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Author : Stijn Claessens
Release : 2002
Genre : Affiliated corporations
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis The Benefits and Costs of Group Affiliation by : Stijn Claessens
Download or read book The Benefits and Costs of Group Affiliation written by Stijn Claessens. This book was released on 2002. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Rosy Locorotondo
Release : 2015
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis The Consequences of Business Group Affiliation by : Rosy Locorotondo
Download or read book The Consequences of Business Group Affiliation written by Rosy Locorotondo. This book was released on 2015. Available in PDF, EPUB and Kindle. Book excerpt: In contrast to the popular assumption of independence made in the classic corporate finance literature, many companies around the world are linked through common ownership to form business groups. This paper reviews the growing literature on the consequences of business group membership. The presence of internal capital markets within the group may lead to an increased availability of financial resources and more optimal investment allocation due to reduced asymmetric information. Moreover, intragroup guarantees and a group reputation effect may also improve the access to external financing, and group members can engage in risk sharing and risk reducing activities. The existence of business groups may, however, also have negative effects, including expropriation of wealth from minority shareholders, support of inefficient affiliates, political rent-seeking and excessive use of market power. The trade-off between these costs and benefits leads to mixed empirical evidence on the impact of group affiliation on profitability and innovation.
Author : Amrinder Khosa
Release : 2019-03-21
Genre : Business & Economics
Kind : eBook
Book Rating : 863/5 ( reviews)
Book Synopsis Ownership Structure, Related Party Transactions, and Firm Valuation by : Amrinder Khosa
Download or read book Ownership Structure, Related Party Transactions, and Firm Valuation written by Amrinder Khosa. This book was released on 2019-03-21. Available in PDF, EPUB and Kindle. Book excerpt: Concentrated ownership is considered to be the best protection for shareholders in economies where legal protection is relatively weak. This book investigates and concludes, for Indian business groups, that concentrated-inside ownership provides opportunities for the expropriation of minority shareholders. While more concentrated direct ownership of controlling families results in a higher market value of equity, indirect ownership obtained through cross-holding provides incentives to extract private benefits and results in value loss. This finding requires the prompt attention of regulatory bodies, outside investors and other interested parties. This book examines the effect of ownership structure and disclosure of related-party transactions on firm valuation of group-affiliated firms in India, by using a sample of 317 listed firms comprising 1350 firm-year observations from 2008 to 2017. Well-accepted value-relevance models are employed to examine the effect of ownership rights on market value of equity and valuation effect of RP trading, asset transfer, investment and loan transactions.
Author : Ratan Khasnabis
Release : 2014-03-18
Genre : Business & Economics
Kind : eBook
Book Rating : 950/5 ( reviews)
Book Synopsis Market, Regulations and Finance by : Ratan Khasnabis
Download or read book Market, Regulations and Finance written by Ratan Khasnabis. This book was released on 2014-03-18. Available in PDF, EPUB and Kindle. Book excerpt: This volume’s primary contribution to the field of Economics is that it addresses the issue of inter-linkages between money, finance and macroeconomics with a broad analytical perspective that has commonality with the Post-Keynesians. In an attempt to assess the consequences of economic reforms and the fallout of the global financial crisis on India and the world around, the book argues that with the onset of the crisis, as in most advanced economies, debates and discussions in India have been concerned with three main issues: monetary policy and asset prices, financial stability, and macro-prudential regulation. Three related issues which are also considered important in the Indian context are – rule vs. principle-based supervision, integrated financial supervision, and regulatory and supervisory independence. The book argues that the crisis highlighted the inadequacies of macro-prudential regulatory structure which mainly addresses idiosyncratic risks specific to individual financial institutions. The crisis precipitated an extensive debate on the role of national regulatory and supervisory authorities in crisis prevention and crisis management via macro-prudential regulations which involves a general equilibrium approach to regulation aiming at safeguarding the financial system as a whole. The book then argues that the crisis led to a paradigm shift in macroeconomic theory and policy. This shift has been categorized into four specific areas: monetary policy, financial regulation, corporate governance, and globalization. The book analyses how the characteristics of each of these four categories have changed from the pre-crisis to the post-crisis situation. The book also delves into the phenomenon of rising global commodity prices post-crisis. The book also deals with an analysis of the impact of this crisis on employment in the US economy, by simulating a macroeconomic model developed by the Cambridge Department of Applied Economics in the 1980s.
Author : Anna Lamin
Release : 2007
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis The Effect of Business Group Affiliation on Firm Strategy by : Anna Lamin
Download or read book The Effect of Business Group Affiliation on Firm Strategy written by Anna Lamin. This book was released on 2007. Available in PDF, EPUB and Kindle. Book excerpt:
