منابع مشابه
Corporate Scandals and Household Stock Market Participation
We show that after the revelation of corporate frauds in a state, the equity holdings of households in that state decrease significantly both in the extensive and the intensive margins. Using an exogenous shock to fraud detection and exogenous variation in households’ lifetime experiences of corporate fraud, we are able to establish that the impact of fraud revelation in local companies on hous...
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We develop a dynamic tradeoff model to examine the importance of manager-shareholder conflicts in capital structure choice. In the model, firms face taxation, refinancing costs, and liquidation costs. Managers own a fraction of the firms’ equity, capture part of the free cash flow to equity as private benefits, and have control over financing decisions. Using data on leverage choices and the mo...
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متن کاملCorporate Venture Capital and
In this paper, we focus on the potential innovation benefits to corporate venture capital, i.e. equity investments in entrepreneurial ventures by incumbent firms. In particular, we ask do firms that invest corporate venture capital learn about and appropriate new technologies and practices from those ventures they invest. Our investigation builds on two theoretical pillars. First, incumbent fir...
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Lemmon, Roberts, and Zender (2008) provide evidence suggesting that corporate capital structures are surprisingly persistent; that firm fixed effects account for a significant portion of the observed variation in corporate capital structures; and that there is a pattern of convergence of corporate capital structures over event time. We argue that Lemmon, Roberts, and Zender’s evidence is consis...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2010
ISSN: 1556-5068
DOI: 10.2139/ssrn.1695346