvestment, the decision to default, and the firm’s capital structure are endogenouslyand jointly determined. Our analysis demonstrates...
Persistent link: https://www.econbiz.de/10005868784
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Capital Gains Taxes, Irreversible Investment, and Capital Structure
Schürhoff, Norman - Institut für Schweizerisches Bankwesen <Zürich> - 2005
basis of the firms owners is a valuable conditioning variable for corporate decisions. Ex-ante identical firms follow very … further the lower the tax basis of their owners falls. The reason is the investment hedge provided by personal tax loss …-of-the-money tax timing options value the firm less than the market. The value gain from conditioning on the owners tax basis is …
Persistent link: https://www.econbiz.de/10005858786