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Financial Constraints, Uses of Funds and Firm Growth : An International Comparison
Maksimovic, Vojislav; Demirgüç-Kunt, Asli - 2005
, in particular, long-term debt. An active, though not necessarily large, stock market and a large banking sector are also …
Persistent link: https://www.econbiz.de/10014048292
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Disclosure, Business Change and Earnings Quality
Ball, Christopher - 2015
We use highly granular computational linguistics to assess the MD&A section of the 10-K as a whole. Our results show that the content of MD&A can be systematically used to explain the valuation of firms, particularly those undergoing business change, where the value relevance of financial...
Persistent link: https://www.econbiz.de/10013035633
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Industry Shocks, Operating Risk, and Corporate Financial Policies around the World
Makaew, Tanakorn; Maksimovic, Vojislav - Volkswirtschaftliche Fakultät, … - 2013
Although developing economies are more volatile, firms in developed countries hold more cash and less debt. We show …
Persistent link: https://www.econbiz.de/10011113771
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Do public firms respond to investment opportunities more than private firms? : the impact of initial firm quality
Maksimovic, Vojislav; Phillips, Gordon M.; Yang, Liu - 2017 - This version: December 15, 2017
We track firms at birth and compare the growth pattern of IPO firms and their birth-matched counterparts. Firms that are larger at birth with faster initial growth are more likely to attain a larger size later in life and go public. Firms in the top percentile of predicted propensity to go...
Persistent link: https://www.econbiz.de/10011847755
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Do Conglomerate Firms Allocate Resources Inefficiently?
Maksimovic, Vojislav - 2001
We develop a profit-maximizing neoclassical model of optimal firm size and growth across different industries. The model predicts how conglomerate firms will allocate resources across divisions over the business cycle and how their responses to industry shocks will differ from those of...
Persistent link: https://www.econbiz.de/10012743053
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Capital Structure in Developing Countries : Evidence from Ten Country Cases
Maksimovic, Vojislav - 1998
suggested by consideration of conflicts of interest explain more of the variation than variables suggested by tax-based theories …
Persistent link: https://www.econbiz.de/10012791624
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Competition and Operating Volatilities around the World
Makaew, Tanakorn - 2017
Numerous papers have shown that developing economies are more volatile. This paper shows despite greater aggregate and industry stability, performance and size of individual firms in developed countries are more volatile. In developing countries, market imperfections insulate incumbent firms...
Persistent link: https://www.econbiz.de/10012974482
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Institutions, Financial Markets and Firm Debt Maturity
Maksimovic, Vojislav - 2005
Do firms in developing countries use less long term debt than similar firms in industrial countries? This paper … investigates the role of institutional factors in explaining firms' choice of debt maturity in a sample of 30 countries during 1980 …-91.Demirguc-Kunt and Maksimovic examine the maturity of firm debt in 30 countries during the period 1980-91. They find systematic …
Persistent link: https://www.econbiz.de/10012785296
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Are public firms really myopic? : evidence from matching IPO firms at birth
Maksimovic, Vojislav; Phillips, Gordon M.; Yang, Liu - 2020 - This version: March 1, 2020
We track firms at birth and compare the growth and responsiveness to demand shocks of IPO firms and their birth-matched counterparts. Firms that are larger at birth with faster initial growth are more likely to go public. Firms in the top percentile of predicted propensity to go public grow 29...
Persistent link: https://www.econbiz.de/10012244886
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The Rise of Star Firms : Intangible Capital and Competition
Ayyagari, Meghana - 2020
There is a divergence in the returns of top-performing (star) firms and the rest of the economy, especially in industries that rely on a skilled labor force, raising concerns about their market power. We show that the divergence is explained by the mis-measurement of intangible capital. While...
Persistent link: https://www.econbiz.de/10012849425