The Deep-Pocket Effect of Internal Capital Markets
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Boutin, Xavier & Cestone, Giacinta & Fumagalli, Chiara & Pica, Giovanni & Serrano-Velarde, Nicolas, 2013. "The deep-pocket effect of internal capital markets," Journal of Financial Economics, Elsevier, vol. 109(1), pages 122-145.
- Xavier Boutin & Giacinta Cestone & Chiara Fumagalli & Giovanni Pica & Nicolas Serrano-Velarde, 2009. "The Deep-Pocket Effect of Internal Capital Markets," 2009 Meeting Papers 1070, Society for Economic Dynamics.
- Xavier Boutin & Giacinta Cestone & Chiara Fumagalli & Giovanni Pica & Nicolas Serrano-Velarde, 2009. "The Deep-Pocket Effect of Internal Capital Markets," Working Papers 2009.108, Fondazione Eni Enrico Mattei.
- Xavier Boutin & Giacinta Cestone & Chiara Fumagalli & Giovanni Pica & Nicolas Serrano-Velarde, 2012. "The Deep-Pocket Effect of Internal Capital Markets," Working Papers 1217, Oxford University Centre for Business Taxation.
- Cestone, Giacinta & Fumagalli, Chiara & Pica, Giovanni & Boutin, Xavier & Serrano-Velarde, Nicolas, 2009. "The Deep Pocket Effect of Internal Capital Markets," CEPR Discussion Papers 7184, C.E.P.R. Discussion Papers.
- Boutin, Xavier & Cestone, Giacinta & Fumagalli, Chiara & Pica, Giovanni & Serrano-Velarde, Nicolas, 2009. "The Deep-Pocket Effect of Internal Capital Markets," Institutions and Markets Papers 55829, Fondazione Eni Enrico Mattei (FEEM).
- Xavier Boutin & Giacinta Cestone & Chiara Fumagalli & Giovanni Pica & Nicolas Serrano-Velarde, 2011. "The Deep-Pocket Effect of Internal Capital Markets," Working Papers 403, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Xavier Boutin & Giacinta Cestone & Chiara Fumagalli & Giovanni Pica & Nicolas Serrano-Velarde, 2009. "The Deep-Pocket Effect of Internal Capital Markets," CSEF Working Papers 217, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 30 Jun 2012.
References listed on IDEAS
- Heitor Almeida & Murillo Campello, 2006. "Financial Constraints, Asset Tangibility, and Corporate Investment," NBER Working Papers 12087, National Bureau of Economic Research, Inc.
- Bronwyn H. Hall, 2010.
"The Financing of Innovative Firms,"
Review of Economics and Institutions, Università di Perugia, vol. 1(1).
- Hall, Bronwyn H., 2009. "The financing of innovative firms," EIB Papers 8/2009, European Investment Bank, Economics Department.
- Gordon M Phillips & Vojislav Maksimovic, 1999. "Do Conglomerate Firms Allocate Resources Inefficiently?," Working Papers 99-11, Center for Economic Studies, U.S. Census Bureau.
- Nina Pavcnik, 2002.
"Trade Liberalization, Exit, and Productivity Improvements: Evidence from Chilean Plants,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 69(1), pages 245-276.
- Nina Pavcnik, 2000. "Trade Liberalization, Exit, and Productivity Improvements: Evidence from Chilean Plants," NBER Working Papers 7852, National Bureau of Economic Research, Inc.
- Sharon Belenzon & Tomer Berkovitz, 2010.
"Innovation in Business Groups,"
Management Science, INFORMS, vol. 56(3), pages 519-535, March.
- Sharon Belenzon & Tomer Berkovitz, 2007. "Innovation in Business Groups," CEP Discussion Papers dp0833, Centre for Economic Performance, LSE.
- Sharon Belenzon & Tomer Berkovitz, 2007. "Innovation in Business Groups," Economics Series Working Papers 368, University of Oxford, Department of Economics.
- Stein, Jeremy C, 1997.
"Internal Capital Markets and the Competition for Corporate Resources,"
Journal of Finance, American Finance Association, vol. 52(1), pages 111-133, March.
- Jeremy C. Stein, 1995. "Internal Capital Markets and the Competition for Corporate Resources," NBER Working Papers 5101, National Bureau of Economic Research, Inc.
- Kovenock, Dan & Phillips, Gordon M, 1997.
