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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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  1. Pietro Alessandrini & Manuela Croci & Alberto Zazzaro, 2005. "The geography of banking power: role of function distance," BNL Quarterly Review, Banca Nazionale del Lavoro, Banca Nazionale del Lavoro, vol. 58(235), pages 129-167.
  2. Iman van Lelyveld & Klaas Knot, 2008. "Do financial conglomerates create or destroy value? Evidence for the EU," DNB Working Papers, Netherlands Central Bank, Research Department 174, Netherlands Central Bank, Research Department.
  3. 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.
  4. Axel Gautier & Florian Heider, 2001. "What Do Internal Capital Markets Do? Redistribution vs. Incentives," FMG Discussion Papers, Financial Markets Group dp386, Financial Markets Group.
  5. Geoffrey Tate & Liu Yang, 2013. "The Bright Side Of Corporate Diversification: Evidence From Internal Labor Markets," Working Papers, Center for Economic Studies, U.S. Census Bureau 13-40, Center for Economic Studies, U.S. Census Bureau.
  6. Haider Ali Khan, 2003. "General Conclusions: From Crisis to A Global Political Economy of Freedom," CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo CIRJE-F-192, CIRJE, Faculty of Economics, University of Tokyo.
  7. Cummins, J. David & Weiss, Mary A. & Xie, Xiaoying & Zi, Hongmin, 2010. "Economies of scope in financial services: A DEA efficiency analysis of the US insurance industry," Journal of Banking & Finance, Elsevier, Elsevier, vol. 34(7), pages 1525-1539, July.
  8. Wärneryd, Karl, 2014. "Rent Seeking and Organizational Structure," Working Paper Series in Economics and Finance, Stockholm School of Economics 749, Stockholm School of Economics.
  9. Belen Villalonga, 2001. "Diversification Discount or Premium? New Evidence from BITS Establishment-Level Data," Working Papers, Center for Economic Studies, U.S. Census Bureau 01-13, Center for Economic Studies, U.S. Census Bureau.
  10. 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.
  11. Ralph de Haas & Neeltje van Horen, 2011. "Running for the Exit: International Banks and Crisis Transmission," DNB Working Papers, Netherlands Central Bank, Research Department 279, Netherlands Central Bank, Research Department.
  12. Guido Friebel & Sergei Guriev, 2004. "Earnings Manipilation and Incentives in Firms," Working Papers, Center for Economic and Financial Research (CEFIR) w0055, Center for Economic and Financial Research (CEFIR), revised Oct 2005.
  13. Diemo Dietrich & Uwe Vollmer, 2010. "International Banking and Liquidity Allocation," Journal of Financial Services Research, Springer, Springer, vol. 37(1), pages 45-69, February.
  14. Chang, Shao-Chi & Wang, Chi-Feng, 2007. "The effect of product diversification strategies on the relationship between international diversification and firm performance," Journal of World Business, Elsevier, Elsevier, vol. 42(1), pages 61-79, March.
  15. World Bank, 2005. "Russian Federation : From Transition to Development, A Country Economic Memorandum for the Russian Federation," World Bank Other Operational Studies 8628, The World Bank.
  16. Evan Rawley & Timothy Simcoe, 2008. "Horizontal Diversification and Vertical Contracting: Firm Scope and Asset Ownership in Taxi Fleets," Working Papers, Center for Economic Studies, U.S. Census Bureau 08-10, Center for Economic Studies, U.S. Census Bureau.
  17. Chen, Sheng-Syan & Chen, I-Ju, 2012. "Corporate governance and capital allocations of diversified firms," Journal of Banking & Finance, Elsevier, Elsevier, vol. 36(2), pages 395-409.
  18. Alba, Pedro & Claessens, Stijn & Djankov, Simeon, 1998. "Thailand's corporate financing and governance structures," Policy Research Working Paper Series, The World Bank 2003, The World Bank.
  19. Lerner, Joshua & Schoar, Antoinette, 2003. "The Illiquidity Puzzle: Theory and Evidence from Private Equity," Working papers, Massachusetts Institute of Technology (MIT), Sloan School of Management 4378-02, Massachusetts Institute of Technology (MIT), Sloan School of Management.
  20. Fang, Yiwei & Francis, Bill & Hasan, Iftekhar & Wang, Haizhi, 2012. "Product market relationships and cost of bank loans: Evidence from strategic alliances," Journal of Empirical Finance, Elsevier, Elsevier, vol. 19(5), pages 653-674.
