Showing 1 - 10 of 32
We model two dimensions of bank globalization - bank nationality (a bank from the firm's host nation, its home nation, or a third nation) and bank reach (a global, regional, or local bank) - using a two-stage nested multinomial logit model. Our data set includes over 2,000 foreign affiliates of...
Persistent link: https://www.econbiz.de/10012741136
We estimate the costly-arbitrage model of Boyd and Jagannathan (1994) using Norwegian stock market data. Taxable distributions take place at two separate dates, one that entails the distribution of an imputation-tax credit and another the distribution of the cash dividend. We find that the...
Persistent link: https://www.econbiz.de/10012721471
Using micro-level data on the entire population of business loans of a bank-based economy, we empirically test some of the core predictions of the SME financing literature, examining banks’ lending specializations in firm size and lending technologies. Rejecting the conventional belief that...
Persistent link: https://www.econbiz.de/10011162091
This paper provides new evidence on the effect of bank competition on the cost of lending, in an environment of reduced information asymmetries between firms and banks. We construct a simple model linking the number of bank relationships, the cost of lending and bank competition. Banks are...
Persistent link: https://www.econbiz.de/10008524121
Persistent link: https://www.econbiz.de/10008457521
We investigate the role of permanent and transitory shocks for firms and aggregate dynamics. We directly model the dynamics of a large panel of firms. We find that permanent shocks to productivity and permanent shifts in the composition of output explain at least 4/5 of firms dynamics. However,...
Persistent link: https://www.econbiz.de/10012737110
Persistent link: https://www.econbiz.de/10005887763
We estimate the costly-arbitrage model of Boyd and Jagannathan [Boyd, John, and Jagannathan, Ravi, 1994, Ex-Dividend Price Behavior of Common Stocks, Review of Financial Studies 7, 711-741.] using Norwegian stock market data. Taxable distributions take place at two separate dates, one that...
Persistent link: https://www.econbiz.de/10005006281
We estimate the costly-arbitrage model of Boyd and Jagannathan (1994) using Norwegian stock market data. Taxable distributions take place at two separate dates, one that entails the distribution of an imputation-tax credit and another the distribution of the cash dividend. We find that the...
Persistent link: https://www.econbiz.de/10005123615
Persistent link: https://www.econbiz.de/10005194822