Search Results - subject_exact:"Interner Kapitalmarkt"

Multinational firms, internal borrowing, and domestic bank loans

Avdiu, Kujtim; Güntner, Jochen; Mayr, Karin; Segalla, … - 2026

We describe a novel mechanism via which multinational enterprises (MNEs) can serve to propagate productivity and credit supply shocks across borders. We augment the costly-state-verification model of Bernanke et al. [1999] with the internal capital market constraint of an MNE to analyze the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612336

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Multinational firms, internal borrowing, and domestic bank loans

Avdiu, Kujtim; Güntner, Jochen; Mayr, Karin; Segalla, … - 2025

Book / Working Paper

Loan-funded Loans : Equity-like Liabilities inside Bank Holding Companies

Bai, Jennie; Campello, Murillo; Muthukrishnan, Pradeep - 2026

Leveraging regulatory data on fund flows within bank holding companies (BHCs), we characterize internal loans as a critical funding source for commercial banks. Although recorded as bank liabilities, parent-to-bank internal loans function as contingent support that resembles capital. We show...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015611106

Business group affiliation and investment efficiency : international evidence

Fu, Siwen; Kim, Jeong-bon - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015467972

The ‘Risk Dividend’ in Banks’ Internal Capital Markets

Thornton, John; Altunbas, Yener - 2023

This paper examines how for parent banks headquartered in the US and EU countries bank risk during the financial crisis of 2008-2009 was related to the size of banks’ internal capital market (ICM) and other bank characteristics in the pre-crisis period of 2002-2007. The results suggest that...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014354322

Internal debt and welfare

Kalamov, Zarko Y. - 2023

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014251730

Earnings quality, business group affiliation, and investment efficiency

Rawat, Savita; Chaudhry, Neeru - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015608137

Tracing the international transmission of a crisis through multinational firms

Biermann, Marcus; Huber, Kilian - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014535629

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Tracing the international transmission of a crisis through multinational firms

Biermann, Marcus; Huber, Kilian - 2025

Book / Working Paper

Tracing the International Transmission of a Crisis Through Multinational Firms

Biermann, Marcus; Huber, Kilian - 2023

Book / Working Paper

Tracing the International Transmission of a Crisis Through Multinational Firms

Biermann, Marcus; Huber, Kilian - 2023

Book / Working Paper

Roles of ownership structure and investment opportunities in directing internal capital allocation within groups

Hsiao, Ching-Yuan; Shiu, Yung-Ming - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015555244

Desperate house sellers : distress among developers

Van Straelen, Eileen - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014528727

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Desperate house sellers : distress among developers

Van Straelen, Eileen - 2021

Book / Working Paper

Desperate House Sellers : Distress Among Developers

Van Straelen, Eileen - 2021

Book / Working Paper

Loans for the "little fellow" : credit, crisis, and recovery in the Great Depression

Quincy, Sarah - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015403850

Internal capital markets, corporate investment, and the COVID-19 pandemic : evidence from Korean business groups

Lee, Sangwon - 2022

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013366304

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Internal Capital Markets, Corporate Investment, and the COVID-19 Pandemic : Evidence from Korean Business Groups

Lee, Sangwon - 2021

Book / Working Paper

Internal capital markets and risk-taking : evidence from China

Tan, Wenhao; Chen, Ying; Sun, Yun; Guo, Xiuyuan; Li, Ziwei - 2023

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014463755

Internal capital markets and R&D investment : evidence from Korean Chaebols

Hong, Seiwoong; Oh, Frederick Dongchuhl; Shin, Donglim - 2023

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014321000

Does overcapacity prompt controlling shareholders to play a propping role for listed companies?

Li, Cailing; Lin, Dongjie - 2020

A major risk currently facing the Chinese economy is overcapacity, which affects the efficiency of social resource allocation (Xi et al., 2017; Huang et al., 2019). When a company is in crisis, the internal capital market often plays a propping role. This study approached this issue from the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012510791

Crises as opportunities for growth : the strategic value of business group affiliation

Masulis, Ronald W.; Pham, Peter Kien; Zein, Jason; Ang, … - 2023

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014309525

Do internal capital markets in business groups mitigate firms' financial constraints?

