Economic Concentration And The Cost Of Equity Capital
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Economic Concentraton and the Cost of Equity Capital
Author | : Alan Richard Schriber |
Publisher | : |
Total Pages | : 298 |
Release | : 1977 |
Genre | : Corporations |
ISBN | : |
Equity Markets, Transaction Costs, and Capital Accumulation
Author | : Valerie R. Bencivenga |
Publisher | : World Bank Publications |
Total Pages | : 60 |
Release | : 1995 |
Genre | : |
ISBN | : |
Law and Finance
Author | : Thorsten Beck |
Publisher | : World Bank Publications |
Total Pages | : 52 |
Release | : 2002 |
Genre | : Finance |
ISBN | : |
New research suggests that cross-country differences in legal origin help explain differences in financial development. This paper empirically assesses two theories of why legal origin influences financial development. First, the political' channel stresses that (i) legal traditions differ in the priority they give to the rights of individual investors vis- ...-vis the state and (ii) this has repercussions for the development of property rights and financial markets. Second, the adaptability' channel holds that (i) legal traditions differ in their ability to adjust to changing commercial circumstances and (ii) legal systems that adapt quickly to minimize the gap between the contracting needs of the economy and the legal system's capabilities will foster financial development more effectively than would more rigid legal traditions. We use historical comparisons and cross-country regressions to assess the validity of these two channels. We find that legal origin matters for financial development because legal traditions differ in their ability to adapt efficiently to evolving economic conditions.
The Great Reversal
Author | : Thomas Philippon |
Publisher | : Belknap Press |
Total Pages | : 361 |
Release | : 2019 |
Genre | : Business & Economics |
ISBN | : 0674237544 |
American markets, once a model for the world, are giving up on competition. Thomas Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by investing and innovating, powerful firms use political pressure to secure their advantages. The result is less efficient markets, leading to higher prices and lower wages.
Economic Concentration
Author | : United States. Congress. Senate. Committee on the Judiciary |
Publisher | : |
Total Pages | : 340 |
Release | : 1965 |
Genre | : Consolidation and merger of corporations |
ISBN | : |
How Economic Policy Uncertainty Affects the Cost of Raising Equity Capital
Author | : Yue-Cheong Chan |
Publisher | : |
Total Pages | : 48 |
Release | : 2019 |
Genre | : |
ISBN | : |
Economic policy uncertainty (EPU) increases the cost of raising equity capital, especially when the economy is weak. A one standard deviation increase in the EPU index developed by Baker, Bloom, and Davis (2016) is associated with a 43 basis point increase in the price discount of seasoned equity offerings (SEOs) during the recent 2000-2014 period. The cross-sectional analysis shows that the EPU effect on SEO discounts is stronger for firms with greater dependence on government spending, less informative stock price, or a smaller EPU beta. Moreover, there are fewer SEO activities in periods when there is a high degree of policy uncertainty.
Economic Concentration
Author | : United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust and Monopoly |
Publisher | : |
Total Pages | : 1910 |
Release | : 1964 |
Genre | : Big business |
ISBN | : |