"Capital Structure and Product Market Behavior: An Examination of Plant Exit and Investment Decisions,"
The Review of Financial Studies, Society for Financial Studies, vol. 10(3), pages 767-803.
- Kovenock, D. & Phillips, G.M., 1995. "Capital Structure and Product Market Behavior: An Examination of Plant Exit and Investment Decisions," UFAE and IAE Working Papers 313.95, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Dan Kovenock & Gordon M Phillips, 1995. "Capital Structure and Product Market Behavior: An Examination of Plant Exit and Investment Decisions," Working Papers 95-4, Center for Economic Studies, U.S. Census Bureau.
- Dan Kovenock & Gordon M. Phillips, 1995. "Capital Structure and Product Market Behavior: An Examination of Plant Exit and Investment Decisions," CESifo Working Paper Series 89, CESifo.
- Vojislav Maksimovic & Gordon Phillips, 2002. "Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence," Journal of Finance, American Finance Association, vol. 57(2), pages 721-767, April.
- Marianne Bertrand & Paras Mehta & Sendhil Mullainathan, 2002.
"Ferreting out Tunneling: An Application to Indian Business Groups,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(1), pages 121-148.
- Marianne Bertrand & Paras Mehta & Sendhil Mullainathan, 2000. "Ferreting Out Tunneling: An Application to Indian Business Groups," NBER Working Papers 7952, National Bureau of Economic Research, Inc.
- Gopalan, Radhakrishnan & Nanda, Vikram & Seru, Amit, 2007. "Affiliated firms and financial support: Evidence from Indian business groups," Journal of Financial Economics, Elsevier, vol. 86(3), pages 759-795, December.
- Vojislav Maksimovic & Gordon Phillips, 2008. "The Industry Life Cycle, Acquisitions and Investment: Does Firm Organization Matter?," Journal of Finance, American Finance Association, vol. 63(2), pages 673-708, April.
- Bolton, Patrick & Scharfstein, David S, 1990. "A Theory of Predation Based on Agency Problems in Financial Contracting," American Economic Review, American Economic Association, vol. 80(1), pages 93-106, March.
- Cleary, Sean & Povel, Paul & Raith, Michael, 2007.
"The U-Shaped Investment Curve: Theory and Evidence,"
Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 42(1), pages 1-39, March.
- Sean Cleary & Paul Povel & Michael Raith, 2003. "The U-shaped Investment Curve: Theory and Evidence," Finance 0311010, University Library of Munich, Germany.
- Povel, Paul E M & Raith, Michael & Cleary, Sean, 2004. "The U-Shaped Investment Curve: Theory and Evidence," CEPR Discussion Papers 4206, C.E.P.R. Discussion Papers.
- Vojislav Maksimovic & Gordon Phillips, 2005.
"The Industry Life Cycle and Acquisitions and Investment: Does Firm Organization Matter?,"
Working Papers
05-29, Center for Economic Studies, U.S. Census Bureau.
- Vojislav Maksimovic & Gordon Phillips, 2006. "The Industry Life Cycle and Acquisitions and Investment: Does Firm Organization Matter?," NBER Working Papers 12297, National Bureau of Economic Research, Inc.
- Hajivassiliou, Vassilis & Savignac, Frédérique, 2007.
"Financing constraints and a firm's decision and ability to innovate: establishing direct and reverse effects,"
LSE Research Online Documents on Economics
4774, London School of Economics and Political Science, LSE Library.
- Hajivassiliou, V. & Savignac, F., 2008. "Financing Constraints and a Firm's Decision and Ability to Innovate: Establishing Direct and Reverse Effects," Working papers 202, Banque de France.
- Vassilis Hajivassiliou & Frédérique Savignac, 2007. "Financing Constraints and a Firm’s Decision and Ability to Innovate: Establishing Direct and Reverse Effects," FMG Discussion Papers dp594, Financial Markets Group.
- Philippe Aghion & Thibault Fally & Stefano Scarpetta, 2007.
"Credit constraints as a barrier to the entry and post-entry growth of firms [‘Dualism and macroeconomic volatility’],"
Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 22(52), pages 732-779.
- Scarpetta, Stefano & Fally, Thibault & Aghion, Philippe, 2007. "Credit Constraints as a Barrier to the Entry and Post-Entry Growth of Firms," Scholarly Articles 4554208, Harvard University Department of Economics.