Kabbach de Castro, Luiz Ricardo; Kirch, Guilherme; … - 2022

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013530999

Dissecting conglomerate valuations

Boguth, Oliver; Duchin, Ran; Simutin, Mikhail - 2022

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013190480

Investment efficiency of firms outside the business group

Liu, Yunxiao; Kim, Woochan; Sung, Tae Yoon - 2021

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013169787

Investment-cash flow sensitivity to internal capital markets and shareholding structure : evidence from Taiwanese business groups

Yeh, Yin-hua; Lin, James Juichia - 2021

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012698808

Desperate House Sellers : Distress Among Developers

Driscoll, Eileen - 2018

I study how firm internal capital markets spread local housing shocks across geographically separate regions. I analyze this question in the context of the home builder industry during the 2006-09 housing crisis. I show that home builders who experience large asset write downs in one area,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012909043

Resource Allocation within Firms and Financial Market Dislocation : Evidence from Diversified Conglomerates

Matvos, Gregor - 2018

When external capital markets are stressed they may not reallocate resources between firms. We show that resource allocation within firms' internal capital markets provides an important force countervailing financial market dislocation. Using data on U.S. conglomerates we empirically verify that...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012938571

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Resource Allocation within Firms and Financial Market Dislocation : Evidence from Diversified Conglomerates

Matvos, Gregor - 2011

Book / Working Paper

Resource Allocation within Firms and Financial Market Dislocation : Evidence from Diversified Conglomerates

Matvos, Gregor - 2011

Book / Working Paper

Internal capital markets, ownership structure, and investment efficiency : evidence from Taiwanese business groups

Lin, James Juichia; Yeh, Yin-hua - 2020

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012232773

Financial weakness and product market performance : internal capital market evidence

Kim, Ryoonhee - 2016

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011577578

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Financial Weakness and Product Market Performance : Internal Capital Market Evidence

Kim, Ryoonhee - 2018

Book / Working Paper

Ownership, internal capital markets, and cash holdings

Wang, Zhenkung; Wang, Yanping - 2019

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012210821

Size matters : how over-investments relax liquidity constraints in relational contracts

Englmaier, Florian; Fahn, Matthias - 2019

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012195121

Banks’ Internal Capital Markets : How Do Banks Allocate Capital Internally?

Bajaj, Rasna - 2018

Banks allocate capital to their business lines to assess those lines' relative performance, which informs their strategic decisions. Capital allocation, together with Fund Transfer Pricing (FTP), are two important internal processes used by banks to support business optimisation decisions.This...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012907242

CSR activities and internal capital markets : evidence from Korean business groups

Choi, Yoon K.; Han, Seung Hun; Kwon, Yonghyun - 2019

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012169537

Internal Capital Markets and Organizational Forms

Goh, Jing Rong - 2018

We study how the return of internal capital markets (ICMs) and the risk of ICMs differ across three alternative organizational forms: publicly-held stock insurers, privately-held stock insurers and mutual insurers. Because of the different combination of owner, manager and customer functions,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012923615

Dividend policy decisions in India : standalone versus business group-affiliated firms

Labhane, Nishant B. - 2019

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011984144

The effect of intra-group loans on the cash flow sentsitivits of cash : evidence from Chile

Jara Bertín, Mauricio; Pinto-Gutiérrez, Cristian; … - 2018

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011897719

The effect of foreign cash holdings on internal capital markets and firm financing

De Simone, Lisa; Lester, Rebecca - 2018

Prior to 2018, U.S. repatriation taxes motivated companies to retain cash offshore. Using confidential jurisdiction-specific data from the Bureau of Economic Analysis, we find that firms with high tax-induced foreign cash have approximately 3.3 percent higher domestic liabilities relative to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011980274

Changing business models in international bank funding

Gambacorta, Leonardo; Rixtel, Adrian A. R. J. M. van; … - 2017

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011752511

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Changing business models in international bank funding

Gambacorta, Leonardo; Schiaffi, Stefano; Rixtel, Adrian … - 2017

Book / Working Paper

Changing business models in international bank funding

Gambacorta, Leonardo; Schiaffi, Stefano; Rixtel, Adrian … - 2017

Book / Working Paper

Changing business models in international bank funding

Gambacorta, Leonardo; Schiaffi, Stefano; Rixtel, Adrian … - 2017

Book / Working Paper

Changing Business Models in International Bank Funding

Gambacorta, Leonardo - 2017

Book / Working Paper

Changing Business Models in International Bank Funding

Gambacorta, Leonardo - 2017

Book / Working Paper

Cross-Border Acquisitions and Restructuring : Multinational Enterprises versus Private Equity-Firms

Baziki, Selva Bahar - 2017

An increasingly large share of cross-border acquisitions are undertaken by private equity-firms (PE-firms) and not by traditional multinational enterprises (MNEs). We propose a model of cross-border acquisitions in which MNEs and PE-firms compete over domestic assets and which incorporates...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012972102

Investment and cash flows in internal capital markets : evidence from Korean business groups

Choi, Yoon K.; Han, Seung Hun; Lee, Sangwon - 2017

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012547524

State Capitalism vs. Private Enterprise

Chen, Donghua - 2017

We study the efficiency of capital allocations at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital transfers, we document stark differences: while private groups allocate more capital to units with better investment opportunities,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012972324

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State Capitalism vs. Private Enterprise

