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Walter Novaes

Personal Details

First Name:Walter
Middle Name:
Last Name:Novaes
Suffix:
RePEc Short-ID:pno138
[This author has chosen not to make the email address public]
Terminal Degree:1993 Sloan School of Management; Massachusetts Institute of Technology (MIT) (from RePEc Genealogy)

Affiliation

Departamento de Economia
Pontifícia Universidade Católica do Rio de Janeiro

Rio de Janeiro, Brazil
http://www.econ.puc-rio.br/

: 021 35271078
021 35271084
Rua Marquês de São Vicente, 225, 22453-900 Rio de Janeiro, RJ
RePEc:edi:dpucrbr (more details at EDIRC)

Research output

as
Jump to: Working papers Articles

Working papers

  1. Fernandes, Marcelo & Novaes, Walter, 2017. "The government as a large shareholder: impact on corporate governance," Textos para discussão 458, FGV/EESP - Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
  2. Marcelo Fernandes & Walter Novaes, 2015. "The Government as a Large Shareholder: Impact on Firm Value and Corporate Governance," Working Papers 772, Queen Mary University of London, School of Economics and Finance.
  3. Marcio Janot & Walter Novaes, 2009. "Ganhos da Globalização do Capital Acionário em Crises Cambiais," Working Papers Series 183, Central Bank of Brazil, Research Department.
  4. Marcio M. Janot & Márcio G. P. Garcia & Walter Novaes, 2008. "Balance Sheet Effects in Currency Crises: Evidence from Brazil," Working Papers Series 162, Central Bank of Brazil, Research Department.
  5. Walter Novaes, 2007. "A Pesquisa em Economia no Brasil: Uma avaliação empírica dos conflitos entre quantidade e qualidade," Textos para discussão 553, Department of Economics PUC-Rio (Brazil).
  6. Fernando N. de Oliveira & Walter Novaes, 2005. "The Market of Foreign Exchange Hedge in Brazil: Reactions of Financial Institutions to Interventions of the Central Bank," IBMEC RJ Economics Discussion Papers 2005-13, Economics Research Group, IBMEC Business School - Rio de Janeiro.
  7. Walter Novaes & Fernando N. de Oliveira, 2005. "Demanda de Derivativos de Câmbio no Brasil: Hedge ou Especulação," IBMEC RJ Economics Discussion Papers 2005-14, Economics Research Group, IBMEC Business School - Rio de Janeiro.
  8. Humberto Moreira & Walter Novaes & Klenio Barbosa, 2004. "Interest Rates in Trade Credit Markets," Econometric Society 2004 Latin American Meetings 127, Econometric Society.
  9. Armo Gomes & Walter Novaes, 2001. "Sharing of Control as a Corporate Governance Mechanism," Penn CARESS Working Papers 3756d78204ca49d92aaf1c17c, Penn Economics Department.
  10. Walter Novaes, 1999. "Managerial turnover and leverage under a takeover threat," Textos para discussão 402, Department of Economics PUC-Rio (Brazil).
  11. Walter Novaes & Luigi Zingales, 1998. "Bureaucracy as a Mechanism to Generate Information," CRSP working papers 477, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  12. Werlang, Sérgio Ribeiro da Costa & Novaes Filho, Walter, 1998. "Capital structure choice of foreign subsidiaries: evidence from multinationals in Brazil," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 340, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  13. Walter Novaes & Luigi Zingales, 1995. "Capital Structure Choice when Managers are in Control: Entrenchment versus Efficiency," NBER Working Papers 5384, National Bureau of Economic Research, Inc.
  14. Novaes Filho, Walter & Werlang, Sérgio Ribeiro da Costa, 1994. "Inflationary bias and state owned financial institutions," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 242, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  15. Werlang, Sérgio Ribeiro da Costa & Novaes, Walter, 1993. "Financial integration and public financial institutions," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 225, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).

Articles

  1. Klenio Barbosa & Humberto Moreira & Walter Novaes, 2017. "Interest Rates in Trade Credit Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 49(1), pages 75-113, February.
  2. Martins, Theo Cotrim & Novaes, Walter, 2012. "Mandatory dividend rules: Do they make it harder for firms to invest?," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 953-967.
  3. Dewenter, Kathryn L. & Kim, Chang-Soo & Novaes, Walter, 2010. "Anatomy of a regulatory race to the top: Changes in delisting rules at Korea's two stock exchanges, 1999-2002," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 456-468, September.
  4. novaes, Walter, 2008. "A Pesquisa em Economia no Brasil: Uma Avaliação Empírica dos Conflitos entre Quantidade e Qualidade," Revista Brasileira de Economia - RBE, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 62(4), December.
  5. Walter Novaes & Luigi Zingales, 2004. "Bureaucracy as a Mechanism to Generate Information," RAND Journal of Economics, The RAND Corporation, vol. 35(2), pages 245-259, Summer.
  6. Walter Novaes, 2003. "Capital Structure Choice When Managers Are in Control: Entrenchment versus Efficiency," The Journal of Business, University of Chicago Press, vol. 76(1), pages 49-82, January.
  7. Walter Novaes, 2002. "Managerial Turnover and Leverage under a Takeover Threat," Journal of Finance, American Finance Association, vol. 57(6), pages 2619-2650, December.
  8. Dewenter, Kathryn & Novaes, Walter & Pettway, Richard H, 2001. "Visibility versus Complexity in Business Groups: Evidence from Japanese Keiretsu," The Journal of Business, University of Chicago Press, vol. 74(1), pages 79-100, January.
  9. Novaes, Walter & Werlang, Sergio, 1995. "Inflationary bias and state-owned financial institutions," Journal of Development Economics, Elsevier, vol. 47(1), pages 135-154, June.