- Philippe Aghion & Thibault Fally & Stefano Scarpetta, 2007. "Credit constraints as a barrier to the entry and post-entry growth of firms," PSE-Ecole d'économie de Paris (Postprint) hal-00813557, HAL.
- Philippe Aghion & Thibault Fally & Stefano Scarpetta, 2007. "Credit constraints as a barrier to the entry and post-entry growth of firms," Post-Print hal-00813557, HAL.
- Aghion, Philippe & Fally, Thibault & Scarpetta, Stefano, 2007. "Credit Constraints as a Barrier to the Entry and Post-Entry Growth of Firms," IZA Discussion Papers 3237, Institute of Labor Economics (IZA).
- Antoine Faure- Grimaud & Roman Inderst, 2005.
"Conglomerate Entrenchment under Optimal Financial Contracting,"
American Economic Review, American Economic Association, vol. 95(3), pages 850-861, June.
- Faure-Grimaud, Antoine & Inderst, Roman, 2004. "Conglomerate entrenchment under optimal financial contracting," LSE Research Online Documents on Economics 24788, London School of Economics and Political Science, LSE Library.
- Roman Inderst, 2004. "Conglomerate Entrenchment under Optimal Financial Contracting," FMG Discussion Papers dp521, Financial Markets Group.
- Gerard Hoberg & Gordon M. Phillips, 2011. "Conglomerate Industry Choice and Product Differentiation," NBER Working Papers 17221, National Bureau of Economic Research, Inc.
- Rajan, Raghuram G & Zingales, Luigi, 1998.
"Financial Dependence and Growth,"
American Economic Review, American Economic Association, vol. 88(3), pages 559-586, June.
- Raghuram G. Rajan & Luigi Zingales, "undated". "Financial Dependence and Growth," CRSP working papers 344, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Raghuram G. Rajan & Luigi Zingales, 1996. "Financial Dependence and Growth," NBER Working Papers 5758, National Bureau of Economic Research, Inc.
- Takeo Hoshi & Anil Kashyap & David Scharfstein, 1991.
"Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(1), pages 33-60.
- Takeo Hoshi & Anil K. Kashyap & David Scharfstein, 1989. "Corporate structure, liquidity, and investment: evidence from Japanese industrial groups," Finance and Economics Discussion Series 82, Board of Governors of the Federal Reserve System (U.S.).
- Klapper, Leora & Laeven, Luc & Rajan, Raghuram, 2006.
"Entry regulation as a barrier to entrepreneurship,"
Journal of Financial Economics, Elsevier, vol. 82(3), pages 591-629, December.
- Leora Klapper & Luc Laeven & Raghuram Rajan, 2004. "Entry Regulation as a Barrier to Entrepreneurship," NBER Working Papers 10380, National Bureau of Economic Research, Inc.
- Heitor Almeida & Murillo Campello, 2007. "Financial Constraints, Asset Tangibility, and Corporate Investment," The Review of Financial Studies, Society for Financial Studies, vol. 20(5), pages 1429-1460, 2007 12.
- Weinstein, David E & Yafeh, Yishay, 1995.
"Japan's Corporate Groups: Collusion or Competitive? An Empirical Investigation of Keiretsu Behavior,"
Journal of Industrial Economics, Wiley Blackwell, vol. 43(4), pages 359-376, December.
- Weinstein, D.E. & Yafeh, Y., 1993. "Japan's Corporate Groups: Collusive or Competitive? An Empirical Investigation of Keiretsu Behavior," Harvard Institute of Economic Research Working Papers 1623, Harvard - Institute of Economic Research.
- Lamont, Owen, 1997.
"Cash Flow and Investment: Evidence from Internal Capital Markets,"
Journal of Finance, American Finance Association, vol. 52(1), pages 83-109, March.
- Owen Lamont, 1996. "Cash Flow and Investment: Evidence from Internal Capital Markets," NBER Working Papers 5499, National Bureau of Economic Research, Inc.
- Raghuram Rajan & Henri Servaes & Luigi Zingales, 2000.
"The Cost of Diversity: The Diversification Discount and Inefficient Investment,"
Journal of Finance, American Finance Association, vol. 55(1), pages 35-80, February.
