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Citations for "The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment"

by David S. Scharfstein & Jeremy C. Stein

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Cited by (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.):
  1. Artyom Durnev & Randall Morck & Bernard Yeung, 2001. "Does Firm-specific Information in Stock Prices Guide Capital Allocation?," NBER Working Papers 8093, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Ari Hyytinen & Mika Maliranta, 2006. "When Do Employees Leave Their Job for Entrepreneurship: Evidence from Linked Employer-Employee Data," Discussion Papers 1023, The Research Institute of the Finnish Economy. [Downloadable!]
  3. Campa, Jose M. & Kedia, Simi, 2000. "Explaining the diversification discount," IESE Research Papers D/424, IESE Business School. [Downloadable!]
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  4. Raj Chetty & Emmanuel Saez, 2007. "An Agency Theory of Dividend Taxation," NBER Working Papers 13538, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Szu-Wen Chou, 2002. "Flattened Resource Allocation, Hierarch Design and the Boundaries of the Firm," Levine's Working Paper Archive 618897000000000056, UCLA Department of Economics. [Downloadable!]
  6. Friebel, Guido & Guriev, Sergei, 2005. "Earnings Manipulation and Incentives in Firms," CEPR Discussion Papers 4850, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  7. Felipe Balmaceda, 2002. "Corporate Diversification: Good for Some Bad for Others," Documentos de Trabajo 141, Centro de Economía Aplicada, Universidad de Chile. [Downloadable!]
  8. Axel Gautier & Florian Heider, 2002. "The Benefit and Cost of Winner Picking: Redistribution Vs Incentives," Bonn Econ Discussion Papers bgse31_2002, University of Bonn, Germany. [Downloadable!]
  9. Raj Chetty & Emmanuel Saez, 2004. "Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut," NBER Working Papers 10841, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Inderst, Roman & Mueller, Holger M, 2006. "CEO Compensation and Strategy Inertia," CEPR Discussion Papers 5713, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  11. Jeremy C. Stein, 2000. "Information Production and Capital Allocation: Decentralized vs. Hierarchical Firms," NBER Working Papers 7705, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  12. Stijn Claessens & Simeon Djankov~ & Joseph Fan & Larry Langkeywords:, 2000. "The Costs of Group Affiliation: Evidence from East Asia," CEI Working Paper Series 2000-5, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  13. Lerner, Joshua & Schoar, Antoinette, 2003. "The Illiquidity Puzzle: Theory and Evidence from Private Equity," Working papers 4378-02, Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
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  14. Dorothea Schäfer & Yuriy Gorodnichenko & Oleksandr Talavera, 2006. "Financial Constraints and Continental Business Groups : Evidence from German Konzerns," Discussion Papers of DIW Berlin 590, DIW Berlin, German Institute for Economic Research. [Downloadable!]
  15. Viral V. Acharya & Iftekhar Hasan & Anthony Saunders, 2002. "The effects of focus and diversification on bank risk and return: evidence from individual bank loan portfolios," Proceedings, Federal Reserve Bank of Chicago, issue May. [Downloadable!]
  16. Iman van Lelyveld & Arnold Schilder, 2002. "Risk in Financial Conglomerates: Management and Supervision," Research Series Supervision (discontinued) 49, Netherlands Central Bank, Directorate Supervision. [Downloadable!]
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  17. Belen Villalonga, 2001. "Diversification Discount or Premium? New Evidence from BITS Establishment-Level Data," Working Papers 01-13, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
  18. Bolton, Patrick & Scharfstein, David S, 1998. "Corporate Finance, the Theory of the Firm, and Organizations," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 95-114, Fall. [Downloadable!] (restricted)
  19. Simon Johnson, 2000. "Coase and the reform of securities markets," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, issue Jun, pages 187-221. [Downloadable!]
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  20. Stijn Claessens & Simeon Djankov & Joseph P. H. Fan & Larry H. P. Lang, 2001. "The Benefits and Costs of Internal Markets: Evidence from Asia's Financial Crisis," CEI Working Paper Series 2001-15, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  21. Axel, GAUTIER & Malika, HAMADI, 2005. "Internal Capital Market Efficiency of Belgian Holding Companies," Discussion Papers 2004037, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
  22. 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. [Downloadable!]
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  23. 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. [Downloadable!]
  24. Glaser, Markus & Müller, Sebastian, 2006. "Der Diversification Discount in Deutschland: Existiert ein Bewertungsabschlag für diversifizierte Unternehmen?," Sonderforschungsbereich 504 Publications 06-13, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
  25. Pertti Haaparanta & Tuuli Juurikkala & Olga Lazareva & Jukka Pirttila & Laura Solanko & Ekaterina Zhuravskaya, 2003. "Firms And Public Service Provision In Russia," Working Papers w0041, Center for Economic and Financial Research (CEFIR). [Downloadable!]