  21. Sergei Guriev & Andrei Rachinsky, 2004. "Ownership concentration in Russian industry," Working Papers, Center for Economic and Financial Research (CEFIR) w0045, Center for Economic and Financial Research (CEFIR).
  22. Martin, John D. & Sayrak, Akin, 2003. "Corporate diversification and shareholder value: a survey of recent literature," Journal of Corporate Finance, Elsevier, Elsevier, vol. 9(1), pages 37-57, January.
  23. Inderst, Roman & Mueller, Holger M & Wärneryd, Karl, 2002. "Distributional Conflict in Organisations," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3315, C.E.P.R. Discussion Papers.
  24. M. Idriss GHODBANE, 2002. "Internal Capital Markets inside Financial Firms : Rent-Seeking Behavior Versus Cost of Capital," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales), Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) 2002001, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  25. Carletti, Elena & Hartmann, Philipp & Spagnolo, Giancarlo, 2003. "Bank mergers, competition and liquidity," Working Paper Series, European Central Bank 0292, European Central Bank.
  26. Felipe Balmaceda, 2002. "Corporate Diversification: Good for Some Bad for Others," Documentos de Trabajo, Centro de Economía Aplicada, Universidad de Chile 141, Centro de Economía Aplicada, Universidad de Chile.
  27. Houston, Joel F. & James, Christopher, 1998. "Do bank internal capital markets promote lending?," Journal of Banking & Finance, Elsevier, Elsevier, vol. 22(6-8), pages 899-918, August.
  28. Vojislav Maksimovic & Gordon Phillips, 2005. "The Industry Life Cycle and Acquisitions and Investment: Does Firm Organization Matter?," Working Papers, Center for Economic Studies, U.S. Census Bureau 05-29, Center for Economic Studies, U.S. Census Bureau.
  29. Albert Banal-Estañol & Jo Seldeslachts, 2009. "Merger failures," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 1192, Department of Economics and Business, Universitat Pompeu Fabra.
  30. Alberto ZAZZARO, 2006. "La scomparsa dei centri decisionali dal sistema bancario meriodionale," Working Papers, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali 262, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
  31. Tarun Khanna & Yishay Yafeh, 2007. "Business Groups in Emerging Markets: Paragons or Parasites?," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 45(2), pages 331-372, June.
  32. 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.
  33. 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.
  34. Inderst, Roman & Mueller, Holger M, 2006. "CEO Compensation and Strategy Inertia," CEPR Discussion Papers, C.E.P.R. Discussion Papers 5713, C.E.P.R. Discussion Papers.
  35. Klein, Peter G, 2001. "Were the Acquisitive Conglomerates Inefficient?," RAND Journal of Economics, The RAND Corporation, vol. 32(4), pages 745-61, Winter.
  36. Diemo Dietrich, 2006. "Asset Tangibility and Capital Allocation within Multinational Corporations," IWH Discussion Papers, Halle Institute for Economic Research 4, Halle Institute for Economic Research.
  37. Brusco, Sandro & Panunzi, Fausto, 2000. "Reallocation of Corporate Resources and Managerial Incentives in Internal Capital Markets," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2532, C.E.P.R. Discussion Papers.
  38. Johnson Simon, 2002. "Coase and the Reform of Securities Markets," International Economic Journal, Taylor & Francis Journals, Taylor & Francis Journals, vol. 16(1), pages 1-19.
  39. Paola Brighi & Valeria Venturelli, 2013. "The Effect Of Revenue And Geographic Diversification On Bank Performance," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance), Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi" 13103, Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi".
  40. Jandik, Tomas & Makjija, Anil K., 2004. "Can Diversification Create Value? Evidence from the Electric Utility Industry," Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics 2005-7, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  41. Byoun, Soku & Xu, Zhaoxia, 2014. "Contracts, governance, and country risk in project finance: Theory and evidence," Journal of Corporate Finance, Elsevier, Elsevier, vol. 26(C), pages 124-144.