- Raghuram Rajan & Henry Servaes & Luigi Zingales, "undated". "The Cost of Diversity: The Diversification Discount and Inefficient Investment," CRSP working papers 463, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Raghuram Rajan & Henri Servaes & Luigi Zingales, 1998. "The Cost of Diversity: The Diversification Discount and Inefficient Investment," NBER Working Papers 6368, National Bureau of Economic Research, Inc.
- Rajan, Raghuram G & Servaes, Henri & Zingales, Luigi, 1998. "The Cost of Diversity: The Diversification Discount and Inefficient Investment," CEPR Discussion Papers 1801, C.E.P.R. Discussion Papers.
- Raghuram Rajan & Henri Servaes & Luigi Zingales, "undated". "The Cost of Diversity: The Diversification Discount and Inefficient Investment," CRSP working papers 357, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Houston, Joel & James, Christopher & Marcus, David, 1997. "Capital market frictions and the role of internal capital markets in banking," Journal of Financial Economics, Elsevier, vol. 46(2), pages 135-164, November.
- R. Glenn Hubbard, 1998.
"Capital-Market Imperfections and Investment,"
Journal of Economic Literature, American Economic Association, vol. 36(1), pages 193-225, March.
- R. Glenn Hubbard, 1997. "Capital-Market Imperfections and Investment," NBER Working Papers 5996, National Bureau of Economic Research, Inc.
- Federico Cingano & Fabiano Schivardi, 2004.
"Identifying the Sources of Local Productivity Growth,"
Journal of the European Economic Association, MIT Press, vol. 2(4), pages 720-742, June.
- Federico Cingano & Fabiano Schivardi, 2003. "Identifying the Sources of Local Productivity Growth," Temi di discussione (Economic working papers) 474, Bank of Italy, Economic Research and International Relations Area.
- Marianne Bertrand & Antoinette Schoar & David Thesmar, 2007.
"Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985,"
Journal of Finance, American Finance Association, vol. 62(2), pages 597-628, April.
- Bertrand, Marianne & Schoar, Antoinette & Thesmar, David, 2004. "Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985," CEPR Discussion Papers 4488, C.E.P.R. Discussion Papers.
- David Thesmar & A. Schoar & Marianne Bertrand, 2007. "Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985," Post-Print hal-00461082, HAL.
- Hyun-Han Shin & René M. Stulz, 1998. "Are Internal capital Markets Efficient?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 113(2), pages 531-552.
- Steven M. Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1988.
"Financing Constraints and Corporate Investment,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 141-206.
- Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1987. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc.
- Luigi Zingales, "undated".
"Survival of the Fittest or the Fattest? Exit and Financing in the Trucking Industry,"
CRSP working papers
336, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Zingales, Luigi, 1998. "Survival of the Fittest or the Fattest? Exit and Financing in the Trucking Industry," CEPR Discussion Papers 1778, C.E.P.R. Discussion Papers.
- Luigi Zingales, 1997. "Survival of the Fittest or the Fattest? Exit and Financing in the Trucking Industry," NBER Working Papers 6273, National Bureau of Economic Research, Inc.
- David S. Scharfstein & Jeremy C. Stein, 2000.
"The Dark Side of Internal Capital Markets: Divisional Rent‐Seeking and Inefficient Investment,"
Journal of Finance, American Finance Association, vol. 55(6), pages 2537-2564, December.
- David S. Scharfstein & Jeremy C. Stein, 1997. "The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment," NBER Working Papers 5969, National Bureau of Economic Research, Inc.
- Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer, 1999.
"Corporate Ownership Around the World,"
Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, April.
- Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 1998. "Corporate Ownership Around the World," NBER Working Papers 6625, National Bureau of Economic Research, Inc.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers 1840, Harvard - Institute of Economic Research.
- La Porta, Rafael & Lopez-De-Silanes, Florencio & Shleifer, Andrei, 1999. "Corporate Ownership Around the World," Scholarly Articles 30747162, Harvard University Department of Economics.
- Julian Franks & Colin Mayer & Stefano Rossi, 2009.
"Ownership: Evolution and Regulation,"
The Review of Financial Studies, Society for Financial Studies, vol. 22(10), pages 4009-4056, October.
- Colin Mayer & Julian Franks & Stefano Rossi, 2003. "Ownership: Evolution and Regulation," Economics Series Working Papers 2003-FE-14, University of Oxford, Department of Economics.
- Julian Franks & Colin Mayer & Stefano Rossi, 2003. "Ownership: Evolution and Regulation," OFRC Working Papers Series 2003fe14, Oxford Financial Research Centre.
