This paper constructs a static Applied General Equilibrium Model and analyzes the distributional impact of trade reforms. To calibrate our model, we work with the Household Expenditure Survey to disaggregate household groups by income, age, and skill intensity, and the Input-Output table to construct a Social Accounting Matrix. Our benchmark simulation looks at Slovenia joining the European Union. We then compare with two alternative scenarios: a free trade agreement between Slovenia and the EU, and an alternative fiscal arrangement of distributing tariff revenues under the EU. While trade reforms lead to falling prices in the import sector, rising production in the export sector, and improvement in aggregate welfare, the distributional impacts across household groups vary in its degree.
{"title":"Welfare Impact of Trade Liberalization","authors":"S. Cho, Julián P. Díaz","doi":"10.2139/ssrn.1323697","DOIUrl":"https://doi.org/10.2139/ssrn.1323697","url":null,"abstract":"This paper constructs a static Applied General Equilibrium Model and analyzes the distributional impact of trade reforms. To calibrate our model, we work with the Household Expenditure Survey to disaggregate household groups by income, age, and skill intensity, and the Input-Output table to construct a Social Accounting Matrix. Our benchmark simulation looks at Slovenia joining the European Union. We then compare with two alternative scenarios: a free trade agreement between Slovenia and the EU, and an alternative fiscal arrangement of distributing tariff revenues under the EU. While trade reforms lead to falling prices in the import sector, rising production in the export sector, and improvement in aggregate welfare, the distributional impacts across household groups vary in its degree.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91351847","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Investors seeking exposure to global equity markets commonly buy international mutual funds managed by locally based fund managers. How competitive is this form of intermediated investing? We investigate whether international equity fund managers mimic each other's portfolio holdings and analyze the performance implications of these actions. Managers based in the same country have more stocks held in common than those of their peers in other countries. Correlated trading among domestic fund managers contributes significantly to this pattern. Cross-border managers' portfolio holdings and trades are also relevant to the actions of domestic managers. Stock selection strategies based on mimicry and differentiation both deliver short-term superior performance. Mimicked sales occur while prices are rising.
{"title":"Information Diffusion among International Fund Managers: Multi-Country Evidence","authors":"J. Parwada, Joey (Wenling) Yang","doi":"10.2139/ssrn.1115276","DOIUrl":"https://doi.org/10.2139/ssrn.1115276","url":null,"abstract":"Investors seeking exposure to global equity markets commonly buy international mutual funds managed by locally based fund managers. How competitive is this form of intermediated investing? We investigate whether international equity fund managers mimic each other's portfolio holdings and analyze the performance implications of these actions. Managers based in the same country have more stocks held in common than those of their peers in other countries. Correlated trading among domestic fund managers contributes significantly to this pattern. Cross-border managers' portfolio holdings and trades are also relevant to the actions of domestic managers. Stock selection strategies based on mimicry and differentiation both deliver short-term superior performance. Mimicked sales occur while prices are rising.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74590566","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper explores the effect of the cost and profit efficiency of Canadian life insurers on their return on equity (ROE). We take the data submitted by these insurers to the Office of the Superintendent of Financial Institutions (OSFI) for 2000 through 2004 and determine 1) the extent of the profit and cost efficiency of the various Canada life insurers and 2) how this affects their ROE. We also explore how other factors such as company size, debt ratio and amount of new business written affect ROE. The values are determined using stochastic frontier analysis for both companies as a whole and separately for the various lines of business (LOBs) within the companies. The results of the investigation show us that both the profit and cost efficiency is very important in determining the ROE of a life insurer as a whole and is much more so than the other factors explored. Indeed the average inefficiency of the insurers reduces their average ROE anywhere from 11% to 38% of its potential value depending upon the method of measurement used. It is found that in order to increase its ROE by even 1% (e.g. from 10% to 11%) by adjusting its size, debt ratio or amount of new business written it is (virtually) impossible for a life insurer and the only reasonable way to do so is by improving its efficiency. In addition profit efficiency by LOB is seen, for the most part, to be important in determining the ROE of the LOB and is also more so than the other factors explored. There are some LOBs where the importance of profit efficiency is difficult to determine, mostly because of a lack of data.
