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Can EU Conditionality Remedy Soft Budget Constraints in Transition Countries?

Weise, Christian; Schröder, Philipp J. H.; Brücker, … - 2003

Soft budget constraints (SBCs) are a persistent feature of transition economies and have been blamed for i.a. a lack of fiscal consolidation and sluggish growth. EU eastward enlargement has - among other things - been conditioned on tackling SBCs. This paper analyzes such outside conditionality...

Persistent link: https://www.econbiz.de/10010276553

L'impresa mafiosa: i risultati economici della criminalità organizzata e il ruolo delle politiche pubbliche

Suppa, Alberto - Volkswirtschaftliche Fakultät, … - 2008

GDP". This work presents a reading of the organized crime under two perspectives: on one hand, the Becker's theory … hand, the trust that Mafia tries toimpose in market relations, according Zamagni and Sen's contributes, makes Mafia an …

Persistent link: https://www.econbiz.de/10005619641

The ‘Unmediated’ and ‘Tech-Driven’ Corporate Governance of Today's Winning Companies

Fenwick, Mark - 2019

Recent corporate governance initiatives encourage a culture of long-term value creation and growth but cannot work as intended by policymakers. The current discussion about corporate governance ignores the transition from a centralized to a decentralized, unmediated, and interconnected world and...

Persistent link: https://www.econbiz.de/10012902251

Legal Education in the Blockchain Revolution

Fenwick, Mark - 2017

The legal profession is one of the most disrupted sectors of the consulting industry today. The rise of Legal Tech, artificial intelligence, big data, machine learning, and, most importantly, blockchain technology is changing the practice of law. The sharing economy and platform companies...

Persistent link: https://www.econbiz.de/10012960460

The Substitutability of Labor : Implications for the Cross-Section of Stock Returns

Shim, Kyung Hwan - 2016

We examine the cross-sectional relation between log growth in physical capital to log growth in labor and subsequent stock returns. The ratio is a strong predictor of negative future abnormal returns. This relation strengthens with measures of financing constraint while remaining robust to...

Persistent link: https://www.econbiz.de/10013006584

Principal Costs : A New Theory for Corporate Law and Governance

Goshen, Zohar - 2017

principal-cost theory, which posits that each firm's optimal governance structure minimizes the sum of principal costs, produced …. The empirical predictions produced by principal-cost theory are more accurate than those produced by any theory focused … solely on agency costs. Principal-cost theory also suggests different policy prescriptions. Rather than banning some …

Persistent link: https://www.econbiz.de/10012972091

The End of 'Corporate' Governance : Hello 'Platform' Governance

Fenwick, Mark - 2018

In a technology-driven, digital world, many of the largest and most successful businesses now operate as “platforms.” Such firms leverage networked technologies to facilitate economic exchange, transfer information, connect people, and make predictions. Platform companies are already...

Persistent link: https://www.econbiz.de/10012912914

Hypothesis that Tobin's Q Captures Organizations’ Debt Levels Instead of Their Growth Opportunities and Intangible Assets

Cardão-Pito, Tiago - 2022

The informational content of prices hypothesis in Modigliani and Miller (and Fisher before them) advocates that organizations’ market prices could somehow estimate their growth prospects and intangible assets. For this estimation, discounted cash flow models are frequently employed. However,...

Persistent link: https://www.econbiz.de/10014235433

Financial fragility and the distribution of firm growth rates

Bottazzi, Giulio; Secchi, Angelo - 2013

Analyzing a comprehensive database of limited liability manufacturing firms this paper investigates the relation between a firm’s financial situation and its conditional expected growth rate. Specifically, using quantile regressions, we obtain a quantitative characterization of this relation...

Persistent link: https://www.econbiz.de/10009760791

Assessing the impact of credit ratings and economic performance on firm default

Bottazzi, Giulio; Grazzi, Marco; Secchi, Angelo; … - 2007

The study of firms' default has attracted wide interest among both practitioners and scholars. However, attention has often been limited to a relatively small set of financial variables. In this work, we try to increase the scope of analysis extending the investigation to other possible...

Persistent link: https://www.econbiz.de/10003744957