- Murillo Campello, 2002. "Internal Capital Markets in Financial Conglomerates: Evidence from Small Bank Responses to Monetary Policy," Journal of Finance, American Finance Association, vol. 57(6), pages 2773-2805, December.
- Giacinta Cestone & Chiara Fumagalli, 2005. "The Strategic Impact of Resource Flexibility in Business Groups," RAND Journal of Economics, The RAND Corporation, vol. 36(1), pages 193-214, Spring.
- Naveen Khanna & Sheri Tice, 2001. "The Bright Side of Internal Capital Markets," Journal of Finance, American Finance Association, vol. 56(4), pages 1489-1528, August.
- Campello, Murillo & Graham, John R. & Harvey, Campbell R., 2010.
"The real effects of financial constraints: Evidence from a financial crisis,"
Journal of Financial Economics, Elsevier, vol. 97(3), pages 470-487, September.
- Murillo Campello & John Graham & Campbell R. Harvey, 2009. "The Real Effects of Financial Constraints: Evidence from a Financial Crisis," NBER Working Papers 15552, National Bureau of Economic Research, Inc.
- Jean-Pierre Benoit, 1984. "Financially Constrained Entry in a Game with Incomplete Information," RAND Journal of Economics, The RAND Corporation, vol. 15(4), pages 490-499, Winter.
- Olley, G Steven & Pakes, Ariel, 1996.
"The Dynamics of Productivity in the Telecommunications Equipment Industry,"
Econometrica, Econometric Society, vol. 64(6), pages 1263-1297, November.
- G. Steven Olley & Ariel Pakes, 1992. "The Dynamics of Productivity in the Telecommunications Equipment Industry," NBER Working Papers 3977, National Bureau of Economic Research, Inc.
- George S Olley & Ariel Pakes, 1992. "The Dynamics Of Productivity In The Telecommunications Equipment Industry," Working Papers 92-2, Center for Economic Studies, U.S. Census Bureau.
- repec:bla:jfinan:v:53:y:1998:i:3:p:905-938 is not listed on IDEAS
- Stijn Claessens & Simeon Djankov & Leora Klapper1, 2000. "The Role And Functioning Of Business Groups In East Asia And Chile," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 3(1), pages 91-107.
- Khanna, Naveen & Tice, Sheri, 2000. "Strategic Responses of Incumbents to New Entry: The Effect of Ownership Structure, Capital Structure, and Focus," The Review of Financial Studies, Society for Financial Studies, vol. 13(3), pages 749-779.
- Matsusaka, John G. & Nanda, Vikram, 2002. "Internal Capital Markets and Corporate Refocusing," Journal of Financial Intermediation, Elsevier, vol. 11(2), pages 176-211, April.
- Duchin, Ran & Ozbas, Oguzhan & Sensoy, Berk A., 2010. "Costly external finance, corporate investment, and the subprime mortgage credit crisis," Journal of Financial Economics, Elsevier, vol. 97(3), pages 418-435, September.
- Giacinta Cestone & Chiara Fumagalli, 2005. "The Strategic Impact of Resource Flexibility in Business Groups," RAND Journal of Economics, The RAND Corporation, vol. 36(4), pages 193-214, Winter.
- Campello, Murillo, 2003. "Capital structure and product markets interactions: evidence from business cycles," Journal of Financial Economics, Elsevier, vol. 68(3), pages 353-378, June.
- Timothy Dunne & Mark J. Roberts & Larry Samuelson, 1988.
"Patterns of Firm Entry and Exit in U.S. Manufacturing Industries,"
RAND Journal of Economics, The RAND Corporation, vol. 19(4), pages 495-515, Winter.
- Dunne, T. & Roberts, M.J. & Samuelson, L., 1988. "Pattenrs Of Firm Entry And Exit In U.S. Manufacturing Industries," Papers 1-88-2, Pennsylvania State - Department of Economics.
- Luca Enriques & Paolo Volpin, 2007. "Corporate Governance Reforms in Continental Europe," Journal of Economic Perspectives, American Economic Association, vol. 21(1), pages 117-140, Winter.
- Chevalier, Judith A, 1995. "Capital Structure and Product-Market Competition: Empirical Evidence from the Supermarket Industry," American Economic Review, American Economic Association, vol. 85(3), pages 415-435, June.
