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The Deep-Pocket Effect of Internal Capital Markets

Citations

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Cited by:

  1. Li, Xinyu & Wang, Huacheng & Li, Rong, 2023. "A hidden channel of “blood transfusion”: Internal capital market subsidies and zombie firms," The British Accounting Review, Elsevier, vol. 55(6).
  2. Jan Hendrik Fisch & Bjoern Schmeisser, 2020. "Phasing the operation mode of foreign subsidiaries: Reaping the benefits of multinationality through internal capital markets," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(8), pages 1223-1255, October.
  3. Franklin Allen & Meijun Qian, 2025. "Alternative finance in the international business context: a review and future research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 56(1), pages 43-61, February.
  4. Qian, Xuesong & Kong, Dongmin & Du, Li, 2019. "Proximity, information, and loan pricing in internal capital markets: Evidence from China," China Economic Review, Elsevier, vol. 54(C), pages 434-456.
  5. Raffaele Santioni & Ilaria Supino, 2018. "Internal capital markets in Italian business groups: evidence from the financial crisis," Questioni di Economia e Finanza (Occasional Papers) 421, Bank of Italy, Economic Research and International Relations Area.
  6. P. Charnoz & C. Lelarge & C. Trevien, 2016. "Communication Costs and the Internal Organization of Multi-Plant Businesses: Evidence from the Impact of the French High-Speed Rail," Documents de Travail de l'Insee - INSEE Working Papers g2016-02, Institut National de la Statistique et des Etudes Economiques.
  7. Hsiao, Ching-Yuan & Shiu, Yung-Ming, 2023. "Contingent factors of the coinsurance function of internal capital markets: Evidence from the US nonlife insurance industry," The North American Journal of Economics and Finance, Elsevier, vol. 66(C).
  8. Michel Bernini & Sarah Guillou & Flora Bellone, 2013. "Firms leverage and export quality evidence from France," Sciences Po Economics Publications (main) hal-00973035, HAL.
  9. Giacinta Cestone & Chiara Fumagalli & Francis Kramarz & Giovanni Pica, 2024. "Exploiting Growth Opportunities: The Role of Internal Labour Markets," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 91(5), pages 2676-2716.
  10. Tiago Pinho Pereira & Miguel Sousa, 2024. "Business group affiliation and product market competition," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 51(1), pages 39-72, March.
  11. Altomonte, Carlo & Ottaviano, Gianmarco & Rungi, Armando & Sonno, Tommaso, 2021. "Business groups as knowledge-based hierarchies of firms," LSE Research Online Documents on Economics 113855, London School of Economics and Political Science, LSE Library.
  12. Bilicka, Katarzyna & Qi, Yaxuan & Xing, Jing, 2022. "Real responses to anti-tax avoidance: Evidence from the UK Worldwide Debt Cap," Journal of Public Economics, Elsevier, vol. 214(C).
  13. repec:spo:wpecon:info:hdl:2441/f6h8764enu2lskk9p4sr364g4 is not listed on IDEAS
  14. Levander, Mats, 2018. "Diversication Advantages During the Global Financial Crisis," Working Paper Series 359, Sveriges Riksbank (Central Bank of Sweden).
  15. Liu, Yunxiao & Kim, Woochan & Sung, Taeyoon, 2021. "Investment efficiency of firms outside the business group," Journal of Corporate Finance, Elsevier, vol. 71(C).
  16. Heitor Almeida & Murillo Campello & Igor Cunha & Michael S. Weisbach, 2014. "Corporate Liquidity Management: A Conceptual Framework and Survey," Annual Review of Financial Economics, Annual Reviews, vol. 6(1), pages 135-162, December.
  17. Giacinta Cestone & Chiara Fumagalli & Francis Kramaz & Giovanni Pica, 2015. "Insurance Between Firms: The Role of Internal Labor Markets," CSEF Working Papers 386, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 22 Jan 2020.
  18. Katarzyna Bilicka, 2025. "Labor market consequences of antitax avoidance policies," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 32(2), pages 429-465, April.
  19. Hsiao, Ching-Yuan & Shiu, Yung-Ming, 2024. "Internal versus external capital markets and risk-taking," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 503-519.
  20. Jan Hendrik Fisch & Bjoern Schmeisser, 0. "Phasing the operation mode of foreign subsidiaries: Reaping the benefits of multinationality through internal capital markets," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 0, pages 1-33.
  21. Sertsios, Giorgo, 2020. "Corporate finance, industrial organization, and organizational economics," Journal of Corporate Finance, Elsevier, vol. 64(C).
  22. Hsiao, Ching-Yuan & Shiu, Yung-Ming, 2021. "Group firms’ access to internal capital markets: The contingent roles of group resources and affiliates’ financial weakness," Economic Modelling, Elsevier, vol. 96(C), pages 135-156.
  23. Luana Zaccaria & Simone Narizzano & Francesco Savino & Antonio Scalia, 2024. "From Public to Internal Capital Markets: The Effects of Affiliated IPOs on Group Firms," Mercati, infrastrutture, sistemi di pagamento (Markets, Infrastructures, Payment Systems) 49, Bank of Italy, Directorate General for Markets and Payment System.
  24. Gianpaolo Parise, 2016. "Threat of entry and debt maturity: evidence from airlines," BIS Working Papers 556, Bank for International Settlements.