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Working papers

  1. Fernandes, Marcelo & Novaes, Walter, 2017. "The government as a large shareholder: impact on corporate governance," Textos para discussão 458, FGV/EESP - Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).

    Cited by:

    1. Carlos Viana de Carvalho & Eduardo Zilberman & Ruy Ribeiro, "undated". "Sentiment, Electoral Uncertainty and Stock Returns," Textos para discussão 655, Department of Economics PUC-Rio (Brazil).

  2. Marcio M. Janot & Márcio G. P. Garcia & Walter Novaes, 2008. "Balance Sheet Effects in Currency Crises: Evidence from Brazil," Working Papers Series 162, Central Bank of Brazil, Research Department.

    Cited by:

    1. Kátay, Gábor & Péter, Harasztosi, 2017. "Currency Matching and Carry Trade by Non-Financial Corporations," Working Papers 2017-02, Joint Research Centre, European Commission (Ispra site).
    2. Marianna Endrész & Péter Harasztosi, 2014. "Corporate Foreign Currency Borrowing and Investment. The Case of Hungary," MNB Working Papers 2014/1, Magyar Nemzeti Bank (Central Bank of Hungary).
    3. David Amiel & Paul-Adrien Hyppolite, 2015. "Is There An Easy Way Out? Private Marketable Debt And Its Implications For A Euro Breakup: The Case Of France," Working Papers hal-01117019, HAL.
    4. Mariann Endrész & Gyõzõ Gyöngyösi & Péter Harasztosi, 2012. "Currency mismatch and the sub-prime crisis: firm-level stylised facts from Hungary," MNB Working Papers 2012/8, Magyar Nemzeti Bank (Central Bank of Hungary).
    5. Köhler, Karsten, 2016. "Currency devaluations, aggregate demand, and debt dynamics in an economy with foreign currency liabilities," IPE Working Papers 78/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

  3. Walter Novaes, 2007. "A Pesquisa em Economia no Brasil: Uma avaliação empírica dos conflitos entre quantidade e qualidade," Textos para discussão 553, Department of Economics PUC-Rio (Brazil).

    Cited by:

    1. Eduardo A. Haddad & Jesus P. Mena-Chalco, Otávio J.G. Sidone, 2016. "Produção Científica e Redes de Colaboração dos Docentes Vinculados aos Programas de Pós-graduação em Economia no Brasil," Working Papers, Department of Economics 2016_10, University of São Paulo (FEA-USP).
    2. Guimaraes, Bernardo, 2011. "Qualis as a measuring stick for research output in Economics," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 31(1), March.
    3. Ian Coelho de Souza Almeida & Rafael Galvão de Almeida & Lucas Resende de Carvalho, 2017. "Academic rankings and pluralism : the case of Brazil and the new version of Qualis," Textos para Discussão Cedeplar-UFMG 569, Cedeplar, Universidade Federal de Minas Gerais.

  4. Fernando N. de Oliveira & Walter Novaes, 2005. "The Market of Foreign Exchange Hedge in Brazil: Reactions of Financial Institutions to Interventions of the Central Bank," IBMEC RJ Economics Discussion Papers 2005-13, Economics Research Group, IBMEC Business School - Rio de Janeiro.

    Cited by:

    1. Mark R. Stone & W. Christopher Walker & Yosuke Yasui, 2009. "From Lombard Street to Avenida Paulista; Foreign Exchange Liquidity Easing in Brazil in Response to the Global Shock of 2008–09," IMF Working Papers 09/259, International Monetary Fund.
    2. José Luiz Rossi Júnior, 2007. "The Use of Currency Derivatives by Brazilian Companies: An Empirical Investigation," Brazilian Review of Finance, Brazilian Society of Finance, vol. 5(2), pages 205-232.
    3. Tabak, Benjamin M. & Lima, Eduardo J.A., 2009. "Market efficiency of Brazilian exchange rate: Evidence from variance ratio statistics and technical trading rules," European Journal of Operational Research, Elsevier, vol. 194(3), pages 814-820, May.

  5. Humberto Moreira & Walter Novaes & Klenio Barbosa, 2004. "Interest Rates in Trade Credit Markets," Econometric Society 2004 Latin American Meetings 127, Econometric Society.

    Cited by:

    1. Galia Taseva, 2012. "Trade Credit Terms between the Firms in Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 110-136.
    2. Adalto Barbaceia Gonçalves & Rafael Schiozer & Hsia Hua Sheng, 2018. "Trade Credit and Product Market Power during a Financial Crisis," Working Papers CEB 18-004, ULB -- Universite Libre de Bruxelles.