- Tarun Khanna & Yishay Yafeh, 2007. "Business Groups in Emerging Markets: Paragons or Parasites?," Journal of Economic Literature, American Economic Association, vol. 45(2), pages 331-372, June.
- Matías Braun & Borja Larrain, 2005.
"Finance and the Business Cycle: International, Inter‐Industry Evidence,"
Journal of Finance, American Finance Association, vol. 60(3), pages 1097-1128, June.
- Matias Braun & Borja Larrain, 2004. "Finance and the Business Cycle: International, Inter-industry Evidence," Finance 0403001, University Library of Munich, Germany.
- Perotti, Enrico C. & Gelfer, Stanislav, 2001. "Red barons or robber barons? Governance and investment in Russian financial-industrial groups," European Economic Review, Elsevier, vol. 45(9), pages 1601-1617, October.
- Chevalier, Judith A, 1995. "Do LBO Supermarkets Charge More? An Empirical Analysis of the Effects of LBOs on Supermarket Pricing," Journal of Finance, American Finance Association, vol. 50(4), pages 1095-1112, September.
- Sharon Belenzon & Tomer Berkovitz & Patrick Bolton, 2009. "Intracompany Governance and Innovation," NBER Working Papers 15304, National Bureau of Economic Research, Inc.
- Richmond D. Mathews & David T. Robinson, 2008. "Market Structure, Internal Capital Markets, and the Boundaries of the Firm," Journal of Finance, American Finance Association, vol. 63(6), pages 2703-2736, December.
- Stein, Jeremy C., 2003.
"Agency, information and corporate investment,"
Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 2, pages 111-165,
Elsevier.
- Jeremy C. Stein, 2001. "Agency, Information and Corporate Investment," NBER Working Papers 8342, National Bureau of Economic Research, Inc.
- Kovenock, Dan & Phillips, Gordon, 1995.
"Capital Structure and Product-Market Rivalry: How Do We Reconcile Theory and Evidence?,"
American Economic Review, American Economic Association, vol. 85(2), pages 403-408, May.
- Dan Kovenock & Gordon M Phillips, 1995. "Capital Structure And Product Market Rivalry: How Do We Reconcile Theory And Evidence?," Working Papers 95-3, Center for Economic Studies, U.S. Census Bureau.
- Phillips, Gordon M., 1995. "Increased debt and industry product markets An empirical analysis," Journal of Financial Economics, Elsevier, vol. 37(2), pages 189-238, February.
- Hopenhayn, Hugo A, 1992. "Entry, Exit, and Firm Dynamics in Long Run Equilibrium," Econometrica, Econometric Society, vol. 60(5), pages 1127-1150, September.
- Marianne Bertrand & Sendhil Mullainathan, 2001. "Are CEOs Rewarded for Luck? The Ones Without Principals Are," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 116(3), pages 901-932.
- Robert Z. Lawrence, 1991. "Efficient or Exclusionist: The Import Behavior of Japanese Corporate Groups," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(1), pages 311-341.
- Peter MacKay & Gordon M. Phillips, 2005. "How Does Industry Affect Firm Financial Structure?," The Review of Financial Studies, Society for Financial Studies, vol. 18(4), pages 1433-1466.
- Maksimovic, Vojislav, 1990. "Product Market Imperfections and Loan Commitments," Journal of Finance, American Finance Association, vol. 45(5), pages 1641-1653, December.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Giacomo Rodano & Emanuele Tarantino & Nicolas Serrano-Velarde, 2012. "Bankruptcy Law and the Cost of Banking Finance," Working Papers 1218, Oxford University Centre for Business Taxation.
- Stein, Jeremy C., 2003.
"Agency, information and corporate investment,"
Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 2, pages 111-165,
Elsevier.
- Jeremy C. Stein, 2001. "Agency, Information and Corporate Investment," NBER Working Papers 8342, National Bureau of Economic Research, Inc.
- Giacinta Cestone & Chiara Fumagalli, 2003. "Winner-Picking or Cross-Subsidization? The Strategic Impact of Resource Flexibility in Business Groups," CSEF Working Papers 93, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Amess, Kevin & Banerji, Sanjay & Lampousis, Athanasios, 2015. "Corporate cash holdings: Causes and consequences," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 421-433.
- Sertsios, Giorgo, 2020. "Corporate finance, industrial organization, and organizational economics," Journal of Corporate Finance, Elsevier, vol. 64(C).
