Всего публикаций в данном разделе: 15
Последние поступления:
Опубликовано на портале: 21-06-2006
Michael Lenox
Research Policy.
2005.
Vol. Volume 34.
Issue 5.
P. Pages 615-639.
In this paper, we focus on the potential innovative benefits to previous corporate
venture capital(CVC), i.e. equity investments in entrepreneurial ventures by incumbent
firms. We propose that previous termcorporate venture capitalnext term programs may
be instrumental in harvesting innovations from entrepreneurial ventures and thus
an important part of a firm's overall innovation strategy. We hypothesize that these
programs are especially effective in weak intellectual property (IP) regimes and
when the firm has sufficient absorptive capacity. We analyze a large panel of public
firms over a 20-year period and find that increases in previous termcorporate venture
capitalnext term investments are associated with subsequent increases in firm patenting.
Опубликовано на портале: 21-06-2006
Jeffrey MacIntosh
Journal of Business Venturing.
2005.
Vol. Volume 21.
Issue 5.
P. Pages 569-609.
In this paper, we examine a Canadian tax-driven venture capital vehicle known as
the “Labour Sponsored Venture Capital Corporation” (LSVCC). As a theoretical
matter, we suggest that the LSVCCs can be expected to have higher agency costs and
lower profitability than private venture capital funds. We present data that is consistent
with this view. The central question that we analyze, however, is whether the tax
advantages conferred on LSVCCs have resulted in LSVCCs “crowding out,”
or displacing other types of venture capital funds. Empirical analysis of our data
(which covers the 1977–2001 period) is highly consistent with crowding out.
The data suggest that crowding out has been sufficiently energetic as to lead to
a reduction in the aggregate pool of venture capital in Canada, frustrating one of
the key governmental goals underlying the LSVCC programs; namely, the expansion of
the aggregate pool of capital. In the course of our analysis, we confirm the importance
of macroeconomic factors (the performance of the stock market, real interest rates,
and changes in real gross domestic product) in affecting the supply of and demand
for venture capital. We also generate evidence that is consistent with the proposition
that entrepreneurs in the market for venture capital prefer to incorporate their
businesses federally, rather than provincially.
Опубликовано на портале: 14-06-2006
Mihir A. Desai, C. Fritz Foley, James R. Hines
Journal of Finance.
2004.
Vol. 59.
No. 6.
P. 2451-2487.
This paper analyzes the capital structures of foreign affiliates and internal capital
markets of multinational corporations. Ten percent higher local tax rates are associated
with 2.8% higher debt/asset ratios, with internal borrowing being particularly sensitive
to taxes. Multinational affiliates are financed with less external debt in countries
with underdeveloped capital markets or weak creditor rights, reflecting significantly
higher local borrowing costs. Instrumental variable analysis indicates that greater
borrowing from parent companies substitutes for three-quarters of reduced external
borrowing induced by capital market conditions. Multinational firms appear to employ
internal capital markets opportunistically to overcome imperfections in external
capital markets.
Опубликовано на портале: 14-06-2006
Leonard L. Lundstrum
Review of Quantitative Finance & Accounting.
2003.
Vol. 21.
No. 2.
P. 141-156.
Examines how information problems between the firm and the investor affect the value
of an internal capital market. Relation of the firm's access to an internal capital
market to firm value; Asymmetric information and excess firm value.
Опубликовано на портале: 14-06-2006
Julia Porter Liebeskind
Organization Science.
2000.
Vol. 11.
No. 1.
P. 58-77.
Diversification not only internalizes transactions of goods and services, but it
also internalizes transactions of capital. Hence, the value of diversification will
depend, inter alia, on whether internal capital markets are relatively efficient
or inefficient. This essay reviews and discusses the possible benefits and costs
of internal capital markets by conducting a careful comparative institutional analysis.
The essay concludes that internal capital markets can add value to lines of business
only under a limited number of circumstances. Some recent developments in the organization
of internal capital markets in diversified firms can be understood as attempts to
increase their efficiency.
Internal Capital Markets, Bank Borrowing, and Financing Constraints: Evidence from
Belgian Firms [статья]
Опубликовано на портале: 14-06-2006
Marc Deloof
Journal of Business Finance & Accounting.
1998.
Vol. 25.
No. 7/8.
P. 945-968.
Presents information on the interpretation regarding the Belgian firms belonging
to a corporate group, where investment is incompletely financed on an internal capital
market of the group. How many firms are indirectly controlled; Important role the
holding companies and corporate groups play in the financing of Belgian firms; Reference
to the tracing of origins of these networks.
Опубликовано на портале: 14-06-2006
Hyun-Han Shin, Rene M. Stulz
Quarterly Journal of Economics.
1998.
Vol. 113.
No. 2.
P. 531-552.
Using segment information from Compustat, we find that the investment by a segment
of a diversified firm depends on the cash flow of the firm's other segments, but
significantly less than it depends on its own cash flow. The investment by segments
of highly diversified firms is less sensitive to their cash flow than the investment
of comparable single-segment firms. The sensitivity of a segment's investment to
the cash flow of other segments does not depend on whether its investment opportunities
are better than those of the firm's other segments.
Опубликовано на портале: 14-06-2006
Shenghui Tong, Ning Yixi
Journal of Investing.
2004.
Vol. 13.
No. 4.
P. 53-66.
The article studies the affect of capital structure on institutional investor choices.