  6. Armo Gomes & Walter Novaes, 2001. "Sharing of Control as a Corporate Governance Mechanism," Penn CARESS Working Papers 3756d78204ca49d92aaf1c17c, Penn Economics Department.

    Cited by:

    1. Gaetano Matonti & Giuseppe Iuliano, 2012. "Voluntary Adoption of Ifrs by Italian Private Firms: A Study Of The Determinants," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 2(2), pages 43-70, December.
    2. Jana P. Fidrmuc, 2005. "The Effect of Ownership Structures on Managerial Disciplinary Mechanisms after Privatization in Slovakia," Working Papers wpn05-01, Warwick Business School, Finance Group.
    3. Luc Laeven & Ross Levine, 2007. "Complex Ownership Structures and Corporate Valuations," IMF Working Papers 07/140, International Monetary Fund.
    4. Gao, Lei & Kling, Gerhard, 2008. "Corporate governance and tunneling: Empirical evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 16(5), pages 591-605, November.
    5. Ridwan Nurazi & Fitri Santi & Berto Usman, 2015. "Tunnelling: Evidence from Indonesia Stock Exchange," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 11(2), pages 127-150.
    6. Tribo Gine, José Antonio, 2004. "Ownership structure and inventory policy," DEE - Working Papers. Business Economics. WB wb043211, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
    7. Aleksandra Gregoric & Arjana Brezigar Masten & Katarina Zajc, 2011. "From Social to Private Ownership: Multiple Blockholders in Slovenian Unlisted Firms," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 47(5), pages 27-51, September.
    8. Paligorova, Teodora & Xu, Zhaoxia, 2012. "Complex ownership and capital structure," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 701-716.
    9. Patrick Bolton & Marco Becht & Alisa Röell, 2002. "Corporate Governance and Control," NBER Working Papers 9371, National Bureau of Economic Research, Inc.
    10. Jara-Bertin, Mauricio & López-Iturriaga, Félix J., 2008. "Earnings Management and Contest to the Control: An Analysis of European Family Firms," MPRA Paper 9660, University Library of Munich, Germany.
    11. Roosenboom, P.G.J. & Schramade, W.L.J., 2005. "The Price Of Power: Valuing The Controlling Position Of Owner-Managers In French Ipo Firms," ERIM Report Series Research in Management ERS-2005-011-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    12. Tribo Gine, José Antonio & Casasola, María José, 2004. "Banks as blockholders," DEE - Working Papers. Business Economics. WB wb040101, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
    13. Maury, Benjamin & Pajuste, Anete, 2005. "Multiple large shareholders and firm value," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1813-1834, July.
    14. Tribó, Josep A., 2009. "Firms' stock market flotation: Effects on inventory policy," International Journal of Production Economics, Elsevier, vol. 118(1), pages 10-18, March.
    15. Gilles Chemla & Michel A. Habib & Alexander Ljungqvist, 2007. "An Analysis of Shareholder Agreements," Journal of the European Economic Association, MIT Press, vol. 5(1), pages 93-121, March.
    16. Xueping Wu & Zheng Wang & Jun Yao, 2005. "Understanding the Positive Announcement Effects of Private Equity Placements: New Insights from Hong Kong Data," Review of Finance, European Finance Association, vol. 9(3), pages 385-414.
    17. Tribo Gine, José Antonio & Surroca Aguilar, Jorge & Kim, Moshe, 2009. "The effect of social capital on financial capital," INDEM - Working Paper Business Economic Series id-09-02, Instituto para el Desarrollo Empresarial (INDEM).
    18. Bergman, Nittai K. & Nicolaievsky, Daniel, 2007. "Investor protection and the Coasian view," Journal of Financial Economics, Elsevier, vol. 84(3), pages 738-771, June.
    19. John S. Earle & Csaba Kucsera & Almos Telegdy, 2003. "Ownership Concentration and Corporate Performance on the Budapest Stock Exchange: Do Too Many Cooks Spoil the Goulash?," Upjohn Working Papers and Journal Articles 03-93, W.E. Upjohn Institute for Employment Research.
    20. Cheng, Minying & Lin, Bingxuan & Wei, Minghai, 2013. "How does the relationship between multiple large shareholders affect corporate valuations? Evidence from China," Journal of Economics and Business, Elsevier, vol. 70(C), pages 43-70.