- Joseph P. H. Fan & Li Jin & Guojian Zheng, 2016. "Revisiting the Bright and Dark Sides of Capital Flows in Business Groups," Journal of Business Ethics, Springer, vol. 134(4), pages 509-528, April.
- Kabbach-de-Castro, Luiz Ricardo & Kirch, Guilherme & Matta, Rafael, 2022. "Do internal capital markets in business groups mitigate firms' financial constraints?," Journal of Banking & Finance, Elsevier, vol. 143(C).
- Ljungqvist, Alexander & Chen, Donghua & Lu, Haitian & Jiang, Dequan & Zhou, Mingming, 2015.
"State Capitalism vs. Private Enterprise,"
CEPR Discussion Papers
10423, C.E.P.R. Discussion Papers.
- Alexander Ljungqvist & Donghua Chen & Dequan Jiang & Haitian Lu & Mingming Zhou, 2015. "State Capitalism vs. Private Enterprise," NBER Working Papers 20930, National Bureau of Economic Research, Inc.
- Ushijima, Tatsuo, 2005. "Internal capital market and the growth and survival of Japanese plants in the United States," Journal of the Japanese and International Economies, Elsevier, vol. 19(3), pages 366-385, September.
- Khosa,Amrinder & Ahmed,Kamran & Henry,Darren, 2019. "Ownership Structure, Related Party Transactions, and Firm Valuation," Cambridge Books, Cambridge University Press, number 9781108492195, September.
- Domenico Scalera & Alberto Zazzaro, 2009. "Do Inter-Firm Networks Make Access to Finance Easier? Issues and Empirical Evidence," Mo.Fi.R. Working Papers 25, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
- Kim, Sehoon, 2020. "Disappearing Discounts: Hedge Fund Activism in Conglomerates," MPRA Paper 100876, University Library of Munich, Germany.
- Becker Bo & Sivadasan Jagadeesh, 2010.
"The Effect of Financial Development on the Investment-Cash Flow Relationship: Cross-Country Evidence from Europe,"
The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 10(1), pages 1-49, May.
- Becker, Bo & Sivadasan, Jagadeesh, 2006. "The effect of financial development on the investment cash flow relationship: cross-country evidence from Europe," Working Paper Series 689, European Central Bank.
- Stefan Erdorf & Thomas Hartmann-Wendels & Nicolas Heinrichs & Michael Matz, 2013. "Corporate diversification and firm value: a survey of recent literature," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 27(2), pages 187-215, June.
- Gatzer, Sebastian & Hoang, Daniel & Ruckes, Martin, 2015. "Internal Capital Markets and Diversified Firms: Theory and Practice," EconStor Preprints 169432, ZBW - Leibniz Information Centre for Economics.
- George, Rejie & Kabir, Rezaul, 2008.
"Business groups and profit redistribution: A boon or bane for firms?,"
Journal of Business Research, Elsevier, vol. 61(9), pages 1004-1014, September.
- George, R. & Kabir, M.R. & Douma, S.W., 2004. "Business Groups and Profit Redistribution : A Boon or Bane for Firms," Discussion Paper 2004-124, Tilburg University, Center for Economic Research.
- Campello, Murillo, 2006. "Debt financing: Does it boost or hurt firm performance in product markets?," Journal of Financial Economics, Elsevier, vol. 82(1), pages 135-172, October.
- Shan Ge, 2022. "How Do Financial Constraints Affect Product Pricing? Evidence from Weather and Life Insurance Premiums," Journal of Finance, American Finance Association, vol. 77(1), pages 449-503, February.
- Almeida, Heitor & Wolfenzon, Daniel, 2006. "Should business groups be dismantled? The equilibrium costs of efficient internal capital markets," Journal of Financial Economics, Elsevier, vol. 79(1), pages 99-144, January.
- George, R. & Kabir, M.R. & Douma, S.W., 2004. "Business Groups and Profit Redistribution : A Boon or Bane for Firms," Other publications TiSEM 065c6a3e-5b9a-40b7-9843-5, Tilburg University, School of Economics and Management.
More about this item
Keywords
Business Groups; Cash Holdings; Internal Capital Markets; Entry;All these keywords.
JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
- L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:csl:devewp:341. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chiara Elli (email available below). General contact details of provider: https://edirc.repec.org/data/damilit.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.