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Are capital markets perfect?: Evidence from U.S. panel data
In: Discussion papers 93,7
An Examination of the Relationship between Firm Size, Growth and Liquidity in the Neuer Markt
In: Bundesbank Series 1 Discussion Paper No. 2002,15
SSRN
CORPORATE GOVERNANCE AND CAPITAL ACCUMULATION: FIRM‐LEVEL EVIDENCE FROM ITALY
In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 56, Heft 5, S. 634-661
ISSN: 1467-9485
ABSTRACTThis study investigates the impact of investor protection on firm ownership and capital growth in a model where investor protection is allowed to vary between firms. Using panel data for Italy, we construct firm‐level variables to capture the degree of investor protection, which is observable to all shareholders. Empirical evidence indicates that the stronger the investor protection the lower the fraction of equity that is owned by insiders. Results show that higher insider equity ownership is linked to larger risk premiums and higher costs of capital. Implications suggest that the magnitude of capital stock distortions is particularly important when shareholder protection is weak and ownership concentration is high.
Venture capital, ownership structure, accounting standards and IPO underpricing: Evidence from Germany
In: Journal of economics and business, Band 62, Heft 6, S. 517-536
ISSN: 0148-6195
Can Institutional Change Impact High-Technology Firm Growth?: Evidence from Germany's Neuer Markt
In: Journal of Productivity Analysis, Band 25, Heft 1
SSRN
Can Institutional Change Impact High-Technology Firm Growth?: Evidence from Germany's Neuer Markt
To facilitate the transformation of the German economy from the traditional manufacturing industries towards emerging new technologies, a new segment of the Frankfurt exchange was introduced in 1997 - Der Neue Markt. This study provides evidence that not only did many new firms obtain funding from the Neuer Markt, but that for the first time in recent history, Germany succeeded in enabling smaller firms to grow faster than larger firms. This suggests that the new policies were not only successful in promoting a new type of firm that otherwise might not exist, but in transforming the sources of growth and innovation within the German economy.
BASE
Financial Factors and Investment in Belgium, France, Germany and the Uk:A Comparison Using Company Panel Data
In: NBER Working Paper No. w5900
SSRN
Investment, liquidity constraints and bank relationship: Evidence from German manufacturing firms
In: Economic Studies Working Paper Series, No. 17
World Affairs Online
Finance, control, and profitability: An evaluation of German bank influence
In: Economic Studies Working Paper Series, No. 28
World Affairs Online