  42. Raghuram Rajan & Henry Servaes & Luigi Zingales, . "The Cost of Diversity: The Diversification Discount and Inefficient Investment," CRSP working papers, Center for Research in Security Prices, Graduate School of Business, University of Chicago 463, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  43. George, Rejie & Kabir, Rezaul, 2008. "Business groups and profit redistribution: A boon or bane for firms?," Journal of Business Research, Elsevier, Elsevier, vol. 61(9), pages 1004-1014, September.
  44. Billett, Matthew T. & Mauer, David C., 2000. "Diversification and the value of internal capital markets: The case of tracking stock," Journal of Banking & Finance, Elsevier, Elsevier, vol. 24(9), pages 1457-1490, September.
  45. Claessens, Stijn & Fan, Joseph P.H. & Lang, Larry, 2002. "The Benefits and Costs of Group Affiliation: Evidence from East Asia," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3364, C.E.P.R. Discussion Papers.
  46. Dellestrand, Henrik & Kappen, Philip, 2011. "Headquarters Allocation of Resources to Innovation Transfer Projects within the Multinational Enterprise," Journal of International Management, Elsevier, Elsevier, vol. 17(4), pages 263-277.
  47. Pertti Haaparanta & Tuuli Juurikkala & Olga Lazareva & Jukka Pirttila & Laura Solanko & Ekaterina Zhuravskaya, 2003. "Firms And Public Service Provision In Russia," Working Papers, Center for Economic and Financial Research (CEFIR) w0041, Center for Economic and Financial Research (CEFIR).
  48. 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.
  49. Jose Manuel Campa & Simi Kedia, 2002. "Explaining the Diversification Discount," Journal of Finance, American Finance Association, American Finance Association, vol. 57(4), pages 1731-1762, 08.
  50. Brown, Rayna & Sarma, Neal, 2007. "CEO overconfidence, CEO dominance and corporate acquisitions," Journal of Economics and Business, Elsevier, Elsevier, vol. 59(5), pages 358-379.
  51. Fernando Lefort & Eduardo Walker, 2005. "The Effect of Corporate Governance Practices on Company Market Valuation and Payout Policy in Chile," Research Department Publications, Inter-American Development Bank, Research Department 3210, Inter-American Development Bank, Research Department.
  52. Ilan Guedj & David Scharfstein, 2004. "Organizational Scope and Investment: Evidence from the Drug Development Strategies and Performance of Biopharmaceutical Firms," NBER Working Papers 10933, National Bureau of Economic Research, Inc.
  53. Axel Gautier & Florian Heider, 2002. "The Benefit and Cost of Winner Picking: Redistribution Vs Incentives," Bonn Econ Discussion Papers, University of Bonn, Germany bgse31_2002, University of Bonn, Germany.
  54. 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 905, Federal Reserve Bank of Chicago.
  55. Baule, Rainer, 2014. "Allocation of risk capital on an internal market," European Journal of Operational Research, Elsevier, Elsevier, vol. 234(1), pages 186-196.
  56. Martijn Cremers & Rocco Huang & Zacharias Sautner, 2008. "Internal Capital Markets and Corporate Politics in a Banking Group," Yale School of Management Working Papers, Yale School of Management amz2464, Yale School of Management, revised 01 Oct 2009.
  57. Claessens, Stijn & Djankov, Simeon & Fan, Joseph P.H. & Lang, Larry H.P., 2001. "The Pattern and Valuation Effects of Corporate Diversification: A Comparison of the United States, Japan, and other East Asian Economies," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  58. Cestone, Giacinta & Fumagalli, Chiara, 2001. "Internal Capital Markets, Cross-Subsidization and Product Market Competition," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2935, C.E.P.R. Discussion Papers.
  59. Barba Navaretti, Giorgio & Calzolari, Giacomo & Pozzolo, Alberto Franco, 2011. "Multinational Banking in Europe - Financial Stability and Regulatory Implications: Lessons from the financial crisis," Economics & Statistics Discussion Papers, University of Molise, Dept. EGSeI esdp11056, University of Molise, Dept. EGSeI.
  60. repec:prg:jnlpep:v:2013:y:2013:i:4:id:433:p:434-499 is not listed on IDEAS
  61. Singhal, Rajeev & Zhu, Yun (Ellen), 2013. "Bankruptcy risk, costs and corporate diversification," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(5), pages 1475-1489.
  62. Iman van Lelyveld & Arnold Schilder, 2003. "Risk in Financial Conglomerates: Management and Supervision," Finance, EconWPA 0301006, EconWPA.
