The Effects Of Losing Business Group Affiliation
Download and Read The Effects Of Losing Business Group Affiliation full books in PDF, ePUB, and Kindle. Read online free The Effects Of Losing Business Group Affiliation ebook anywhere anytime directly on your device. We cannot guarantee that every ebooks is available!
The Effects of Losing Business Group Affiliation
Author | : Borja Larrain |
Publisher | : |
Total Pages | : 72 |
Release | : 2018 |
Genre | : |
ISBN | : |
Download The Effects of Losing Business Group Affiliation Book in PDF, Epub and Kindle
We propose a novel identification strategy for estimating the effects of business group affiliation. We study two-firm business groups, some of which split up during the sample period, leaving some firms as stand-alones. We instrument for stand-alone status using shocks to the industry of the other group firm. We find that firms that become stand-alone reduce leverage and investment. Consistent with collateral cross-pledging, the effects are more pronounced when the other firm had high tangibility. Consistent with capital misallocation in groups, the reduction in leverage is stronger in firms that had low (high) profitability (leverage) relative to industry peers.
The Effects of Losing Business Group Affiliation Related Books
Pages: 72
Pages: 21
Pages: 32
Pages: 0
Pages: 586