Exchange rate models and parameter variation: The case of the Dollar-Mark exchange rate
In: Journal of economics, Band 50, Heft 1, S. 55-62
ISSN: 1617-7134
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In: Journal of economics, Band 50, Heft 1, S. 55-62
ISSN: 1617-7134
In: Review of Pacific Basin financial markets and policies: RPBFMP, Band 26, Heft 1
In this paper, we examine the relationship between ownership concentration and dividend policy for Thai publicly listed companies. High family ownership firms have higher dividend payouts than low family ownership firms, which we interpret to mean high family ownership firms follow a more rational dividend policy. This finding is consistent with the prediction that agency conflicts between the managers and shareholders are lower at firms with a controlling shareholder. The evidence is robust through different econometric specifications; robust when the level used to determine the extent of family ownership (family control) is lowered to 10% of the outstanding shares; and robust to the inclusion of the ownership wedge as a proxy for the severity of agency conflicts.
In: CEPR Discussion Paper No. DP10890
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In: CEPR Discussion Paper No. DP15750
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In: Asian Finance Association (AsianFA) 2016 Conference
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In: Best AFFI 2016 paper in banking & insurance
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In: CEPR Discussion Paper No. DP12078
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In: CEPR Discussion Paper No. DP9229
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In: The journal of business, Band 67, Heft 3, S. 321
ISSN: 1537-5374
In: Journal of Finance Forthcoming
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