منابع مشابه
Euro Corporate Bonds Risk Factors ∗
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The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact, one-third of publicly listed firms in Europe have multiple large owners, and the market value of firms ...
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This paper examines the relationship between corporate valuations and the presence, size, incentives, and identity of multiple large shareholders. Using data on a large number of firms across Western Europe, we find that about one-third of all firms, and over 40 percent of firms with one large owner, have two or more owners that each holds more than 10 percent of the voting rights. We find that...
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The purpose of this paper is to examine the impact of a 1993 relaxation of the restrictions governing the underwriting operations of Japanese banks on bond issues in the Euro–yen and Japanese corporate bond markets. Evidence is presented to suggest that the relaxation of the restrictions governing the underwriting operations of Japanese banks was associated with a significant fall in spreads in...
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Recent theoretical work indicates that when firms set nominal prices in advance they are exposed to business cycle risk. Risk averse firms with market power may set relatively high markups over marginal cost to offset this risk. An appropriate monetary policy could reduce the risk of pre-set nominal prices. This paper uses industry-level panel data to estimate how the exchange rate regime affec...
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ژورنال
عنوان ژورنال: Review of Financial Studies
سال: 2008
ISSN: 0893-9454,1465-7368
DOI: 10.1093/rfs/hhn101