Download or read book The Deep Pocket Effect of Internal Capital Markets written by Xavier Boutin and published by . This book was released on 2018 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide evidence suggesting that incumbents' access to group deep pockets has a negative impact on entry in product markets. Relying on a unique French data set on business groups, our paper presents three major findings. First, the amount of cash holdings owned by incumbent-affiliated groups is negatively related to entry in a market. Second, the impact on entry of group deep pockets is more important in markets where access to external funding is likely to be more difficult. Third, the “entry deterring effect” of group deep pockets is more pronounced when groups have more active internal capital markets. Our findings suggest that internal capital markets operate within corporate groups and that they have a potential anti-competitive effect.
Download or read book The Deep Pocket Effect of Internal Capital Markets written by and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Research Handbook on Alternative Finance written by Franklin Allen and published by Edward Elgar Publishing. This book was released on 2024-04-12 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: Promoting a comparative perspective, this comprehensive Research Handbook aids in the understanding of alternative finance and its values in a global setting. Readers are encouraged to view alternative finance through the lens of economic mechanisms rather than terminology.
Download or read book Handbook of Corporate Finance written by David J. Denis and published by Edward Elgar Publishing. This book was released on 2024-02-12 with total page 709 pages. Available in PDF, EPUB and Kindle. Book excerpt: Expertly surveying the realm of corporate finance, this adroitly-crafted Handbook offers a wealth of conceptual analysis and comprehensively outlines recent scholarly research and developments within the field. It not only delves into the theoretical dimensions of corporate finance, but also explores its practical implications, thereby bridging the gap between these distinct strands.
Download or read book The Palgrave Handbook of Managing Family Business Groups written by Marita Rautiainen and published by Springer Nature. This book was released on 2022-11-30 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: Family business groups (FBGs) are ubiquitous, influential, and play a major role in national economies. While much of the current research around this topic has so far focused on emerging economies, more knowledge is needed on family business groups in developed economies; specifically, how they innovate, strategize, govern, and grow. Offering a comprehensive and global perspective on family business groups, this Handbook comprises international contributions from leading experts. Split into five sections, it covers strategy and business transformation; innovation strategies; management and governance; and new avenues for research on FBGs including the issues of sustainability and cultural alignment. An important resource for students and researchers of family business, strategy and management, this Handbook signals the emergence of the family business group phenomenon and solidifies research in this evolving area of study.
Download or read book Economists and the Powerful written by Norbert Häring and published by Anthem Press. This book was released on 2012-10 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Economists and the Powerful: Convenient Theories, Distorted Facts, Ample Rewards” explores the workings of the modern global economy – an economy in which competition has been corrupted and power has a ubiquitous influence upon economic behavior. Based on empirical and theoretical studies by distinguished economists from both the past and present day, this book argues that the true workings of capitalism are very different from the popular myths voiced in mainstream economics. Offering a closer look at the history of economic doctrines – as well as how economists are incentivized – “Economists and the Powerful” exposes how, when and why the theme of power was erased from the radar screens of mainstream economic analysis – and the influence this subversive removal has had upon the modern financial world.
Download or read book Exclusionary Practices written by Chiara Fumagalli and published by Cambridge University Press. This book was released on 2018-01-11 with total page 652 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most controversial area in competition policy is that of exclusionary practices, where actions are taken by dominant firms to deter competitors from challenging their market positions. Economists have been struggling to explain such conduct and to guide policy-makers in designing sensible enforcement rules. In this book, authors Chiara Fumagalli, Massimo Motta, and Claudio Calcagno explore predatory pricing, rebates, exclusive dealing, tying, and vertical foreclosure, through a blend of theory and practice. They develop a general framework which builds on and extends existing economic theories, drawing upon case law, discussions of cases and other practical considerations to identify workable criteria that can guide competition authorities to assess exclusionary practices. Along with analyses of policy implications and insights applied to case studies, the book provides practitioners with non-technical discussions of the issues at hand, while guiding economics students with dedicated technical sections with rigorous formal models.