    21. Branko Urosevic, 2001. "Moral hazard and dynamics of insider ownership stakes," Economics Working Papers 787, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 2004.
    22. Laetitia Lepetit & Amine Tarazi & Nadia Zedek, 2012. "Bank Regulatory Capital Adjustment and Ultimate Ownership Structure: Evidence from European Commercial Banks," Working Papers hal-00918577, HAL.
    23. Boot, Arnoud W A & Gopalan, Radhakrishnan & Thakor, Anjan, 2006. "Market Liquidity, Investor Participation and Managerial Autonomy: Why Do Firms Go Private?," CEPR Discussion Papers 5510, C.E.P.R. Discussion Papers.
    24. Sabri Boubaker & Hind Sami, 2011. "Multiple Large Shareholders and Earnings Informativeness," Post-Print halshs-00623867, HAL.
    25. Jin-hui Luo & Di-fang Wan & Di Cai, 2012. "The private benefits of control in Chinese listed firms: Do cash flow rights always reduce controlling shareholders’ tunneling?," Asia Pacific Journal of Management, Springer, vol. 29(2), pages 499-518, June.
    26. Pombo, Carlos & Taborda, Rodrigo, 2017. "Stock liquidity and second blockholder as drivers of corporate value: Evidence from Latin America," International Review of Economics & Finance, Elsevier, vol. 51(C), pages 214-234.
    27. Tribo Gine, José Antonio & Surroca Aguilar, Jorge & Berrone, Pascual Alberto, 2005. "The influence of blockholders on R and D investments intensity : evidence from Spain," DEE - Working Papers. Business Economics. WB wb054611, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
    28. Shehzad, Choudhry Tanveer & de Haan, Jakob & Scholtens, Bert, 2010. "The impact of bank ownership concentration on impaired loans and capital adequacy," Journal of Banking & Finance, Elsevier, vol. 34(2), pages 399-408, February.
    29. de La Bruslerie, Hubert & Latrous, Imen, 2012. "Ownership structure and debt leverage: Empirical test of a trade-off hypothesis on French firms," Journal of Multinational Financial Management, Elsevier, vol. 22(4), pages 111-130.
    30. Manel Hessayri & Malek Saïhi, 2017. "What Would Influence Firm Valuation? Financial Reporting and Shareholder Governance," International Journal of Economics and Financial Issues, Econjournals, vol. 7(2), pages 292-300.
    31. Laktionova Aleksandra A. & Zakorko Maryna V., 2013. "System of Indicators of the Level of Costs of Financing an Economic Subject," Business Inform, RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE), Kharkiv National University of Economics, issue 11, pages 81-90.
    32. Chen, Charles J.P. & Li, Zengquan & Su, Xijia & Sun, Zheng, 2011. "Rent-seeking incentives, corporate political connections, and the control structure of private firms: Chinese evidence," Journal of Corporate Finance, Elsevier, vol. 17(2), pages 229-243, April.
    33. Arnedo, Laura & Lizarraga, Fermin & Sanchez, Santiago, 2007. "Does public/private status affect the level of earnings management in code-law contexts outside the United States? A study based on the Spanish case," The International Journal of Accounting, Elsevier, vol. 42(3), pages 305-328.
    34. Bloch, Francis & Hege, Ulrich, 2003. "Multiple Shareholders and Control Contests," MPRA Paper 42286, University Library of Munich, Germany.
    35. Roosenboom, Peter & Schramade, Willem, 2006. "The price of power: Valuing the controlling position of owner-managers in French IPO firms," Journal of Corporate Finance, Elsevier, vol. 12(2), pages 270-295, January.
    36. Gianfranco Gianfrate, 2007. "What Do Shareholders' Coalitions Really Want? Evidence from Italian voting trusts," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(2), pages 122-132, March.
    37. Johannes A. Skjeltorp & Bernt Arne Ødegaard, 2004. "The ownership structure of repurchasing firms," Working Paper 2004/7, Norges Bank.
    38. Hubert De La Bruslerie & Imen Latrous, 2012. "Ownership Structure and Debt Leverage: Empirical Test of a Trade-Off Hypothesis on French Firms," Post-Print halshs-00674250, HAL.
    39. Dhillon, Amrita & Rossetto, Silvia, 2009. "Corporate Control and Multiple Large Shareholders," The Warwick Economics Research Paper Series (TWERPS) 891, University of Warwick, Department of Economics.

