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This paper investigates whether investment spending of firms is sensitive to the availability of internal funds. Imperfect capital markets create a hierarchy for the different sources of funds such that investment and financial decisions are not independent. The relation between corporate...
Persistent link: https://www.econbiz.de/10001537200
This paper studies the turnover of board of directors members in a sample of 72 companies listed on the Milan Stock Exchange during the period 1988-1996. We investigate whether board members change more frequently when company performance is poor, as the literature suggests, and whether and how...
Persistent link: https://www.econbiz.de/10001460821
We develop and test a nested logit model to examine how firms choose between a rights offering and a private equity placement. We find that family-controlled firms avoid issue methods that dilute control benefits or subject them to more monitoring, in particular when the family's control margin...
Persistent link: https://www.econbiz.de/10001600080
We construct and analyze a unique database with 1992-99 information on privatization transactions and labor productivity for the entire surviving population of initially state-owned industrial corporations in Romania. The data permit us to describe the post-privatization ownership structure and...
Persistent link: https://www.econbiz.de/10001610643
Using data from 17 countries that have suffered a currency crisis, this paper studies firm-level leverage and performance measures before and after a crisis has occurred. We show that in the years preceding a currency crisis, companies that are expected to benefit from currency depreciations...
Persistent link: https://www.econbiz.de/10001618120
Using data from bank holding company regulatory reports, we examine the relationshipbetween stock repurchases and financial performance for a large sample of bank holding companies over the years 1987 to 1998. The primary result is that higher levels of repurchases in one year are associated...
Persistent link: https://www.econbiz.de/10001589572
Persistent link: https://www.econbiz.de/10001772855
Bank intermediated finance has been cited frequently as the preferred means for channeling funds from savers to firms. Germany is the prototypical economy where universal banks allegedly exert substantial influence over firms. Despite frequent assertions about the considerable power of German...
Persistent link: https://www.econbiz.de/10001818064
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