  63. Diemo Dietrich & Achim Hauck, 2007. "Bank Lending, Bank Capital Regulation and Efficiency of Corporate Foreign Investment," IWH Discussion Papers, Halle Institute for Economic Research 4, Halle Institute for Economic Research.
  64. Matthias Dischinger & Bodo Knoll & Nadine Riedel, 2014. "The role of headquarters in multinational profit shifting strategies," International Tax and Public Finance, Springer, Springer, vol. 21(2), pages 248-271, April.
  65. 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.
  66. 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, The World Bank 2089, The World Bank.
  67. Alexis Derviz & Marie Raková, 2012. "Parent Influence on Loan Pricing by Czech Banks," Prague Economic Papers, University of Economics, Prague, University of Economics, Prague, vol. 2012(4), pages 434-499.
  68. Seru, Amit, 2014. "Firm boundaries matter: Evidence from conglomerates and R&D activity," Journal of Financial Economics, Elsevier, Elsevier, vol. 111(2), pages 381-405.
  69. Locorotondo, Rosy & Dewaelheyns, Nico & Van Hulle, Cynthia, 2014. "Cash holdings and business group membership," Journal of Business Research, Elsevier, Elsevier, vol. 67(3), pages 316-323.
  70. Hyytinen, Ari & Maliranta, Mika, 2006. "When Do Employees Leave Their Job for Entrepreneurship: Evidence from Linked Employer-Employee Data," Discussion Papers, The Research Institute of the Finnish Economy 1023, The Research Institute of the Finnish Economy.
  71. Peter Egger & Christian Keuschnigg & Valeria Merlo & Georg Wamser, 2012. "Corporate Taxes and Internal Borrowing within Multinational Firms," NBER Working Papers 18415, National Bureau of Economic Research, Inc.
  72. Szu-Wen Chou, 2002. "Flattened Resource Allocation, Hierarch Design and the Boundaries of the Firm," Levine's Working Paper Archive 618897000000000056, David K. Levine.
  73. Jose Maria Liberti, 2004. "Initiative, Incentives and Soft Information. How Does Delegation Impact The Role of Bank Relationship Managers?," Finance, EconWPA 0404023, EconWPA.
  74. Jeremy C. Stein, 2000. "Information Production and Capital Allocation: Decentralized vs. Hierarchical Firms," NBER Working Papers 7705, National Bureau of Economic Research, Inc.
  75. Raj Chetty & Emmanuel Saez, 2010. "Dividend and Corporate Taxation in an Agency Model of the Firm," American Economic Journal: Economic Policy, American Economic Association, American Economic Association, vol. 2(3), pages 1-31, August.
  76. Haynes, Michelle & Thompson, Steve & Wright, Mike, 2003. "The determinants of corporate divestment: evidence from a panel of UK firms," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 52(1), pages 147-166, September.
  77. Antoine Faure- Grimaud & Roman Inderst, 2005. "Conglomerate Entrenchment under Optimal Financial Contracting," American Economic Review, American Economic Association, American Economic Association, vol. 95(3), pages 850-861, June.
  78. Chetty, Raj & Saez, Emmanuel, 2004. "Dividend Taxes and Corporate Behaviour: Evidence from the 2003 Dividend Tax Cut," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4722, C.E.P.R. Discussion Papers.
  79. George J. Mailath & Volker Nocke & Andrew Postlewaite, 2002. "Business Strategy, Human Capital, and Managerial Incentives," PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania 03-018, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 23 Jun 2003.
  80. Perotti, Enrico C & Rossetto, Silvia, 2007. "Unlocking Value: Equity Carve outs as Strategic Real Options," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6268, C.E.P.R. Discussion Papers.
  81. Claessens, Stijn & Djankov, Simeon & Fan, Joseph P.H. & Lang, Larry H.P., 2001. "The Benefits and Costs of Internal Markets: Evidence from Asia's Financial Crisis," CEI Working Paper Series, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University 2001-15, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  82. Giacinta Cestone & Chiara Fumagalli, 2003. "Winner-Picking or Cross-Subsidization? The Strategic Impact of Resource Flexibility in Business Groups," CSEF Working Papers, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy 93, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  83. Campa, Jose M. & Chang, Kevin & Refalo, James F., 2000. "Options-based analysis of emerging market exchange rate expectations: Brazil's real plan, 1994-1999, An," IESE Research Papers, IESE Business School D/425, IESE Business School.