Chen, Donghua - 2017

Book / Working Paper

State Capitalism vs. Private Enterprise

Chen, Donghua - 2015

Book / Working Paper

Internal capital markets, forms of intragroup transfers, and dividend policy : evidence from indian corporates

Goldman, Elena; Viswanath, P. V. - 2017

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011903837

Foreign cash : taxes, internal capital markets, and agency problems

Harford, Jarrad V. T.; Wang, Cong; Zhang, Kuo - 2017

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011750755

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Foreign Cash : Taxes, Internal Capital Markets, and Agency Problems

Harford, Jarrad V. T. - 2016

Book / Working Paper

Banks' internal capital markets and deposit rates

Ben-David, Itzhak; Palvia, Ajay; Spatt, Chester S. - 2017

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011928431

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Banks' internal capital markets and deposit rates

Ben-David, Itzhak; Palvia, Ajay; Spatt, Chester S. - 2016

Book / Working Paper

Banks’ Internal Capital Markets and Deposit Rates

Ben-David, Itzhak - 2015

Book / Working Paper

Banks’ Internal Capital Markets and Deposit Rates

Ben-David, Itzhak - 2015

Book / Working Paper

Do Internal Capital Markets in Business Groups Reduce Financial Constraints?

Kirch, Guilherme - 2016

We develop a simple model of investment in business groups subject to moral hazard. Our model suggests that productivity and pledgeable income are the drivers of resources in the internal capital markets of these groups. This prediction can be use to explain on the grounds of efficiency some...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012998381

Cross-border acquisitions and restructuring : multinational enterprises and private equity-firms

Persson, Lars - 2017

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011670059

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Cross-border acquisitions and restructuring : multinational enterprises and private equity-firms

Persson, Lars - 2017

Book / Working Paper

Equity capital, internal capital markets, and optimal capital structure in the US property-casualty insurance industry

Cummins, John David; Weiss, Mary A. - 2016

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011595974

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Equity Capital, Internal Capital Markets, and Optimal Capital Structure in the U.S. Property-Casualty Insurance Industry

Cummins, J David - 2016

Book / Working Paper

Equity Capital, Internal Capital Markets, and Optimal Capital Structure in the US Property-Casualty Insurance Industry

Cummins, J David - 2016

Book / Working Paper

Internal control and internal capital allocation : evidence from internal capital markets of multi-segment firms

D'Mello, Ranjan; Gao, Xinghua; Jia, Yonghong - 2017

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011655613

State Capitalism vs. Private Enterprise

Ljungqvist, Alexander - 2015

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012457736

Cross-border acquisitions and restructuring : multinational enterprises and private equity-firms

Baziki, Selva Bahar; Norbäck, Pehr-Johan; Persson, Lars; … - 2017

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011811991

Cross-border acquisitions and restructuring : multinational enterprises versus private equity-firms

Baziki, Selva Bahar; Norbäck, Pehr-Johan; Persson, Lars; … - 2015

An increasingly large share of cross-border acquisitions are undertaken by private equity-firms (PE-firms) and not by traditional multinational enterprises (MNEs). We propose a model of crossborder acquisitions in which MNEs and PE-firms compete over domestic assets. MNEs' advantage lies in...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10010472515

The effect of internal capital market of Korean large business groups on investment efficiency

Lee, Minwoo; Choi, Yuwon; Moon, Sanghyuk - 2017

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011754862

Corporation diversification and firm performance : evidence from Vietnamese listed firms

Duc Nam Phung; Mishra, Anil V. - 2016

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011710771

Internal capital markets and diversified firms : theory and practice

Gatzer, Sebastian; Hoang, Daniel; Ruckes, Martin E. - 2015 - This Version: June 15, 2015

We analyze a unique dataset from a survey of CFOs of diversified firms to examine four areas of diversification and internal capital markets: causes and financing effects of corporate diversification, capital budgeting processes, capital investment methods, and reallocation policies in internal...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011761145

The Transmission of Liquidity Shocks : The Role of Internal Capital Markets and Bank Funding Strategies

Karam, Philippe D - 2014

We analyze the transmission of bank-specific liquidity shocks triggered by a credit rating downgrade through the lending channel. Using bank-level data for US Bank Holding Companies, we find that a credit rating downgrade is associated with an immediate and persistent decline in access to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014411763

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The Transmission of Liquidity Shocks : The Role of Internal Capital Markets and Bank Funding Strategies

Karam, Philippe D. - 2014

Book / Working Paper

Interne Kapitalmärkte und interne Corporate Governance-Mechanismen : eine empirische Untersuchung zur Wirkung von Anreizsystemen und Leitungsorganisationsformen auf die Kapitalallokationseffizienz diversifizierter deutscher börsennotierter Unternehmen

Fallscheer, Daniel - 2016

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011592778