  7. Walter Novaes, 1999. "Managerial turnover and leverage under a takeover threat," Textos para discussão 402, Department of Economics PUC-Rio (Brazil).

    Cited by:

    1. Cai, Mingchao & Li, Yue & Wang, Yongxiang & Xu, Rong, 2010. "Is the more able manager always safer from takeover?," Economic Modelling, Elsevier, vol. 27(1), pages 28-31, January.
    2. Isagawa, Nobuyuki, 2002. "Callable convertible debt under managerial entrenchment," Journal of Corporate Finance, Elsevier, vol. 8(3), pages 255-270, July.

  8. Walter Novaes & Luigi Zingales, 1998. "Bureaucracy as a Mechanism to Generate Information," CRSP working papers 477, Center for Research in Security Prices, Graduate School of Business, University of Chicago.

    Cited by:

    1. Zingales, Luigi, 2000. "In Search of New Foundations," CEPR Discussion Papers 2551, C.E.P.R. Discussion Papers.
    2. Bloom, Nick & Van Reenen, John, 2006. "Measuring and explaining management practices across firms and countries," LSE Research Online Documents on Economics 733, London School of Economics and Political Science, LSE Library.
    3. Luigi Zingales & Raghuram G. Rajan, 2003. "Banks and Markets: The Changing Character of European Finance," NBER Working Papers 9595, National Bureau of Economic Research, Inc.
    4. Pietro Alessandrini & Andrea F. Presbitero & Alberto Zazzaro, 2009. "Banks, Distances and Firms' Financing Constraints," Review of Finance, European Finance Association, vol. 13(2), pages 261-307.
    5. Alessandrini, Pietro & Calcagnini, Giorgio & Zazzaro, Alberto, 2008. "Asset restructuring strategies in bank acquisitions: Does distance between dealing partners matter?," Journal of Banking & Finance, Elsevier, vol. 32(5), pages 699-713, May.
    6. Yuri Biondi, 2011. "The Pure Logic of Accounting: A Critique of the Fair Value Revolution," Post-Print hal-00561894, HAL.
    7. Thomas Hellmann & Enrico Perotti, 2011. "The Circulation of Ideas in Firms and Markets," Management Science, INFORMS, vol. 57(10), pages 1813-1826, October.
    8. Miltiadis Makris, 2009. "Incentives for Motivated Agents under an Administrative Constraint," Post-Print hal-00683158, HAL.
    9. Pietro ALESSANDRINI & Andrea PRESBITERO & Alberto ZAZZARO, 2007. "Bank Size or Distance: What Hampers Innovation Adoption by SMEs ?," Working Papers 304, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    10. Pietro Alessandrini & Andrea Filippo Presbitero & Alberto Zazzaro, 2008. "Geographical Organization of Banking Systems and Innovation Diffusion," Mo.Fi.R. Working Papers 3, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    11. 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 47, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    12. Pietro ALESSANDRINI & Andrea PRESBITERO & Alberto ZAZZARO, 2006. "Banks, Distances and Financing Constraints for Firms," Working Papers 266, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    13. Pietro ALESSANDRINI & Giorgio CALCAGNINI & Alberto ZAZZARO, 2006. "Asset Restructuring Strategies in Bank Acquisitions: Evidence from the Italian Banking Industry," Working Papers 264, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    14. Andersson, Fredrik, 2009. "A Trickle-Down Theory of Incentives with Applications to Privatization and Outsourcing," Working Paper Series 784, Research Institute of Industrial Economics.
    15. Klerman, Daniel & Mahoney, Paul G., 2007. "Legal origin?," Journal of Comparative Economics, Elsevier, vol. 35(2), pages 278-293, June.
    16. Jose Maria Liberti, 2004. "Initiative, Incentives and Soft Information. How Does Delegation Impact The Role of Bank Relationship Managers?," Finance 0404023, EconWPA.

  9. Werlang, Sérgio Ribeiro da Costa & Novaes Filho, Walter, 1998. "Capital structure choice of foreign subsidiaries: evidence from multinationals in Brazil," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 340, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).

    Cited by:

    1. José Luiz Rossi Júnior, 2007. "The Use of Currency Derivatives by Brazilian Companies: An Empirical Investigation," Brazilian Review of Finance, Brazilian Society of Finance, vol. 5(2), pages 205-232.
    2. Pacheco, Luís, 2016. "Capital structure and internationalization: The case of Portuguese industrial SMEs," Research in International Business and Finance, Elsevier, vol. 38(C), pages 531-545.

  10. Walter Novaes & Luigi Zingales, 1995. "Capital Structure Choice when Managers are in Control: Entrenchment versus Efficiency," NBER Working Papers 5384, National Bureau of Economic Research, Inc.

    Cited by:

