This paper conducts a comparative technical efficiency analysis of 21 electricity generation plants (12 private and 9 public) using panel data of 6 years (1998-2003), and two stat-of–the art methodologies: Stochastic Frontier Analysis (SFA) and Data Envelopment Analysis (DEA). The results show a mixed technical and scale efficiency scores for the public and private generation plants. There are ...

The role that financial information plays in facilitating the flow of capital between external providers of capital and the firm is less obvious for private firms compared with public firms. We find that private firms that choose to have their financial information reviewed by an independent external auditor (our proxy for financial transparency) experience significantly lower problems with gai...

We explore how activists’ public and private politics elicit different organizational responses. Using data on U.S. petroleum companies from 1982 to 2010, we investigate how climate change activists serving as witnesses at congressional hearings and engaging in firm protests influenced firms’ internal and external responses. We find that public politics induced internally focused practice adopt...

This paper elaborates on a new default-based cost of capital estimation for private-held firms. We test the model’s ability to incorporate systematic risk and size premium. Results highlight positive statistically significant effect CAPM expected return premiums this novel measure. Beyond utility in practice private equity valuation, preliminary results are promising application larger cross-co...

a r t i c l e i n f o We examine oligopoly models of vertical product differentiation in which producing firms face variable costs of quality development. We show that comparing to private oligopoly, mixed oligopoly – whereby state-owned enterprises (SOEs) and private firms coexist – enhances social welfare but reduces firms' profitability. We also demonstrate that Bertrand competition makes fi...

ABSTRACT This study examines how information spillovers from equity to debt markets (“equity spillovers”) affect sell-side analysts’ activities and the informativeness of their reports. To explore this relation, I compare analyst reports for firms without (private firms) with (public firms). find that, absent spillovers, analysts rely more on mandatory SEC filings fill gap private firms. additi...