Legal Insider Trading and Stock Market Liquidity
Hans Degryse, Frank de Jong, Jérémie Lefebvre
De Economist,
Nr. 1,
2016
Abstract
This paper assesses the impact of legal trades by corporate insiders on the liquidity of the firm’s stock. For this purpose, we analyze two liquidity measures and one information asymmetry measure. The analysis allows us to study as well the effect of a change in insider trading regulation, namely the implementation of the Market Abuse Directive (European Union Directive 2003/6/EC) on the Dutch stock market. The first set of results shows that, in accordance with theories of asymmetric information, the intensity of legal insider trading in a given company is positively related to the bid-ask spread and to the information asymmetry measure. We also find that the Market Abuse Directive did not reduce significantly this effect. Secondly, analyzing liquidity and information asymmetry around the days of legal insider trading, we find that small and large capitalization stocks see their bid-ask spread and the permanent price impact increase when insiders trade. For mid-cap stocks, only the permanent price impact increases. Finally, we could not detect a significant improvement of these results following the change in regulation.
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Does Social Capital Matter in Corporate Decisions? Evidence from Corporate Tax Avoidance
Iftekhar Hasan, Chun-Keung (Stan) Hoi, Qiang Wu, Hao Zhang
Journal of Accounting Research,
Nr. 3,
2017
Abstract
We investigate whether the levels of social capital in U.S. counties, as captured by strength of civic norms and density of social networks in the counties, are systematically related to tax avoidance activities of corporations with headquarters located in the counties. We find strong negative associations between social capital and corporate tax avoidance, as captured by effective tax rates and book-tax differences. These results are incremental to the effects of local religiosity and firm culture toward socially irresponsible activities. They are robust to using organ donation as an alternative social capital proxy and fixed effect regressions. They extend to aggressive tax avoidance practices. Additionally, we provide corroborating evidence using firms with headquarters relocation that changes the exposure to social capital. We conclude that social capital surrounding corporate headquarters provides environmental influences constraining corporate tax avoidance.
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Non-linearity in the Finance-Growth Nexus: Evidence from Indonesia
Nuruzzaman Arsyad, Iftekhar Hasan, Wahyoe Soedarmono
International Economics,
August
2017
Abstract
This paper investigates the finance-growth nexus where bank credit is decomposed into investment, consumption, and working capital credit. From a panel dataset of provinces in Indonesia, it documents that higher financial development measured by financial deepening and financial intermediation exhibits an inverted U-shaped relationship with economic growth. This non-linear effect of financial deepening is driven by both investment credit and consumption credit. These results suggest that too much investment credit and, to a lesser extent, consumption credit are detrimental to economic growth. Ultimately, only financial intermediation associated with working capital credit has a positive and monotonic impact on economic growth.
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Social Capital and Debt Contracting: Evidence from Bank Loans and Public Bonds
Iftekhar Hasan, Chun-Keung (Stan) Hoi, Qiang Wu, Hao Zhang
Journal of Financial and Quantitative Analysis,
Nr. 3,
2017
Abstract
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Industrie- und Bauumfragen 1999 - Dokumentation der Hauptergebnisse-
Doris Gladisch, Bärbel Laschke, Brigitte Loose, Udo Ludwig
IWH Discussion Papers,
Nr. 111,
2000
Abstract
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Schrumpfende Städte - schrumpfende Wirtschaft? Der Fall Ostdeutschland
Peter Franz
Deutsche Zeitschrift für Kommunalwissenschaften,
Nr. 1,
2004
Abstract
In der Diskussion über die Zukunft schrumpfender Städte wird häufig unterstellt, rückgängige Einwohnerzahlen würden auch mit zurückbleibendem wirtschaftlichen Wachstum einhergehen. Der Beitrag setzt sich damit auseinander, welche potenziellen wechselseitigen Einflüsse zwischen demographischen Größen und ökonomischen Wachstumsfaktoren bzw. indikatoren bestehen. Am Beispiel der großen ostdeutschen Städte wird gezeigt, dass in den Zeiträumen 1994-96 und 1998-2000 von einer Parallelität von demographischer und ökonomischer Schrumpfung noch nicht die Rede sein kann. Allerdings ist in zahlreichen Städten das Muster eines Wachstums ohne Beschäftigungseffekte (jobless growth) identifizierbar. Darüber hinaus lassen die Ergebnisse erkennen, dass die ökonomischen Entwicklungspfade der Städte zunehmend unterschiedlich werden.