    1. Luis H. Gutiérrez & Carlos Pombo, 2005. "Corporate Valuation and Governance: Evidence from Colombia," Research Department Publications 3216, Inter-American Development Bank, Research Department.
    2. Jayati Sarkar & Subrata Sarkar, 2008. "Debt and corporate governance in emerging economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 16(2), pages 293-334, April.
    3. Denis Gromb, 2000. "Public Trading and Private Incentives," FMG Discussion Papers dp347, Financial Markets Group.
    4. Doukas, John A. & Pantzalis, Christos, 2003. "Geographic diversification and agency costs of debt of multinational firms," Journal of Corporate Finance, Elsevier, vol. 9(1), pages 59-92, January.
    5. Jayati Sarkar & Subrata Sarkar, 2005. "Debt and Corporate Governance in Emerging Economies - Evidence from India," Finance Working Papers 22358, East Asian Bureau of Economic Research.
    6. Isagawa, Nobuyuki, 2000. "Convertible debt: an effective financial instrument to control managerial opportunism," Review of Financial Economics, Elsevier, vol. 9(1), pages 15-26.
    7. Mohammad Ziaul Hoque & MD. Rabiul Islam & Mohammad Nurul Azam, 2013. "Board Committee Meetings and Firm Financial Performance: An Investigation of Australian Companies," International Review of Finance, International Review of Finance Ltd., vol. 13(4), pages 503-528, December.
    8. Luis H. Gutiérrez & Carlos Pombo, 2005. "Valuación y gobierno corporativo: elementos de juicio de Colombia," Research Department Publications 3217, Inter-American Development Bank, Research Department.
    9. Joseph P. Hughes & William W. Lang & Choon-Geol Moon & Michael S. Pagano, 2004. "Managerial Incentives and the Efficiency of Capital Structure in U.S. Commercial Banking," Departmental Working Papers 200401, Rutgers University, Department of Economics.
    10. de Jong, A., 2001. "The Disciplining Role of Leverage in Dutch Firms," Discussion Paper 2001-48, Tilburg University, Center for Economic Research.
    11. Armando Gomes & Gordon Phillips, 2005. "Why Do Public Firms Issue Private and Public Securities?," NBER Working Papers 11294, National Bureau of Economic Research, Inc.
    12. Aivazian, Varouj A. & Ge, Ying & Qiu, Jiaping, 2005. "The impact of leverage on firm investment: Canadian evidence," Journal of Corporate Finance, Elsevier, vol. 11(1-2), pages 277-291, March.
    13. Jandik, Tomas & Lallemand, Justin, 2014. "Value impact of debt issuances by targets of withdrawn takeovers," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 475-494.
    14. Zingales, Luigi, 1998. "Corporate Governance," CEPR Discussion Papers 1806, C.E.P.R. Discussion Papers.
    15. Lixiong Guo & Patrick Lach & Shawn Mobbs, 2015. "Tradeoffs between Internal and External Governance: Evidence from Exogenous Regulatory Shocks," Financial Management, Financial Management Association International, vol. 44(1), pages 81-114, March.
    16. Howell, Jann C. & Stover, Roger D., 2002. "How much do governance and managerial behavior matter in investment decisions? Evidence from failed thrift auctions," Journal of Corporate Finance, Elsevier, vol. 8(3), pages 195-211, July.
    17. Aldrighi, Dante Mendes, 2003. "The Mechanisms of Corporate Governance in the United States: an Assessment," Revista Brasileira de Economia - RBE, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 57(3), July.
    18. Joseph P. Hughes & Choon-Geol Moon & William W. Lang & Michael S. Pagano, 2001. "Managerial Incentives and the Efficiency of Capital Structure," Departmental Working Papers 200102, Rutgers University, Department of Economics.
    19. Nigel Driffield & Vidya Mahambare & Sarmistha Pal, 2004. "Dynamic Adjustment of Corporate Leverage: Is there a lesson to learn from the Recent Asian Crisis?," Finance 0405007, EconWPA.
    20. Takanori Tanaka, 2009. "Managerial Entrenchment and Corporate Bond Financing: Evidence from Japan," Discussion Papers in Economics and Business 09-10, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
    21. Jose E. Farinos & Begona Herrero & Miguel A. Latorre, 2017. "Self-selection Bias and the Listing Status of Target Firms: Value Effects in the Spanish Market," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 67(5), pages 423-438, October.
    22. Nobuyuki Isagawa, 2006. "Cross-Shareholding and Unwinding of Cross-Shareholding Under Managerial Entrenchment," Discussion Papers 2006-02, Kobe University, Graduate School of Business Administration.
    23. Francis, Bill B. & Hasan, Iftekhar & John, Kose & Waisman, Maya, 2010. "The effect of state antitakeover laws on the firm's bondholders," Journal of Financial Economics, Elsevier, vol. 96(1), pages 127-154, April.
    24. Isagawa, Nobuyuki, 2002. "Callable convertible debt under managerial entrenchment," Journal of Corporate Finance, Elsevier, vol. 8(3), pages 255-270, July.
    25. Jandik, Tomas & Lallemand, Justin & McCumber, William, 2017. "The value implications of target debt issuance in withdrawn takeovers: What role do country-specific M&A regulations play?," Journal of Multinational Financial Management, Elsevier, vol. 40(C), pages 14-32.
    26. Arturo Bris & Salvatore Cantale, 1998. "Bank Capital Requirements and Managerial Self-Interest," Yale School of Management Working Papers ysm105, Yale School of Management, revised 01 Aug 2000.
    27. Mu, Congming & Wang, Anxing & Yang, Jinqiang, 2017. "Optimal capital structure with moral hazard," International Review of Economics & Finance, Elsevier, vol. 48(C), pages 326-338.
    28. Preece, Dianna C. & Mullineaux, Donald J. & Filbeck, Greg & Dennis, Steven A., 2004. "Agency theory and the House bank affair," Review of Financial Economics, Elsevier, vol. 13(3), pages 259-267.
    29. Chen, Andrew & Hwang, Yuhchang & Shao, Benjamin, 2005. "Measurement and sources of overall and input inefficiencies: Evidences and implications in hospital services," European Journal of Operational Research, Elsevier, vol. 161(2), pages 447-468, March.

  11. Novaes Filho, Walter & Werlang, Sérgio Ribeiro da Costa, 1994. "Inflationary bias and state owned financial institutions," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 242, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).