{"title":"An Investigation of Life Insurer Efficiency in Canada","authors":"W. Wise, S. Purcal","doi":"10.2139/ssrn.1173082","DOIUrl":"https://doi.org/10.2139/ssrn.1173082","url":null,"abstract":"This paper explores the effect of the cost and profit efficiency of Canadian life insurers on their return on equity (ROE). We take the data submitted by these insurers to the Office of the Superintendent of Financial Institutions (OSFI) for 2000 through 2004 and determine 1) the extent of the profit and cost efficiency of the various Canada life insurers and 2) how this affects their ROE. We also explore how other factors such as company size, debt ratio and amount of new business written affect ROE. The values are determined using stochastic frontier analysis for both companies as a whole and separately for the various lines of business (LOBs) within the companies. The results of the investigation show us that both the profit and cost efficiency is very important in determining the ROE of a life insurer as a whole and is much more so than the other factors explored. Indeed the average inefficiency of the insurers reduces their average ROE anywhere from 11% to 38% of its potential value depending upon the method of measurement used. It is found that in order to increase its ROE by even 1% (e.g. from 10% to 11%) by adjusting its size, debt ratio or amount of new business written it is (virtually) impossible for a life insurer and the only reasonable way to do so is by improving its efficiency. In addition profit efficiency by LOB is seen, for the most part, to be important in determining the ROE of the LOB and is also more so than the other factors explored. There are some LOBs where the importance of profit efficiency is difficult to determine, mostly because of a lack of data.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91550135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The bootstrap is, at heart, a way to obtain an approximate sampling distribution for a statistic (and hence, if required, produce a confidence interval). Where that statistic is a suitable estimator for a population parameter of interest, the bootstrap enables inferences about that parameter. In the case of simple situations the bootstrap is very simple in form, but more complex situations can be dealt with. The bootstrap can be modified in order to produce a predictive distribution (and hence, if required, prediction intervals). It is predictive distributions that are generally of prime interest to insurers (because they pay the outcome of the process, not its mean). The bootstrap has become quite popular in reserving in recent years, but it's necessary to use the bootstrap with caution. The bootstrap does not require the user to assume a distribution for the data. Instead, sampling distributions are obtained by resampling the data. However, the bootstrap certainly does not avoid the need for assumptions, nor for checking those assumptions. The bootstrap is far from a cure-all. It suffers from essentially the same problems as finding predictive distributions and sampling distributions of statistics by any other means. These problems are exacerbated by the time-series nature of the forecasting problem - because reserving requires prediction into never-before-observed calendar periods, model inadequacy in the calendar year direction becomes a critical problem. In particular, the most popular actuarial techniques - those most often used with the bootstrap - don't have any parameters in that direction, and are frequently mis-specified with respect to the behaviour against calendar time. Further, commonly used versions of the bootstrap can be sensitive to overparameterization - and this is a common problem with standard techniques. In this paper, we describe these common problems in using the bootstrap and how to spot them.