  84. Fier, Stephen G. & McCullough, Kathleen A. & Carson, James M., 2013. "Internal capital markets and the partial adjustment of leverage," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(3), pages 1029-1039.
  85. Macchiavello, Rocco, 2007. "Financial Constraints and the Costs and Benefits of Vertical Integration," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6104, C.E.P.R. Discussion Papers.
  86. Jeon, Bang Nam & Olivero, María Pía & Wu, Ji, 2013. "Multinational banking and the international transmission of financial shocks: Evidence from foreign bank subsidiaries," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(3), pages 952-972.
  87. Bodnaruk, Andriy & Massa, Massimo & Simonov, Andrei, 2013. "Alliances and corporate governance," Journal of Financial Economics, Elsevier, Elsevier, vol. 107(3), pages 671-693.
  88. Matthias Kräkel, 2006. "Firm Size, Economic Situation and Influence Activities," Bonn Econ Discussion Papers, University of Bonn, Germany bgse16_2006, University of Bonn, Germany.
  89. 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.
  90. McNeil, Chris R. & Moore, William T., 2005. "Dismantling internal capital markets via spinoff: effects on capital allocation efficiency and firm valuation," Journal of Corporate Finance, Elsevier, Elsevier, vol. 11(1-2), pages 253-275, March.
  91. M. Idriss GHODBANE, 2002. "Centralization Versus Decentralization in Credit Lending," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales), Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) 2002002, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  92. Alvaro CUERVO-CAZURRA & Luis Alfonso DAU, 2008. "Structural Reform And Firm Profitability In Developing Countries," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan wp940, William Davidson Institute at the University of Michigan.
  93. Gérard Charreaux, 2000. "L'approche économico-financière de l'investissement: une vision critique," Working Papers CREGO, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations 1000501, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  94. Raj Chetty & Emmanuel Saez, 2007. "An Agency Theory of Dividend Taxation," NBER Working Papers 13538, National Bureau of Economic Research, Inc.
  95. Martynova, M. & Renneboog, L.D.R., 2006. "Mergers and Acquisitions in Europe," Discussion Paper, Tilburg University, Center for Economic Research 2006-6, Tilburg University, Center for Economic Research.
  96. Shin, Hyun-Han & Kim, Yong H., 2002. "Agency costs and efficiency of business capital investment: evidence from quarterly capital expenditures," Journal of Corporate Finance, Elsevier, Elsevier, vol. 8(2), pages 139-158, March.
  97. Gálvan Antonio & Pindado Julio & De La Torre Chabela, 2014. "Diversification: A Value-Creating or Value-Destroying Strategy? Evidence from the Eurozone Countries," Journal of Financial Management, Markets and Institutions, Società editrice il Mulino, Società editrice il Mulino, issue 1, pages 43-64, July.
  98. Kotaro Tsuru, 2000. "Finance and Growth: Some Theoretical Considerations and a Review of the Empirical Literature," OECD Economics Department Working Papers, OECD Publishing 228, OECD Publishing.
  99. Martynova, M. & Renneboog, L.D.R., 2006. "The Performance of the European Market for Corporate Control: Evidence from the 5th Takeover Wave," Discussion Paper, Tilburg University, Tilburg Law and Economic Center 2006-029, Tilburg University, Tilburg Law and Economic Center.
  100. Egger, Peter & Keuschnigg, Christian & Merlo, Valeria & Wamser, Georg, 2011. "Corporate Taxes, Internal Borrowing, and the Lending Capacity within Multinational Firms," Economics Working Paper Series, University of St. Gallen, School of Economics and Political Science 1142, University of St. Gallen, School of Economics and Political Science.
  101. Patrick Bolton & David S. Scharfstein, 1998. "Corporate Finance, the Theory of the Firm, and Organizations," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 12(4), pages 95-114, Fall.
  102. Perotti, Enrico C. & Gelfer, Stanislav, 2001. "Red barons or robber barons? Governance and investment in Russian financial-industrial groups," European Economic Review, Elsevier, Elsevier, vol. 45(9), pages 1601-1617, October.
