1,721,239 research outputs found
How to Eliminate Pyramidal Business Groups: The Double Taxation of Inter-corporate Dividends and other Incisive Uses of Tax Policy
Full text linkArguments for eliminating the double taxation of dividends apply only to dividends paid by corporations to individuals. The double (and multiple) taxation of dividends paid by one firm to another - intercorporate dividends - was explicitly included in the 1930s as part of a package of tax and other policies aimed at eliminating United States pyramidal business groups. These structures remain the predominant form of corporate organization outside the United States. The first Roosevelt administration associated them with corporate governance problems, corporate tax avoidance, market power, and an objectionable concentration of economic power; and undertook a sustained program that rapidly broke up large American pyramidal groups.
Special issues relating to corporate governance and family control
Full text linkControl of corporate assets by wealthy families in economies lacking institutional integrity is common. It has negative implications on corporate governance and adverse macroeconomic effects when it extends across a sufficiently large part of the country's corporate sector. The authors consider the reasons why family control and control pyramids predominate in emerging market economies and in some industrial economies. They also discuss the reasons why widely held freestanding firms predominate in the United States. The authors discuss policies that countries might adopt to discourage family control pyramids, but caution that control pyramids are but one feature of an institutionally deficient economy. A concerted effort to improve a country's institutions is needed before diffuse ownership is desirable.Small and Medium Size Enterprises,Economic Theory&Research,Small Scale Enterprise,International Terrorism&Counterterrorism,Microfinance,Private Participation in Infrastructure,Microfinance,International Terrorism&Counterterrorism,Economic Theory&Research,Small Scale Enterprise
Corporate Stability and Economic Growth
Full text linkGreater instability in a country's list of top corporations is associated with faster economic growth. This faster growth is primarily due to faster growth in total factor productivity in industrialized countries, and faster capital accumulation in developing countries. These findings are consistent with the view that economic growth is more closely tied to the rise of new large firms than to the prosperity of established large firms. Although a stable list of leading corporations is highly correlated with government size, it is unrelated to other possible policy goals, such as (successful) income equalization and avoiding economic crises, it is related to other political factors. However, the list of top firms is more stable in countries with fewer rights for creditors in bankruptcy and with bank-based rather than stock market-based financial systems. These findings appear to oppugn arguments of the form "What's good for General Motors is good for America". We propose that political rent-seeking by large established firms underlies increased corporate stability.
How institutional development news moves an emerging market
No full textMajor moves in Colombia’s stock market in the 2000s correspond to major news of progress or setbacks in rebuilding the country’s institutions, shattered by widespread guerrilla insurgencies in the 1990s. This contrasts with prior work reporting no news on major market moves in the US, a country with comparatively stable institutions. Colombian economy-level news during the institutional rebuilding phase may have been exceptionally economically significant. This suggests that stock market moves might usefully gauge the importance of institutional changes in other developing economies.https://orcid.org/0000-0001-7675-048Xhttps://orcid.org/0000-0001-7412-0222https://orcid.org/0000-0002-9592-7890https://www.scopus.com/authid/detail.uri?authorId=55207224400https://www.scopus.com/authid/detail.uri?authorId=56240184400https://www.scopus.com/authid/detail.uri?authorId=6603869069https://www.scopus.com/authid/detail.uri?authorId=5520641670
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Central bank, government interventions and financial markets
Full text linkThis thesis comprises three essays examining the interactions between central bank and government interventions and financial markets. In Chapter 2, I compare corporate bond purchase programs by the Federal Reserve and the Bank of Japan during the COVID-19 crisis. Both programs shared one eligibility criterion: remaining maturity of five years or less. I demonstrate that Japanese firms, but not U.S. firms, catered to such a sudden maturity-specific demand shock by shifting the maturity of new bond issues, presumably due to the much larger purchase size of the Bank of Japan. Theoretically, the Japanese result aligns with the gap-filling theory of Greenwood et al. (2010), which predicts that corporations, as bond suppliers, fill supply-demand imbalances in specific maturity segments of the bond market.
Chapter 3 examines the microstructure of the reverse auctions the Fed holds for QE-driven purchases of Treasury bonds. Although the minimum tick size is set to be 1/256th (i.e., 0.390625 cents) per $100 par value, I document that primary dealers—the only direct participants—submit coarsely priced offers. Importantly, primary dealers with larger market shares price more finely, and my empirical analysis suggests that this coarse pricing originates from the information processing costs associated with increased pricing precision, in line with the theory of Grossman et al. (1997). I also document that the coarseness of prices is related to the level of prices (among accepted offers). Topmost dealers therefore play a special role in advancing market efficiency and promoting price competition.
In Chapter 4, we study how firms responded to the creation of the MSCI Empowering Women Index (WIN), an index for Japanese firms with superior gender diversity that Morgan Stanley launched in cooperation with the Government Pension Investment Fund of Japan in 2017. Importantly, this index includes only firms in each industry’s top 50% in women’s workforce participation. This allows us to implement a difference-in-differences analysis based on firms around the inclusion threshold (treated firms) and those farther away from the threshold (control firms). We show that the treated firms improved gender diversity. This paper thus illustrates a capital market channel for inducing corporate social behavior changes
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
The Role of Self-Regulation in Corporate Governance: Evidence from the Netherlands
Full text linkThe purpose of this paper is to gather evidence on the success of market forces in promoting investor interests through self-regulation.Corporate governance is a complex mechanism design problem that is both economic and legal/political based.As such there is great interest in whether (and when) market forces alone are sufficient to prompt change, and whether (and when) additional legal/political actions are required to write and enforce contracts between the owners and managers of capital.The Netherlands provides an excellent opportunity to gather such information.In 1996, a private sector Committee was formed to initiate debate and change in the balance of power between a company's management and investors.In 1997, the Committee issued its recommendations and one year later the Committee initiated a project to assess the impact of the report.We identify the corporate governance variables that are linked to firm value and assess the impact of the committee's recommendations on the identified variables.Finally, we use event study techniques to assess investors reactions to the various events associated with the evolution of corporate governance practices in the Netherlands during this period.international economics;financial economics;law and economics;corporate governance
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