This paper explores the nature and impacts of shadow banks’ relationship lending by analyzing bilateral-connected financial firms who mutually hold each other’s debt through their own affiliated money market funds (MMFs). Using novel MMFs’ monthly holdings data, I show that, in the context of the 2011 Eurozone crisis, non-European financial firms surprisingly increased their MMFs’ stakes in bil...

We examine over 7,400 analyst recommendations for IPO firms during 1999-2000. We find that initiations at the end of the quiet period come almost exclusively from the analysts of managing underwriters while initiations afterwards are predominantly from unaffiliated analysts. Once we control for the effect of quiet period versus later initiations, we find little evidence of a distinction between...

— The paper compares the innovativeness of group-affiliated firms (GAFs) and standalone firms (SAFs), and it investigates how country-specific institutional factors affect the group–innovation relationship. The paper analyzes the contrasting predictions of two competing views: the institutional voids and the organizational resilience theses. The empirical analysis focuses on a large sample of f...

I analyze the manner in which multinational enterprises facilitate technology transfer from the North to the South, and the role played by the protection of intellectual property. Different industries respond to changes in intellectual property protection (IPP) regimes differently, and will alter their mode of entry accordingly. Firms with complex but easily imitable products will tend to inter...

M&A turned out to be significant form of corporate restructuring in post globalization period in Indian industries. The phenomenon is considered to be the most important strategy for gaining competitive advantage for firms. This study attempts to find out the determinants of M&A in Indian pharmaceutical industry. We use the PROWESS database provided by the Center for Monitoring Indian Economy f...

Social partners (trade unions and employers' associations) shape labour institutions economic social outcomes in many countries. In this paper, we argue that, when examining partners' representativeness, it is important to consider both affiliation dissimilarity measures. The latter concerns the extent which affiliated non- firms or workers are distributed similarly across relevant dimensions, ...

Dividend Policy is one of the most important financial decisions that managers encounter. This study contributes to the literature of dividend and empirical research investigating the effects of dynamic factors in Tehran Stock Exchange. Based on some criteria, the study contains 133 listed firms over a 10-year period from 2001 to 2010. To test the research hypotheses, this study uses Fixed Effe...

We examine the profitability and implications of online discount vouchers, a relatively new marketing tool that offers consumers large discounts when they prepay for participating firms’ goods and services. Within a model of repeat experience good purchase, we examine two mechanisms whereby a discount voucher service can benefit affiliated firms: price discrimination and advertising. For vouche...