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Comply or Explain - Die Akzeptanz von Corporate Governance Kodizes in Deutschland und Großbritannien
Nicole Steinat
Beiträge zum Transnationalen Wirtschaftsrecht,
Nr. 39,
2005
Abstract
Die zahlreichen Unternehmenszusammenbrüche, Bilanzskandale sowie der Absturz der Indizes an den Kapitalmärkten zu Beginn des neuen Jahrtausends verstärkten die Diskussion um die Unternehmensführung und -kontrolle in Deutschland und führten schließlich vor nunmehr fast drei Jahren zur Verabschiedung des deutschen Corporate Governance Kodex. Dieser Verhaltenskodex, der sich an börsennotierte Gesellschaften richtet, greift internationale Kritikpunkte an der deutschen Unternehmensverfassung auf und soll somit den Standort Deutschland für ausländische Investoren attraktiver machen und das Vertrauen der Anleger zurückgewinnen. Ob dies gelungen ist, soll in dieser Studie ebenso untersucht werden, wie die Frage, ob und in welchen Bereichen der Kodex mit seinen Anforderungen von den Unternehmen akzeptiert wird...
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Staggered Completion of the European Banking Union: Transposition Dates of the BRRD
Michael Koetter, Thomas Krause, Eleonora Sfrappini, Lena Tonzer
IWH Technical Reports,
Nr. 1,
2021
Abstract
In May 2014, the European Commission published the Bank Recovery and Resolution Directive (BRRD). The directive introduces rules on bank resolution and restructuring including a bailin tool. It constitutes the legal foundation underlying the Single Resolution Mechanism (SRM). Member countries of the European Union (EU) had to transpose this directive into national law by 31 December 2014 and implement the rules on resolution and restructuring of failing banks from 1 January 2015 onwards. However, many countries delayed the implementation. We assemble a dataset on national transposition dates of the BRRD across the EU-27 countries.
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Eastern Germany in the process of catching-up: the role of foreign and Western German investors in technological renewal
Jutta Günther, Oliver Gebhardt
Eastern European Economics,
Nr. 3,
2005
Abstract
Foreign direct investment as a means to support system transformation and the ongoing process of catching-up development has caught researcher’s attention for a number of Central and Eastern European countries. Not much research, however, has been carried out for East Germany in this respect although FDI plays an important role in East Germany too. Descriptive analysis by the use of unique survey data shows that foreign and West German affiliates perform much better with respect to technological capability and labor productivity than domestic companies in East Germany. The results of the regression analysis, however, show that it is not the status of ownership as such that forms a significant determinant of innovativeness in East Germany but rather general firms specific characteristics attached to it such as firm size, export-intensity, technical state of the equipment, and R&D activities. Due to the fact that foreign and West German affiliates perform better with respect to exactly all of these characteristics, they can be considered as a means to support the process of technological renewal and economic development.
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Getting out of the ivory tower – New perspectives on the entrepreneurial university
Jutta Günther, Kerstin Wagner
European Journal of International Management,
2008
Abstract
Based on theoretical considerations about the ‘third mission’ of
universities and the discussion of different types of university-industry relations, we conclude that the entrepreneurial university is a manifold institution with direct
mechanisms to support the transfer of technology from academia to industry
as well as indirect mechanisms in support of new business activities via
entrepreneurship education. While existing literature usually deals with one or
another linking mechanism separately, our central hypothesis is that direct and
indirect mechanisms should be interrelated and mutually complementary. We
emphasise the importance of a more holistic view of the entrepreneurial university
and empirically investigate the scope and interrelatedness of direct technology
transfer mechanisms and indirect mechanisms, such as entrepreneurship education
at German universities. We find a variety of activities in both fields and most
universities’ technology transfer facilities and the providers of entrepreneurship
education co-operate in support of innovative start-ups.
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