{"title":"The Need for Diagnostic Assessment of Bootstrap Predictive Models","authors":"Glen Barnett, B. Zehnwirth","doi":"10.2139/SSRN.1134607","DOIUrl":"https://doi.org/10.2139/SSRN.1134607","url":null,"abstract":"The bootstrap is, at heart, a way to obtain an approximate sampling distribution for a statistic (and hence, if required, produce a confidence interval). Where that statistic is a suitable estimator for a population parameter of interest, the bootstrap enables inferences about that parameter. In the case of simple situations the bootstrap is very simple in form, but more complex situations can be dealt with. The bootstrap can be modified in order to produce a predictive distribution (and hence, if required, prediction intervals). It is predictive distributions that are generally of prime interest to insurers (because they pay the outcome of the process, not its mean). The bootstrap has become quite popular in reserving in recent years, but it's necessary to use the bootstrap with caution. The bootstrap does not require the user to assume a distribution for the data. Instead, sampling distributions are obtained by resampling the data. However, the bootstrap certainly does not avoid the need for assumptions, nor for checking those assumptions. The bootstrap is far from a cure-all. It suffers from essentially the same problems as finding predictive distributions and sampling distributions of statistics by any other means. These problems are exacerbated by the time-series nature of the forecasting problem - because reserving requires prediction into never-before-observed calendar periods, model inadequacy in the calendar year direction becomes a critical problem. In particular, the most popular actuarial techniques - those most often used with the bootstrap - don't have any parameters in that direction, and are frequently mis-specified with respect to the behaviour against calendar time. Further, commonly used versions of the bootstrap can be sensitive to overparameterization - and this is a common problem with standard techniques. In this paper, we describe these common problems in using the bootstrap and how to spot them.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74810136","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-03-01DOI: 10.5089/9781451869262.001.A001
Philippe D. Karam, A. Pagan
We extend a small New Keynesian structural model used for monetary policy analysis to address a richer class of policy issues that arise in open economy analysis. We draw a distinction between absorption and domestic output, and as the difference between the two is effectively the current account, there is now an explicit accumulation or decumulation of foreign liabilities in response to various shocks affecting the system. Such stock equilibria can now have an impact back on to the flows in the domestic economy. We perform simulations using parameters calibrated to the Canadian economy and compare the differences in impulse responses from the original model. Advantages in a forecasting environment owing to the ability to impose explicit projections about imports and exports are also exposed.
{"title":"A Small Structural Monetary Policy Model for Small Open Economies with Debt Accumulation","authors":"Philippe D. Karam, A. Pagan","doi":"10.5089/9781451869262.001.A001","DOIUrl":"https://doi.org/10.5089/9781451869262.001.A001","url":null,"abstract":"We extend a small New Keynesian structural model used for monetary policy analysis to address a richer class of policy issues that arise in open economy analysis. We draw a distinction between absorption and domestic output, and as the difference between the two is effectively the current account, there is now an explicit accumulation or decumulation of foreign liabilities in response to various shocks affecting the system. Such stock equilibria can now have an impact back on to the flows in the domestic economy. We perform simulations using parameters calibrated to the Canadian economy and compare the differences in impulse responses from the original model. Advantages in a forecasting environment owing to the ability to impose explicit projections about imports and exports are also exposed.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84963644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Adding a motivation for trading due to endowment differences to standard asset pricing assumptions, we investigate the impact of illiquidity due to small numbers of participants. We calibrate to observed activity levels, returns, transaction costs and volatility in equity markets. We show that, while the price of an illiquid asset is itself unaffected by its illiquidity, with the introduction of an equivalent liquid asset, which trades at a premium, we nonetheless replicate the findings of Mehra and Prescott (1985). The required transactional charges are modest in some calibrations. We show that the major part of the equity premium can be explained as a liquidity premium.
{"title":"The Liquidity Component of the Equity Premium","authors":"P. Swan, André Levy","doi":"10.2139/ssrn.1102115","DOIUrl":"https://doi.org/10.2139/ssrn.1102115","url":null,"abstract":"Adding a motivation for trading due to endowment differences to standard asset pricing assumptions, we investigate the impact of illiquidity due to small numbers of participants. We calibrate to observed activity levels, returns, transaction costs and volatility in equity markets. We show that, while the price of an illiquid asset is itself unaffected by its illiquidity, with the introduction of an equivalent liquid asset, which trades at a premium, we nonetheless replicate the findings of Mehra and Prescott (1985). The required transactional charges are modest in some calibrations. We show that the major part of the equity premium can be explained as a liquidity premium.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79950913","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
CEO flow incentives, both stock options and bonuses, are positively related to measures of firm market valuation and operating performance suggesting incentives are an important mechanism to align CEO interests with shareholders. These findings are robust to alternative measures of firm valuation and operating performance. They are also persistent across various estimation techniques such as pooled OLS with clustered standard errors, firm random effects, and firm fixed effects and also after accounting for potential endogeneity between compensation and firm performance as well as firm heterogeneity. Providing CEOs with increased equity and bonus incentives is the "road to riches" for owners of a firm.