Download or read book Internal Capital Markets in Business Groups written by Krislert Samphantharak and published by . This book was released on 2007 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper extends a structural model of investment with costly external finance to firms in business groups, derives an empirical regression counterpart, and uses it to test for the existence of internal capital markets in business groups and various characteristics of a group that tend to affect within-group resource allocation. I use a unique firm-level data submitted to Thailand's Ministry of Commerce as a sample in the empirical sections. The results show that corporate ownership, control rights, and within-group intermediaries tend to facilitate the internal capital markets. Corporate laws that protect minority shareholders lead to the less efficient internal capital markets although the effect is indirectly through the smaller cash flow rights and voting rights of controlling shareholders over the listed firms as compared to the non-listed firms. Groups with more member firms that are structured vertically tend to have more efficient internal capital markets while horizontal structure has no effect on within-group resource allocation. Finally, the more industry diversification, the more efficient the internal capital markets in business groups. In sum, the paper provides empirical evidence from firm-level data that the structure of business groups and corporate governance are related to the investment behavior of firms.
Download or read book Emerging Market Business Groups and Firm Risk written by Bavani Subramaniam and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Internal Capital Markets written by Lorand Ambrus-Lakatos and published by . This book was released on 2013 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that the pooling of financial resources in an internal capital market may magnify financial distress situations. This effect, which is closely related to the well-known debt overhang phenomenon, arises when there is a illiquidity in one part of the conglomerate, which then spills over to other divisions. This effect is the flip side of the coinsurance function of conglomerates, the leading rationale for internal capital markets. We show that contagion will prevail for very volatile firms, whereas coinsurance is likely to dominate for more stable firms. Taking into account that conglomeration is likely to exacerbate incentive problems in the firm, a non-monotonic relationship between the severity of risk and the preference for conglomeration emerges, where the best and the worst firms prefer to incorporate as stand-alone firms.Our model can account for the empirical observation that the conglomerate discount tends to increase as financial market conditions worsen. For conglomerates with considerable contagion risks, the discount will actually deepen as the divisions become more closely related, in line with empirical studies.
Download or read book Profits in the Long Run written by Dennis C. Mueller and published by Cambridge University Press. This book was released on 1986-04-03 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discovers that there are persistent differences in market power among large U. S. companies by analyzing data for the 1000 largest manufacturing firms in 1950 and 1972. Considers the influence of risk, sales, diversification, growth and managerial control on long run profitability.
Download or read book Learning About Internal Capital Markets from Corporate Spinoffs written by Robert H. Gertner and published by . This book was released on 2001 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the investment behavior of firms before and after they are spun off from their parent companies. We show that investment after the spinoff is significantly more sensitive to measures of investment opportunities (e.g. industry Tobin's Q or industry investment) than it is before the spinoff. Spinoffs tend to cut their investment in low Q industries and increase their investment in high Q industries. These changes are observed only in spinoffs of firms in industries unrelated to the parents' industries and in spinoffs where the stock market reacts favorably to the spinoff announcement. Our findings point to the possibility that one effect of spinoffs is to improve the allocation of capital.
Download or read book Internal Capital Markets Cross subsidization and Product Market Competition written by Giacinta Cestone and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Contractual Networks Inter firm Cooperation and Economic Growth written by Fabrizio Cafaggi and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: This insightful book presents a legal and economic analysis of inter-firm cooperation through networks as an alternative to vertical integration. It examines comparatively various forms of collaboration, ranging from consortia to multiparty joint ventures and from franchising to dealerships. Collaboration among firms of different sizes helps to overcome numerousweaknesses of the modern western industrial systems. It permits the governing of vertical disintegration without increasing fragmentation and transaction costs and allows firms to benefit from resource complementarities, favoring division of labour. The contributing authors, primarily focusing on Europe and the US, address important ways in which legal systems provide a framework for inter-firm coordination. It is clear from the analysis that significant obstacles to collaboration still remain, and the authors call for legal reforms at European and Member States level.
Download or read book Brudney and Chirelstein s Cases and Materials on Corporate Finance written by Victor Brudney and published by West Publishing Company. This book was released on 1993 with total page 1468 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Guide to Financial Markets written by Marc Levinson and published by The Economist. This book was released on 2018-07-24 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: The revised and updated 7th edition of this highly regarded book brings the reader right up to speed with the latest financial market developments, and provides a clear and incisive guide to a complex world that even those who work in it often find hard to understand. In chapters on the markets that deal with money, foreign exchange, equities, bonds, commodities, financial futures, options and other derivatives, the book examines why these markets exist, how they work, and who trades in them, and gives a run-down of the factors that affect prices and rates. Business history is littered with disasters that occurred because people involved their firms with financial instruments they didn't properly understand. If they had had this book they might have avoided their mistakes. For anyone wishing to understand financial markets, there is no better guide.
Download or read book The Antitrust Paradox written by Robert Bork and published by . This book was released on 2021-02-22 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
