12.03.2024 • 8/2024
Risiko im Bankensektor: Vier von zehn Top-Aufsehern stammen aus Finanzindustrie
Europas Banken erzielen Überrenditen am Aktienmarkt, wenn ihre Beschäftigten in den Vorstand der Finanzaufsichtsbehörde wechseln. Das kommt häufiger vor als bekannt, zeigt eine Studie des Leibniz-Instituts für Wirtschaftsforschung Halle (IWH). Der Befund deutet auf ein Risiko für die Finanzstabilität hin. Die Politik sollte die Aufsicht verbessern.
Michael Koetter
Pressemitteilung lesen
Ownership Structure and the Cost of Debt: Evidence From the Chinese Corporate Bond Market
Sris Chatterjee, Xian Gu, Iftekhar Hasan, Haitian Lu
Journal of Empirical Finance,
September
2023
Abstract
Drawing upon evidence from the Chinese corporate bond market, we study how ownership structure affects the cost of debt for firms. Our results show that state, institutional and foreign ownership formats reduce the cost of debt for firms. The benefits of state ownership are accentuated when the issuer is headquartered in a province with highly developed market institutions, operates in an industry less dominated by the state or during the period after the 2012 anti-corruption reforms. Institutional ownership provides the most benefits in environments with lower levels of marketization, especially for firms with low credit quality. Our evidence sheds light on the nexus of ownership and debt cost in a political economy where state-owned enterprises (SOEs) and non-SOEs face productivity and credit frictions. It is also illustrative of how the market environment interacts with corporate ownership in affecting the cost of bond issuance.
Artikel Lesen
Ostdeutschland
Die garstige Lücke Warum Ostdeutschland auch 30 Jahre nach der Vereinigung um 20% ärmer ist...
Zur Seite
Courses
Courses Courses are organised in coordination with partner institutions within the...
Zur Seite
IWH Doctoral Programme in Economics
Warum ein Doktorandenstudium am IWH? ...
Zur Seite
Department Profiles
Research Profiles of the IWH Departments All doctoral students are allocated to one...
Zur Seite
People
People Job Market Candidates Doctoral...
Zur Seite
Professor in Finance and Labor in conjunction with a position as Senior Research Advisor at the Department of Laws, Regulations and Factor Market
Vacancy Professor in Finance and Labor in conjunction with a...
Zur Seite
People
People Job Market Candidates Doctoral...
Zur Seite
Department Profiles
Research Profiles of the IWH Departments All doctoral students are allocated to one...
Zur Seite