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  26. Tarun Khanna & Yishay Yafeh, 2002. "Business Groups and Risk Sharing around the World," CEI Working Paper Series 2002-8, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  27. Sergei Guriev & Andrei Rachinsky, 2004. "Ownership concentration in Russian industry," Working Papers w0045, Center for Economic and Financial Research (CEFIR). [Downloadable!]
  28. Cestone, Giacinta & Fumagalli, Chiara, 2001. "Internal Capital Markets, Cross-Subsidization and Product Market Competition," CEPR Discussion Papers 2935, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  29. Carletti, Elena & Hartmann, Philipp & Spagnolo, Giancarlo, 2005. "Bank Mergers, Competition and Liquidity," Working Paper Series 182, Sveriges Riksbank (Central Bank of Sweden). [Downloadable!]
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  30. Claessens, Constantijn A. & Djankov, Simeon & Joseph P. H. Fan & Lang, Larry H. P., 1998. "Diversification and efficiency of investment by East Asian corporations," Policy Research Working Paper Series 2033, The World Bank. [Downloadable!]
  31. Sangwoo Lee & Kwangwoo Park & Hyun-Han Shin, 2005. "The Very Dark Side of International Capital Markets: Evidence from Diversified Business Groups in Korea," CEI Working Paper Series 2005-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  32. Martynova, Marina & Renneboog, L.D.R., 2006. "The performance of the European market for corporate control : evidence from the 5th takeover wave," Discussion Paper 118, Tilburg University, Center for Economic Research. [Downloadable!]
  33. Frederik P. Schlingemann & Rene M. Stulz & Ralph A. Walkling, 1999. "Corporate Focusing and Internal Capital Markets," NBER Working Papers 7175, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  34. Paul Gompers & Josh Lerner & David Scharfstein, 2003. "Entrepreneurial Spawning: Public Corporations and the Genesis of New Ventures, 1986-1999," NBER Working Papers 9816, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  35. Ram Mudambi & Pietro Navarra, 2004. "Divisional power, intra-firm bargaining and rent-seeking behavior in multidivisional corporations," Economics Bulletin, Economics Bulletin, vol. 4(13), pages 1-10. [Downloadable!]
  36. Claessens, Stijn & Djankov, Simeon & Joseph P. H. Fan & Lang, Larry H. P., 1999. "Corporate diversification in East Asia : the role of ultimate ownership and group affiliation," Policy Research Working Paper Series 2089, The World Bank. [Downloadable!]
  37. Tarun Khanna & Yishay Yafeh, 2001. "Business Groups and Risk Sharing around the World," OFRC Working Papers Series 2001fe02, Oxford Financial Research Centre. [Downloadable!]
  38. Masaharu Hanazaki & Qun Liu, 2003. "The Asian Crisis and Corporate Governance －Ownership Structure, Debt Financing, and Corporate Diversification－," CEI Working Paper Series 2003-18, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  39. M. Idriss GHODBANE, 2002. "Centralization Versus Decentralization in Credit Lending," Discussion Papers 2002002, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
  40. Kenneth Lehn & Sukesh Patro & Mengxin Zhao, 2007. "Determinants of the Size and Structure of Corporate Boards: 1935-2000," CEI Working Paper Series 2008-13, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  41. Susan Feinberg & Gordon Phillips, 2002. "Firm-Specific Resources, Financial-Market Development and the Growth of U.S. Multinationals," NBER Working Papers 9252, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  42. David S. Scharfstein, 1998. "The Dark Side of Internal Capital Markets II: Evidence from Diversified Conglomerates," NBER Working Papers 6352, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  43. Albert Banal-Estañol & Jo Seldeslachts, 2005. "Merger Failures," CIG Working Papers SP II 2005-09, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG). [Downloadable!]
  44. Francis , Bill B & Hasan , Iftekhar & Sun , Xian, 2006. "Financial market integration and the value of global diversification: evidence from US acquirers in cross-border mergers and acquisitions," Research Discussion Papers 24/2006, Bank of Finland. [Downloadable!]
  45. Claessens, Stijn & Fan, Joseph P.H. & Lang, Larry, 2002. "The Benefits and Costs of Group Affiliation: Evidence from East Asia," CEPR Discussion Papers 3364, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  46. Diemo Dietrich, 2006. "Asset tangibility and capital allocation within multinational corporations," IWH Discussion Papers 4-06, Halle Institute for Economic Research. [Downloadable!]
  47. Adam B. Jaffe & Josh Lerner, 1999. "Privatizing R&D: Patent Policy and the Commercialization of National Laboratory Technologies," NBER Working Papers 7064, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  48. Joseph P.H. Fan & T.J. Wong & Tianyu Zhang, 2006. "The Emergence of Corporate Pyramids in China," CEI Working Paper Series 2005-16, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  49. Se-Jik Kim, 2002. "Bailout and Conglomeration," Finance Working Papers 300, East Asian Bureau of Economic Research. [Downloadable!]