{"title":"The Road to Riches: CEO Incentives and Firm Performance","authors":"Gavin Smith, P. Swan","doi":"10.2139/ssrn.1089968","DOIUrl":"https://doi.org/10.2139/ssrn.1089968","url":null,"abstract":"CEO flow incentives, both stock options and bonuses, are positively related to measures of firm market valuation and operating performance suggesting incentives are an important mechanism to align CEO interests with shareholders. These findings are robust to alternative measures of firm valuation and operating performance. They are also persistent across various estimation techniques such as pooled OLS with clustered standard errors, firm random effects, and firm fixed effects and also after accounting for potential endogeneity between compensation and firm performance as well as firm heterogeneity. Providing CEOs with increased equity and bonus incentives is the \"road to riches\" for owners of a firm.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79977954","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper considers the implications of the permanent/transitory decomposition of shocks for identification of structural models in the general case where the model might contain more than one permanent structural shock. It provides a simple and intuitive generalization of the influential work of Blanchard and Quah (1989), and shows that structural equations with known permanent shocks can not contain error correction terms, thereby freeing up the latter to be used as instruments in estimating their parameters. The approach is illustrated by a re-examination of the identification schemes used by Wickens and Motto (2001), Shapiro and Watson (1988), King, Plosser, Stock, Watson (1991), Gali (1992, 1999) and Fisher (2006).
本文考虑了在模型可能包含不止一个永久性结构冲击的一般情况下，永久性/暂时性冲击分解对结构模型识别的影响。它对Blanchard和Quah(1989)的有影响力的工作提供了一个简单而直观的概括，并表明具有已知永久冲击的结构方程可以不包含误差校正项，从而使后者可以用作估计其参数的工具。通过对以下几个人使用的识别方案的重新考察，可以说明这一方法:Wickens and Motto(2001)、Shapiro and Watson(1988)、King、Plosser、Stock、Watson(1991)、Gali(1992、1999)和Fisher(2006)。
{"title":"Econometric Analysis of Structural Systems with Permanent and Transitory Shocks","authors":"A. Pagan, M. Pesaran","doi":"10.2139/ssrn.1251542","DOIUrl":"https://doi.org/10.2139/ssrn.1251542","url":null,"abstract":"This paper considers the implications of the permanent/transitory decomposition of shocks for identification of structural models in the general case where the model might contain more than one permanent structural shock. It provides a simple and intuitive generalization of the influential work of Blanchard and Quah (1989), and shows that structural equations with known permanent shocks can not contain error correction terms, thereby freeing up the latter to be used as instruments in estimating their parameters. The approach is illustrated by a re-examination of the identification schemes used by Wickens and Motto (2001), Shapiro and Watson (1988), King, Plosser, Stock, Watson (1991), Gali (1992, 1999) and Fisher (2006).","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73751166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-01-15DOI: 10.1111/J.1467-629X.2008.00263.X
Kingsley Y. Fong, Adrian D. Lee, D. Gallagher
This study proposes methodological adjustments to the widely adopted performance benchmarking methodology of Daniel et al. (1997) as a means of improving the precision of alpha measurement for active equity fund managers. We achieve this by considering the monthly updating of characteristic benchmarks and to ensure neutrality to the Standard & Poor's/Australian Stock Exchange 300 index. Applying this benchmark to a representative sample of active Australian equity funds and simulated passive portfolios that mimic fund manager-style characteristics, we find statistically different and lower tracking error compared with using the standard characteristic benchmark methodology. We also find evidence that the modified benchmark statistically infers an alpha closer to zero compared with the standard benchmark methodology. Our findings suggest that improved specifications of characteristic benchmarks represent better methods in quantifying fund manager skill.
