Search results for "Investor protection"
showing 4 items of 4 documents
Investor Protection and Business Creation
2003
We study the effects of investor protection on the availability of external finance, entrepreneurship, and creation of new firms in an equilibrium search model of private capital markets. In addition to search frictions, we examine contract frictions, specifically interim and ex post moral hazard problems stemming from entrepreneurs' possibilities to expropriate financiers. In our model, the government chooses the level of investor protection that determines the transferability of match surplus between entrepreneurs and financiers. The results indicate that anything that increases (decreases) entrepreneurship also increases (decreases) the creation of start-ups. The effect of investor prote…
Investor protection and business creation
2003
We study the effects of investor protection on the availability of external finance, entrepreneurship, and creation of new firms in an equilibrium search model of private capital markets. In addition to search frictions, we examine contract frictions, specifically interim and ex post moral hazard problems stemming from entrepreneurs’ possibilities to expropriate financiers. In our model, the government chooses the level of investor protection that determines the transferability of match surplus between entrepreneurs and financiers. The results indicate that anything that increases (decreases) entrepreneurship also increases (decreases) the creation of start-ups. The effect of investor prote…
Investor Protection in Times of Crisis of Financial Institutions in Spain in Light of EU Regulations
2016
The objective of this paper is to explore selected strategies of countering the financial crisis in Spain, with a special focus on the issue of investor protection. I will attempt to highlight good solutions and the most significant mistakes made in the struggle to tackle the crisis, based on comments provided by experts in the field - both scholars and practitioners. Owing to the great complexity of the subject, in this work I focus on aspects connected with the restructuring of Spanish banking institutions and with the deposit guarantee system, and I discuss the efforts to overcome the financial crisis in Spain within the context of new challenges to public law (especially in light of the…
Integrated reporting: The mediating role of the board of directors and investor protection on managerial discretion in munificent environments
2018
Is there a relationship between managerial discretion in munificent environments and the propensity to disclose an integrated reporting? Is this relationship contingent on the board of directors and investor protection? For an international sample for 2006–2014, this paper supports the assertion that managers are more able to extract superior perquisites when the level of accumulated cash holding is higher; that is, in munificent contexts. Because of the greater managerial discretion in these contexts, managers show a lower incentive to disclose voluntary information through an integrated report, which decreases the firm's transparency. Nonetheless, the board of directors and the level of i…