  25. Gatzer, Sebastian & Hoang, Daniel & Ruckes, Martin, 2014. "Internal capital markets and diversified firms: Theory and practice," Working Paper Series in Economics 64, Karlsruhe Institute of Technology (KIT), Department of Economics and Management.
  26. repec:spo:wpmain:info:hdl:2441/f6h8764enu2lskk9p4sr364g4 is not listed on IDEAS
  27. Carney, Michael & Estrin, Saul & Van Essen, Marc & Shapiro, Daniel, 2017. "Business groups reconsidered: beyond paragons and parasites," LSE Research Online Documents on Economics 87340, London School of Economics and Political Science, LSE Library.
  28. Giacinta Cestone & Chiara Fumagalli & Francis Kramaz & Giovanni Pica, 2015. "Insurance Between Firms: The Role of Internal Labor Markets," CSEF Working Papers 386, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 22 Jan 2020.
  29. Luis Alfonso Dau & Randall Morck & Bernard Yin Yeung, 2021. "Business groups and the study of international business: A Coasean synthesis and extension," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(2), pages 161-211, March.
  30. Chang, Ran & Gonzalez, Angelica & Sarkissian, Sergei & Tu, Jun, 2022. "Internal capital markets and predictability in complex ownership firms," Journal of Corporate Finance, Elsevier, vol. 74(C).
  31. Wen, Riguang & Wang, Siyi & Ouyang, Yingting, 2024. "Does the pricing of intra-group investment deviate from the market rule? Evidence from domestic merger and acquisition transactions under common control in China," International Review of Financial Analysis, Elsevier, vol. 91(C).
  32. Tommaso Sonno, 2025. "Globalization and Conflicts: the Good, the Bad, and the Ugly of Corporations in Africa," The Economic Journal, Royal Economic Society, vol. 135(668), pages 1108-1140.
  33. Noth, Felix & Ossandon Busch, Matias, 2021. "Banking globalization, local lending, and labor market effects: Micro-level evidence from Brazil," Journal of Financial Stability, Elsevier, vol. 56(C).
  34. Indrani Chakraborty, 2020. "Debt financing and market concentration in an emerging economy: firm-level evidence from India," Economic Change and Restructuring, Springer, vol. 53(3), pages 451-474, August.
  35. Mara Faccio & William J. O’Brien, 2021. "Business Groups and Employment," Management Science, INFORMS, vol. 67(6), pages 3468-3491, June.
  36. Weiwei Chen & Benjamin Melamed & Oleg Sokolinskiy & Ben Sopranzetti, 2017. "Cash Conversion Systems in Corporate Subsidiaries," Manufacturing & Service Operations Management, INFORMS, vol. 19(4), pages 604-619, October.
  37. Huneeus, Federico & Larrain, Borja & Larrain, Mauricio & Prem, Mounu, 2021. "The internal labor markets of business groups," Journal of Corporate Finance, Elsevier, vol. 69(C).
  38. Viswanathan Nagarajan & Pitabas Mohanty & Apalak Khatua, 2023. "Financing effects of corporate diversification: A review," Review of Managerial Science, Springer, vol. 17(7), pages 2555-2585, October.
  39. P. Beaumont, 2017. "Time is Money: Cash-Flow Risk and Export Market Behavior," Documents de Travail de l'Insee - INSEE Working Papers g2017-10, Institut National de la Statistique et des Etudes Economiques.
  40. Altomonte, Carlo & Ottaviano, Gianmarco & Rungi, Armando & Sonno, Tommaso, 2021. "Business groups as knowledge-based hierarchies of firms," LSE Research Online Documents on Economics 113855, London School of Economics and Political Science, LSE Library.
  41. Hsiao, Ching-Yuan & Shiu, Yung-Ming, 2023. "Risk-sharing function in internal capital markets: Evidence from intragroup reinsurance activities," International Review of Financial Analysis, Elsevier, vol. 87(C).
  42. Pablo Doucet & Ignacio Requejo & Isabel Suárez-González, 2024. "Business groups’ internal labour markets and SME labour productivity," Small Business Economics, Springer, vol. 62(2), pages 707-725, February.
  43. Hu, Xingxing & Lin, Bingxuan & Liu, Huilong & Xu, Xiaowei, 2025. "Institutional voids and business group dynamics: Evidence from judicial reform in China11We gratefully acknowledge financial support from the National Natural Science Foundation of China (No. 71772039)，National Social Science Foundation of China (No.," Journal of Corporate Finance, Elsevier, vol. 95(C).
  44. Andreas Joseph & Christiane Kneer & Neeltje van Horen & Jumana Saleheen, 2019. "All you need is cash: corporate cash holdings and investment after the financial crisis," Bank of England working papers 843, Bank of England.
  45. 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.
  46. Janeba, Eckhard & Todtenhaupt, Maximilian, 2018. "Fiscal competition and public debt," Journal of Public Economics, Elsevier, vol. 168(C), pages 47-61.
  47. Chinmay Pattnaik & Qiang Lu & Ajai S. Gaur, 2018. "Group Affiliation and Entry Barriers: The Dark Side Of Business Groups In Emerging Markets," Journal of Business Ethics, Springer, vol. 153(4), pages 1051-1066, December.
  48. Lorenzo Ciari & Riccardo De Bonis, 2011. "Entry decisions after deregulation: the role of incumbents' market power," Mo.Fi.R. Working Papers 50, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
  49. Zhang, Yue, 2025. "Debt distribution and ESG performance: Evidence from Chinese listed companies," Research in International Business and Finance, Elsevier, vol. 73(PA).
  50. Noth, Felix & Ossandon Busch, Matias, 2021. "Banking globalization, local lending, and labor market effects: Micro-level evidence from Brazil," Journal of Financial Stability, Elsevier, vol. 56(C).
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