    Cited by:

    1. Fernandez, Brena Paula Magno & Silveira, Antonio Maria da, 1994. "The economist Machiavelli," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 250, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    2. Ohana, Eduardo Felipe, 1997. "The Brazilian 1994 stabilization plan: an analytical view," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 307, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    3. Cardoso, Renato Fragelli, 1995. "Entrepreneurial risk and labour's share in output," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 252, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    4. Cysne, Rubens Penha & Costa, Sergio Gustavo Silveira da, 1997. "Effects of the real plan of the Brazilian banking system," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 304, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    5. Ferreira, Pedro Cavalcanti, 1997. "A note on growth, welfare and public policy," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 298, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    6. Ferreira, Pedro Cavalcanti, 1997. "Infrastructure privatization in a neoclassical economy : macroeconomic impact and welfare computation," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 297, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    7. Duarte Junior, Antonio Marcos & Werlang, Sérgio Ribeiro da Costa, 1995. "A model to estimate the US term structure of interest rates," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 273, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    8. Boudriga, Abdelkader & Boulila, Neila & Jellouli, Sana, 2009. "Does bank supervision impact nonperforming loans : cross-country determinants using agregate data ?," MPRA Paper 18068, University Library of Munich, Germany.
    9. Ferreira, Pedro Cavalcanti, 1996. "Sustained growth, government expenditure and inflation," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 278, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    10. Flôres Junior, Renato Galvão & Ginsburgh, Victor, 1996. "Dynamic hidonic regressions : computation and properties," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 275, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    11. Us, Vuslat, 2017. "Dynamics of non-performing loans in the Turkish banking sector by an ownership breakdown: The impact of the global crisis," Finance Research Letters, Elsevier, vol. 20(C), pages 109-117.
    12. Ferreira, Pedro Cavalcanti, 1995. "Welfare and fiscal policy with public goods and infrastructure," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 264, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).

  12. Werlang, Sérgio Ribeiro da Costa & Novaes, Walter, 1993. "Financial integration and public financial institutions," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 225, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).

    Cited by:

    1. Paulo Roberto Arvate & Marcos Felipe Mendes Lopes, 2007. "Institutional Changes, Incentive Schemes And The Decision To Undertake Fiscal Adjustments," Anais do XXXV Encontro Nacional de Economia [Proceedings of the 35th Brazilian Economics Meeting] 010, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

Articles

  1. Klenio Barbosa & Humberto Moreira & Walter Novaes, 2017. "Interest Rates in Trade Credit Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 49(1), pages 75-113, February.
    See citations under working paper version above.
  2. Martins, Theo Cotrim & Novaes, Walter, 2012. "Mandatory dividend rules: Do they make it harder for firms to invest?," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 953-967.

    Cited by:

    1. Gonzalez, Maximiliano & Molina, Carlos A. & Pablo, Eduardo & Rosso, John W., 2017. "The effect of ownership concentration and composition on dividends: Evidence from Latin America," Emerging Markets Review, Elsevier, vol. 30(C), pages 1-18.
    2. Forti, Cristiano & Schiozer, Rafael F., 2015. "Bank dividends and signaling to information-sensitive depositors," Journal of Banking & Finance, Elsevier, vol. 56(C), pages 1-11.
    3. Tao, Qizhi & Nan, Runxi & Li, Haoyu, 2016. "Information content of unexpected dividends under a semi-mandatory dividend policy: An empirical study of China," The North American Journal of Economics and Finance, Elsevier, vol. 37(C), pages 297-318.

  3. Dewenter, Kathryn L. & Kim, Chang-Soo & Novaes, Walter, 2010. "Anatomy of a regulatory race to the top: Changes in delisting rules at Korea's two stock exchanges, 1999-2002," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 456-468, September.

    Cited by:

    1. Kim, Abby, 2014. "The value of firms' voluntary commitment to improve transparency: The case of special segments on Euronext," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 342-359.
    2. Steen Thomsen & Frederik Vinten, 2014. "Delistings and the costs of governance: a study of European stock exchanges 1996–2004," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(3), pages 793-833, August.

  4. novaes, Walter, 2008. "A Pesquisa em Economia no Brasil: Uma Avaliação Empírica dos Conflitos entre Quantidade e Qualidade," Revista Brasileira de Economia - RBE, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 62(4), December. See citations under working paper version above.
  5. Walter Novaes & Luigi Zingales, 2004. "Bureaucracy as a Mechanism to Generate Information," RAND Journal of Economics, The RAND Corporation, vol. 35(2), pages 245-259, Summer.
    See citations under working paper version above.
  6. Walter Novaes, 2003. "Capital Structure Choice When Managers Are in Control: Entrenchment versus Efficiency," The Journal of Business, University of Chicago Press, vol. 76(1), pages 49-82, January.
    See citations under working paper version above.
  7. Walter Novaes, 2002. "Managerial Turnover and Leverage under a Takeover Threat," Journal of Finance, American Finance Association, vol. 57(6), pages 2619-2650, December.
    See citations under working paper version above.
  8. Dewenter, Kathryn & Novaes, Walter & Pettway, Richard H, 2001. "Visibility versus Complexity in Business Groups: Evidence from Japanese Keiretsu," The Journal of Business, University of Chicago Press, vol. 74(1), pages 79-100, January.