  103. Claessens, Stijn & Djankov^, Simeon & Fan, Joseph P.H. & Lang, Larry H.P., 2000. "The Costs of Group Affiliation: Evidence from East Asia," CEI Working Paper Series, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University 2000-5, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  104. 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, Springer, vol. 27(2), pages 187-215, June.
  105. Pietro Alessandrini & Andrea F. Presbitero & Alberto Zazzaro, 2009. "Banks, Distances and Firms' Financing Constraints," Review of Finance, European Finance Association, European Finance Association, vol. 13(2), pages 261-307.
  106. Hovakimian, Gayané, 2011. "Financial constraints and investment efficiency: Internal capital allocation across the business cycle," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 20(2), pages 264-283, April.
  107. Clarke, Jonathan E. & Fee, C. Edward & Thomas, Shawn, 2004. "Corporate diversification and asymmetric information: evidence from stock market trading characteristics," Journal of Corporate Finance, Elsevier, Elsevier, vol. 10(1), pages 105-129, January.
  108. Dellestrand, Henrik, 2011. "Subsidiary embeddedness as a determinant of divisional headquarters involvement in innovation transfer processes," Journal of International Management, Elsevier, Elsevier, vol. 17(3), pages 229-242, September.
  109. Dmitry Orlov, 2014. "Optimal Design of Internal Disclosure," 2014 Meeting Papers, Society for Economic Dynamics 314, Society for Economic Dynamics.
  110. Andrea Bellucci & Alexander V. Borisov & Alberto Zazzaro, 2010. "Do Male and Female Loan Officers Differ in Small Business Lending?;A Review of the Literature," Mo.Fi.R. Working Papers, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences 47, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
  111. Mellati, Ali, 2008. "Uncertainty and investment in private sector: An analytical argument and a review of the economy of Iran," MPRA Paper 26655, University Library of Munich, Germany.
  112. Filson, Darren & Olfati, Saman, 2014. "The impacts of Gramm–Leach–Bliley bank diversification on value and risk," Journal of Banking & Finance, Elsevier, Elsevier, vol. 41(C), pages 209-221.
  113. Pietro Alessandrini & Andrea F. Presbitero & Alberto Zazzaro, 2007. "Banks, distances, and financing constraints for firms," Proceedings, Federal Reserve Bank of Chicago 1053, Federal Reserve Bank of Chicago.
  114. Adel Bino & Elisabeta Pana, 2011. "Firm value and investment policy around stock for stock mergers," Review of Quantitative Finance and Accounting, Springer, Springer, vol. 37(2), pages 207-221, August.
  115. Inderst, Roman & Mueller, Holger M, 2005. "Keeping the Board in the Dark: CEO Compensation and Entrenchment," CEPR Discussion Papers, C.E.P.R. Discussion Papers 5315, C.E.P.R. Discussion Papers.
  116. Ciabuschi, Francesco & Dellestrand, Henrik & Kappen, Philip, 2012. "The good, the bad, and the ugly: Technology transfer competence, rent-seeking, and bargaining power," Journal of World Business, Elsevier, Elsevier, vol. 47(4), pages 664-674.
  117. Oliver Hart & Bengt Holmstrom, 2008. "A Theory of Firm Scope," NBER Working Papers 14613, National Bureau of Economic Research, Inc.
  118. Gonzalo Castaneda, 2002. "Internal Capital Markets and Financing Choices of Mexican Firms Before and During the Financial Paralysis of 1995-2000," Research Department Publications, Inter-American Development Bank, Research Department 3146, Inter-American Development Bank, Research Department.
  119. Bang Nam Jeon & Maria Pia Olivero & Ji Wu, 2013. "Multinational Banking and Financial Contagion: Evidence from Foreign Bank Subsidiaries," Working Papers, Hong Kong Institute for Monetary Research 052013, Hong Kong Institute for Monetary Research.
  120. 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, Bank of Finland 24/2006, Bank of Finland.
  121. 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.
  122. Glaser, Markus & Müller, Sebastian, 2006. "Der Diversification Discount in Deutschland: Existiert ein Bewertungsabschlag für diversifizierte Unternehmen?," Sonderforschungsbereich 504 Publications, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim 06-13, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  123. 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.
  124. Frey, Rainer & Düwel, Cornelia, 2013. "Competition between foreign affiliates: Multinational banks internal funding in the crisis," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order, Verein für Socialpolitik / German Economic Association 80013, Verein für Socialpolitik / German Economic Association.
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