本研究对Daniel et al.(1997)广泛采用的绩效基准测试方法提出了方法上的调整，作为提高主动股票基金经理alpha测量精度的一种手段。我们通过考虑每月更新特征基准并确保标准普尔/澳大利亚证券交易所300指数的中立性来实现这一目标。将该基准应用于积极的澳大利亚股票基金和模仿基金经理风格特征的模拟被动投资组合的代表性样本，我们发现与使用标准特征基准方法相比，统计差异和更低的跟踪误差。我们还发现证据表明，与标准基准方法相比，改进的基准在统计上推断出接近于零的alpha。我们的研究结果表明，改进的特征基准规范代表了量化基金经理技能的更好方法。
{"title":"Benchmarking Benchmarks: Measuring Characteristic Selectivity Using Portfolio Holdings Data","authors":"Kingsley Y. Fong, Adrian D. Lee, D. Gallagher","doi":"10.1111/J.1467-629X.2008.00263.X","DOIUrl":"https://doi.org/10.1111/J.1467-629X.2008.00263.X","url":null,"abstract":"This study proposes methodological adjustments to the widely adopted performance benchmarking methodology of Daniel et al. (1997) as a means of improving the precision of alpha measurement for active equity fund managers. We achieve this by considering the monthly updating of characteristic benchmarks and to ensure neutrality to the Standard & Poor's/Australian Stock Exchange 300 index. Applying this benchmark to a representative sample of active Australian equity funds and simulated passive portfolios that mimic fund manager-style characteristics, we find statistically different and lower tracking error compared with using the standard characteristic benchmark methodology. We also find evidence that the modified benchmark statistically infers an alpha closer to zero compared with the standard benchmark methodology. Our findings suggest that improved specifications of characteristic benchmarks represent better methods in quantifying fund manager skill.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2008-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79300252","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine the dividend policy of Japanese firms and find that dividend payout is negatively related to ownership concentration. This result contradicts the argument that dividends are substitute for shareholder monitoring, but supports the assumption that controlling shareholders extract private benefits at the expense of minority shareholders. Consistent with their lower payout, firms with dominant shareholders are less likely to increase dividends when profitability increases and more likely to omit dividends when investment opportunities improve. On the other hand, they are more likely to increase dividend when debt is high and less likely to omit dividends when debt increases, which is tantamount to a wealth transfer from debtholders. Overall, ownership concentration appears to play a critical role in corporate decisions, mainly due to the way it intensifies the agency conflicts between majority and minority shareholders.
{"title":"Ownership Concentration, Agency Conflicts, and Dividend Policy in Japan","authors":"Kimie Harada, P. Nguyen","doi":"10.2139/ssrn.953433","DOIUrl":"https://doi.org/10.2139/ssrn.953433","url":null,"abstract":"We examine the dividend policy of Japanese firms and find that dividend payout is negatively related to ownership concentration. This result contradicts the argument that dividends are substitute for shareholder monitoring, but supports the assumption that controlling shareholders extract private benefits at the expense of minority shareholders. Consistent with their lower payout, firms with dominant shareholders are less likely to increase dividends when profitability increases and more likely to omit dividends when investment opportunities improve. On the other hand, they are more likely to increase dividend when debt is high and less likely to omit dividends when debt increases, which is tantamount to a wealth transfer from debtholders. Overall, ownership concentration appears to play a critical role in corporate decisions, mainly due to the way it intensifies the agency conflicts between majority and minority shareholders.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76079737","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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