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Financial conservatism of private firms
Journal of Business Research, 2013The aim of this paper is to analyze the factors that motivate private firms to follow a conservative financial policy. Using a new definition of financial conservatism, we investigate a sample of 21,959 Italian private firms for the 1998-2006 period and look for the determinants of financial conservatism according to the main theories of capital ...
BIGELLI, MARCO +2 more
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Cash Holdings in Private Firms
SSRN Electronic Journal, 2009Abstract Evidence from a wide sample of Italian private firms shows that cash holdings are significantly related with smaller size, higher risk and lower effective tax rates, therefore supporting predictions from the trade-off model. More cash is also held by firms with longer cash conversion cycles and lower financing deficits, as predicted by the ...
BIGELLI, MARCO, J. Sanchez Vidal
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Peruvian Privatization: Impacts on Firm Performance [PDF]
SSRN Electronic Journal, 2003 In the nearly ten years since Peru privatized major State Owned Enterprises (SOEs), the overall impact of the process is not yet clear. This paper analyzes the impact of privatization through a detailed statistical and econometric analysis of first difference (the difference between pre- and post-privatization performance), and second difference ...
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Privatization when the public firm is as efficient as private firms
Economic Modelling, 2012Abstract The literature on mixed oligopoly shows that when production costs are quadratic the public firm is privatized if the competition in the product market is high enough. Similarly, when the public firm is less efficient than private firms and the marginal costs of production are constant, the government privatizes the public firm if its ...
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Working in Public and Private Firms
SSRN Electronic Journal, 2002Abstract We develop a theoretical framework for comparing incentives, labor productivity and the allocation of effort in public versus private enterprises. We incorporate ‘socializing’, an activity which yields utility for workers and affects a firm’s output, into a multitask model of work organization. We establish the two following results.
Corneo, Giacomo, Rob, Rafael
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Private equity fundraising and firm specialization
The Quarterly Review of Economics and Finance, 2012Using a firm-level perspective, this study examines the effect of specialization on the fundraising activities of private equity (PE) firms. We consider three dimensions of specialization: stage, industry and geographic location. Using a large sample of U.S.
Gejadze, Maia +2 more
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