Institutional investors play a critical role in supervising the management of the
companies. Most of the S&P 500 firms tend to have large institutional holdings. The
finding of the study suggests that the capital structure influences stock picking
choices of institutional investors. There is a negative relation between dividend
yield and institutional ownership. There is limited evidence that institutional investors
prefer firms with low debt ratios, high ratios of capital expenditures to assets,
and high ratios of cash flow to sales.
Опубликовано на портале: 05-06-2006
Adolfo De Motta
Journal of Finance.
2003.
Vol. 58.
No. 3.
P. 1193-1220.
Capital budgeting in multidivisional firms depends on the external assessment of
the whole firm, as well as on headquarters' assessment of the divisions. While corporate
headquarters may create value by directly monitoring divisions, the external assessment
of the firm is a public good for division managers who, consequently, are tempted
to free ride. As the number of divisions increases, the free-rider problem is aggravated,
and internal capital markets substitute for external capital markets in the provision
of managerial incentives. The analysis relates the value of diversification to characteristics
of the firm, the industry, and the capital market.
Опубликовано на портале: 05-06-2006
Murillo Campello
Journal of Finance.
2002.
Vol. 57.
No. 6.
P. 2773-2805.
This paper looks at internal capital markets in financial conglomerates by comparing
the responses of small subsidiary and independent banks to monetary policy. I find
that internal capital markets in financial conglomerates relax the credit constraints
faced by smaller bank affiliates. Further analysis indicates that those markets lessen
the impact of Fed policies on bank lending activity. The paper also examines the
role of internal capital markets in influencing the investment allocation process
of those conglomerates. My findings suggest that frictions between conglomerate headquarters
and external capital markets are at the root of investment inefficiencies generated
by internal capital markets.
Опубликовано на портале: 05-06-2006
Naveen Khanna, Sheri Tice
Journal of Finance.
2001.
Vol. 56.
No. 4.
We examine capital expenditure decisions of discount firms in response to Wal-Mart's
entry into their markets. Before Wal-Mart's entry, focused incumbents and discount
divisions of diversified incumbents are similar in size, geographic dispersion, and
firm debt levels. However, discount divisions of diversified firms are significantly
more productive. After Wal-Mart's entry, diversified firms are quicker to either
“exit” the discount business or “stay and fight.” Also, their
capital expenditures are more sensitive to the productivity of their discount business.
Internal capital markets function well, as transfers are away from the worsening
discount divisions. It appears diversified firms make better investment decisions.
The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient
Investment. [статья]
Опубликовано на портале: 05-06-2006
David S. Scharfstein, Jeremy C. Stein
Journal of Finance.
2000.
Vol. 55.
No. 6.
P. 2537-2565.
We develop a two-tiered agency model that shows how rent-seeking behavior on the
part of division managers can subvert the workings of an internal capital market.
By rent-seeking, division managers can raise their bargaining power and extract greater
overall compensation from the CEO. And because the CEO is herself an agent of outside
investors, this extra compensation may take the form not of cash wages, but rather
of preferential capital budgeting allocations. One interesting feature of our model
is that it implies a kind of "socialism" in internal capital allocation, whereby
weaker divisions get subsidized by stronger ones.
Опубликовано на портале: 03-05-2005
Emmanuel Saez
NBER Working Paper Series.
2005.
No. 9046.
This paper analyzes optimal progressive capital income taxation in an infinite horizon
model where individuals differ only through their initial wealth. We show that, in
that context, progressive taxation is a much more powerful and efficient tool to
redistribute wealth than linear taxation on which previous literature has focused.
We consider progressive capital income tax schedules taking a simple two-bracket
form with an exemption bracket at the bottom and a single marginal tax rate above
a time varying exemption threshold. Individuals are taxed until their wealth is reduced
down to the exemption threshold. When the intertemportal elasticity of substitution
is not too large and the top tail of the initial wealth distribution is infinite
and thick enough, the optimal exemption threshold converges to a finite limit. As
a result, the optimal tax system drives all the large fortunes down a finite level
and produces a truncated long-run wealth distribution. A number of numerical simulations
illustrate the theoretical result.
Опубликовано на портале: 03-11-2004
Robert E. Hall
American Economic Review.
2001.
Vol. 91.
No. 5.
P. 1185-1202.
The value of a firm's securities measures the value of the firm's productive assets.
If the assets include only capital goods and not a permanent monopoly franchise,
the value of the securities measures the value of the capital. Finally, if the price
of the capital can be measured or inferred, the quantity of capital is the value
divided by the price. A standard model of adjustment costs enables the inference
of the price of installed capital. Data from U.S. corporations over the past 50 years
imply that corporations have formed large amounts of intangible capital, especially
in the past decade.
Опубликовано на портале: 03-10-2003
Douglas T. Breeden, Michael R. Gibbons, Robert H. Litzenberger
Journal of Finance.
1989.
Vol. 44.
No. 2.
P. 231-262.
The empirical implications of the consumption-oriented capital asset pricing model
(CCAPM) are examined, and its performance is compared with a model based on the market
portfolio. The CCAPM is estimated after adjusting for measurement problems associated
with reported consumption data. The CCAPM is tested using betas based on both consumption
and the portfolio having the maximum correlation with consumption. As predicted by
the CCAPM, the market price of risk is significantly positive, and the estimate of
the real interest rate is close to zero. The performances of the traditional CAPM
and the CCAPM are about the same.
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