    Cited by:

    1. Roy Kouwenberg & Pipat Thontirawong, 2016. "Group affiliation and earnings management of Asian IPO issuers," Review of Quantitative Finance and Accounting, Springer, vol. 47(4), pages 897-917, November.
    2. Kali, Raja & Sarkar, Jayati, 2011. "Diversification and tunneling: Evidence from Indian business groups," Journal of Comparative Economics, Elsevier, vol. 39(3), pages 349-367, September.
    3. Akhigbe, Aigbe & Martin, Anna D. & Nishikawa, Takeshi, 2009. "Changes in risk of foreign firms listed in the U.S. following Sarbanes-Oxley," Journal of Multinational Financial Management, Elsevier, vol. 19(3), pages 193-205, July.
    4. Choi, Jongmoo Jay & Hiraki, Takato & Landi, James A., 2014. "The value of multinationality and business group for Japanese firms," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 88-110.
    5. Laurence Loulmet, 2004. "Le discrédit des banques et l’impact des réformes au Japon," Revue d'Économie Financière, Programme National Persée, vol. 75(2), pages 263-290.
    6. Sandra Dow & Jean McGuire & Toru Yoshikawa, 2011. "Disaggregating the group effect: Vertical and horizontal keiretsu in changing economic times," Asia Pacific Journal of Management, Springer, vol. 28(2), pages 299-323, June.
    7. Manos, Ronny & Murinde, Victor & Green, Christopher J., 2007. "Leverage and business groups: Evidence from Indian firms," Journal of Economics and Business, Elsevier, vol. 59(5), pages 443-465.
    8. Kim, Kenneth A. & Nofsinger, John R., 2001. "Institutional Herding, Business Groups, and Economic Regimes: Evidence from Japan," CEI Working Paper Series 2001-16, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    9. Marisetty, Vijaya B. & Subrahmanyam, Marti G., 2010. "Group affiliation and the performance of IPOs in the Indian stock market," Journal of Financial Markets, Elsevier, vol. 13(1), pages 196-223, February.
    10. Beckman, Judy & Garner, Jacqueline & Marshall, Beverly & Okamura, Hideo, 2001. "The influence of underwriter reputation, keiretsu affiliation, and financial health on the underpricing of Japanese IPOs," Pacific-Basin Finance Journal, Elsevier, vol. 9(5), pages 513-534, November.
    11. Jinho Chang & Young Jun Cho & Hyun-Han Shin, 2007. "The Change in Corporate Transparency of Korean Firms After the Asian Financial Crisis: an analysis using analysts' forecast data," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(6), pages 1144-1167, November.
    12. Chauhan, Yogesh & Kumar, Satish, 2017. "Does founder ownership affect foreign investments? Evidence from India," Emerging Markets Review, Elsevier, vol. 32(C), pages 116-129.
    13. Torben Pedersen & Steen Thomsen, 2003. "Ownership Structure and Value of the Largest European Firms: The Importance of Owner Identity," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 7(1), pages 27-55, March.
    14. Manos, Ronny & Murinde, Victor & Green, Christopher J., 2012. "Dividend policy and business groups: Evidence from Indian firms," International Review of Economics & Finance, Elsevier, vol. 21(1), pages 42-56.
    15. Jean McGuire & Sandra Dow, 2009. "Japanese keiretsu: Past, present, future," Asia Pacific Journal of Management, Springer, vol. 26(2), pages 333-351, June.
    16. Mehdi Nekhili & Dhikra Chebbi Nekhili & Nicolas Vaillant, 2009. "What matters more in R&D and Capital Expenditures Financing by Japanese Firms:Multinationality or Bank Affiliation?," Working Papers CREGO 1090103, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    17. Deb, Saikat Sovan & Marisetty, Vijaya B., 2010. "Information content of IPO grading," Journal of Banking & Finance, Elsevier, vol. 34(9), pages 2294-2305, September.
    18. Kaneko, Takashi & Pettway, Richard H., 2003. "Auctions versus book building of Japanese IPOs," Pacific-Basin Finance Journal, Elsevier, vol. 11(4), pages 439-462, September.
    19. Nieto, María Jesús & Serna, Gregorio, 2002. "On the relationship between a banks equity holdings and bank performance," DEE - Working Papers. Business Economics. WB wb026322, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.

  9. Novaes, Walter & Werlang, Sergio, 1995. "Inflationary bias and state-owned financial institutions," Journal of Development Economics, Elsevier, vol. 47(1), pages 135-154, June.
    See citations under working paper version above.

More information

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Statistics

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Co-authorship network on CollEc

NEP Fields

NEP is an announcement service for new working papers, with a weekly report in each of many fields. This author has had 10 papers announced in NEP. These are the fields, ordered by number of announcements, along with their dates. If the author is listed in the directory of specialists for this field, a link is also provided.
  1. NEP-CBA: Central Banking (3) 2006-01-01 2008-04-15 2008-04-21
  2. NEP-IFN: International Finance (3) 2006-01-01 2008-04-15 2008-04-21
  3. NEP-MON: Monetary Economics (3) 2006-01-01 2008-04-15 2008-04-21
  4. NEP-BEC: Business Economics (2) 2015-12-28 2017-07-09
  5. NEP-CFN: Corporate Finance (2) 2003-06-16 2015-12-28
  6. NEP-FIN: Finance (2) 2004-10-30 2006-01-01
  7. NEP-FMK: Financial Markets (2) 2006-01-01 2006-01-01
  8. NEP-MAC: Macroeconomics (2) 2006-01-01 2008-04-21
  9. NEP-CDM: Collective Decision-Making (1) 2017-07-09
  10. NEP-DEV: Development (1) 2008-04-15

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