  50. Mihir A. Desai & C. Fritz Foley, 2004. "The Comovement of Returns and Investment Within the Multinational Firm," NBER Working Papers 10785, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  51. Wendy Carlin & Andrew Charlton & Colin Mayer, 2008. "Multinational Ownership and Subsidiary Investment," OFRC Working Papers Series 2008fe05, Oxford Financial Research Centre. [Downloadable!]
  52. Jandik, Tomas & Makjija, Anil K., 2004. "Can Diversification Create Value? Evidence from the Electric Utility Industry," Working Paper Series 2005-7, Ohio State University, Charles A. Dice Center for Research in Financial Economics. [Downloadable!]
  53. Axel GAUTIER & Florian HEIDER, 2001. "What do internal capital markets do ? Redistribution vs. incentives," Discussion Papers 2001015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
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  54. Acharya, Viral V & Hasan, Iftekhar & Saunders, Anthony, 2002. "The Effects of Focus and Diversification on Bank Risk and Return: Evidence from Individual Bank Loan Portfolios," CEPR Discussion Papers 3252, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  55. Joseph P.H. Fan & T.J. Wong & Tianyu Zhang, 2006. "The Emergence of Corporate Pyramids in China," CEI Working Paper Series 2006-3, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  56. Frederik P. Schlingemann & Rene M. Stulz & Ralph A. Walkling, 2000. "Asset Liquidity and Segment Divestitures," NBER Working Papers 7873, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  57. Diemo Dietrich & Uwe Vollmer, 2006. "Banks’ Internationalization Strategies: The Role of Bank Capital Regulation," IWH Discussion Papers 18-06, Halle Institute for Economic Research. [Downloadable!]
  58. 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 Salerno, Italy. [Downloadable!]
  59. Yvonne Löffler & Ralf Elsas, 2001. "Equity Carve-Outs and Corporate Control in Germany," Working Paper Series: Finance and Accounting 86, Department of Finance, Goethe University Frankfurt am Main. [Downloadable!]
  60. Mihir A. Desai & C. Fritz Foley & James R. Hines Jr., 2002. "Dividend Policy inside the Firm," NBER Working Papers 8698, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  61. Jose Maria Liberti, 2004. "Initiative, Incentives and Soft Information. How Does Delegation Impact The Role of Bank Relationship Managers?," Finance 0404023, EconWPA. [Downloadable!]
  62. Brusco, Sandro & Panunzi, Fausto, 2002. "Reallocation of Corporate Resources and Managerial Incentives in Internal Capital Markets," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
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  63. Perotti, Enrico C & Rossetto, Silvia, 2007. "Unlocking Value: Equity Carve outs as Strategic Real Options," CEPR Discussion Papers 6268, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  64. George J. Mailath & Volker Nocke & Andrew Postlewaite, 2002. "Business Strategy, Human Capital, and Managerial Incentives," PIER Working Paper Archive 03-018, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 23 Jun 2003. [Downloadable!]
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  65. Iman van Lelyveld & Klaas Knot, 2008. "Do financial conglomerates create or destroy value? Evidence for the EU," DNB Working Papers 174, Netherlands Central Bank, Research Department. [Downloadable!]
  66. 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. [Downloadable!] (restricted)
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  67. Alba, Pedro & Claessens, Stijn & Djankov, Simeon, 1998. "Thailand's corporate financing and governance structures," Policy Research Working Paper Series 2003, The World Bank. [Downloadable!]
  68. Yildirim, Huseyin, 2005. "Proposal Power and Majority Rule in Multilateral Bargaining with Costly Recognition," Working Papers 05-10, Duke University, Department of Economics. [Downloadable!]
  69. Diemo Dietrich & Achim Hauck, 2007. "Bank Lending, Bank Capital Regulation and Efficiency of Corporate Foreign Investment," IWH Discussion Papers 4-07, Halle Institute for Economic Research. [Downloadable!]
  70. Peter G. Klein, 1997. "Were the Acquisitive Conglomerates Inefficient?," Industrial Organization 9711001, EconWPA, revised 04 Feb 2002. [Downloadable!]
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  71. George, R. & Kabir, M.R. & Douma, S., 2004. "Business groups and profit redistribution : a boon or bane for firms," Discussion Paper 124, Tilburg University, Center for Economic Research. [Downloadable!]
  72. Inderst, Roman & Mueller, Holger M & Wärneryd, Karl, 2002. "Distributional Conflict in Organisations," CEPR Discussion Papers 3315, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  73. Inderst, Roman & Mueller, Holger M, 2005. "Keeping the Board in the Dark: CEO Compensation and Entrenchment," CEPR Discussion Papers 5315, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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This page was last updated on 2008-11-26.

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