Home
|
The Society
|
Membership
|
Board of Directors
|
Multinational Finance Journal
|
Annual Conferences
Search
Date Range
in
Title
Author
Abstract
Full Text
Keywords
All Years
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
to:
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Forthcoming Articles
Published Articles
Volume 28 (2024)
Volume 28, Numbers 3 & 4
38-75 (September/December 2024)
Volume 28, Numbers 1 & 2
Pages 1-37 (March/June 2018)
Volume 26 (2023)
Volume 27, Numbers 3 & 4
48-66 (September/December 2023)
Volume 27, Numbers 1 & 2
1-47 (March/June 2023)
Volume 26 (2022)
Volume 26, Numbers 3 & 4
27-59 (September/December 2022)
Volume 26, Numbers 1 & 2
1-26 (March/June 2022)
Volume 25 (2021)
Volume 25, Numbers 3 & 4
(September/December 2021)
Volume 25, Numbers 1 & 2
(March/June 2021)
Volume 24 (2020)
Volume 24, Numbers 3 & 4
Pages 119-266 (September/December 2020)
Volume 24, Numbers 1 & 2
Pages 1-117 (March/June 2020)
Volume 23 (2019)
Volume 23, Numbers 3 & 4
Pages 141-272 (September/December 2019)
Volume 23, Numbers 1 & 2
Pages 1-139 (March/June 2019)
Volume 22 (2018)
Volume 22, Numbers 3 & 4
Pages 119-254 (September/December 2018)
Volume 22, Numbers 1 & 2
Pages 1-118 (March/June 2018)
Volume 21 (2017)
Volume 21, Number 4
Pages 211-283 (December 2017)
Volume 21, Number 3
Pages 133-210 (September 2017)
Volume 21, Number 2
Pages 49-132 (June 2017)
Volume 21, Number 1
Pages 1-48 (March 2017)
Volume 20 (2016)
Volume 20, Number 4
Pages 273-354 (December 2016)
Volume 20, Number 3
Pages 181-271 (September 2016)
Volume 20, Number 2
Pages 85-179 (June 2016)
Volume 20, Number 1
Pages 1-83 (March 2016)
Volume 19 (2015)
Volume 19, Number 4
Pages 223-313 (December 2015)
Volume 19, Number 3
Pages 149-221 (September 2015)
Volume 19, Number 2
Pages 77-147 (June 2015)
Volume 19, Number 1
Pages 1-75 (March 2015)
Volume 18 (2014)
Volume 18, Numbers 3 & 4
Pages 169-336 (September/December 2014)
Volume 18, Numbers 1 & 2
Pages 1-167 (March/June 2014)
Volume 17 (2013)
Volume 17, Numbers 3 & 4
Pages 149-369 (September/December 2013)
Volume 17, Numbers 1 & 2
Pages 1-148 (March/June 2013)
Volume 16 (2012)
Volume 16, Numbers 3 & 4
Pages 155-301 (September/December 2012)
Volume 16, Numbers 1 & 2
Pages 1-154 (March/June 2012)
Volume 15 (2011)
Volume 15, Numbers 3 & 4
Pages 157-296 (September/December 2011)
Volume 15, Numbers 1 & 2
Pages 1-156 (March/June 2011)
Volume 14 (2010)
Volume 14, Numbers 3 & 4
Pages 153-317 (September/December 2010)
Volume 14, Numbers 1 & 2
Pages 1-151 (March/June 2010)
Volume 13 (2009)
Volume 13, Numbers 3 & 4
Pages 155-321 (September/December 2009)
Volume 13, Numbers 1 & 2
Pages 1-154 (March/June 2009)
Volume 12 (2008)
Volume 12, Numbers 3 & 4
Pages 157-312 (September/December 2008)
Volume 12, Numbers 1 & 2
Pages 1-155 (March/June 2008)
Volume 11 (2007)
Volume 11, Numbers 3 & 4
Pages 157-322 (September/December 2007)
Volume 11, Numbers 1 & 2
Pages 1-156 (March/June 2007)
Volume 10 (2006)
Volume 10, Numbers 3 & 4
Pages 153-305 (September/December 2006)
Volume 10, Numbers 1 & 2
Pages 1-151 (March/June 2006)
Volume 9 (2005)
Volume 9, Numbers 3 & 4
Pages 131-269 (September/December 2005)
Volume 9, Numbers 1 & 2
Pages 1-130 (March/June 2005)
Volume 8 (2004)
Volume 8, Numbers 3 & 4
Pages 141-274 (September/December 2004)
Volume 8, Numbers 1 & 2
Pages 1-139 (March/June 2004)
Volume 7 (2003)
Volume 7, Numbers 3 & 4
Pages 107-230 (September/December 2003)
Volume 7, Numbers 1 & 2
Pages 1-106 (March/June 2003)
Volume 6 (2002)
Volume 6, Numbers 3 & 4
Pages 131-258 (September/December 2002)
Volume 6, Number 2
Pages 65-130 (June 2002)
Volume 6, Number 1
Pages 1-63 (March 2002)
Volume 5 (2001)
Volume 5, Number 4
Pages 225-311 (December 2001)
Volume 5, Number 3
Pages 155-224 (September 2001)
Volume 5, Number 2
Pages 87-154 (June 2001)
Volume 5, Number 1
Pages 1-86 (March 2001)
Volume 4 (2000)
Volume 4, Numbers 3 & 4
Pages 159-288 (September/December 2000)
Volume 4, Numbers 1 & 2
Pages 5-153 (March/June 2000)
Volume 3 (1999)
Volume 3, Number 4
Pages 223-282 (December 1999)
Volume 3, Number 3
Pages 147-221 (September 1999)
Volume 3, Number 2
Pages 71-145 (June 1999)
Volume 3, Number 1
Pages 1-70 (March 1999)
Volume 2 (1998)
Volume 2, Number 4
Pages 245-310 (December 1998)
Volume 2, Number 3
Pages 167-244 (September 1998)
Volume 2, Number 2
Pages 85-165 (June 1998)
Volume 2, Number 1
Pages 1-83 (March 1998)
Volume 1 (1997)
Volume 1, Number 4
Pages 255-324 (December 1997)
Volume 1, Number 3
Pages 169-254 (September 1997)
Volume 1, Number 2
Pages 93-168 (June 1997)
Volume 1, Number 1
Pages 1-80 (March 1997)
Forthcoming Articles
()
General Information
()
Published Articles By Year
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
1997 - 2025
Published Articles for Year 2023
Download Article 368.82 Kb
The Interplay between Institutional Investors, Debt and Firm Value: Evidence from France, Germany and the UK
Multinational Finance Journal, 2023, vol. 27, no. 1/2, pp. 3-49 |
https://doi.org/10.5281/zenodo.14956497
André Küster Simic
, Hamburg School of Business Administration HSBA
Corresponding Author
Tel: ++49 Email: andre.kuestersimic@hsba.de
Gabriel Frahm
, Helmut Schmidt University
Christian Glöer
, HSBA Hamburg School of Business Administration”.
Abstract:
This study investigates the interaction effect between institutional ownership and debt ratio on firm value. Analyzing a large sample consisting of 9,998 observations from 1,351 distinct non-financial firms listed in France, Germany, and the United Kingdom (UK) over the 2002-2018 period, it is documented that the interaction variable exerts a positive effect on firm value. This finding is robust to various firm characteristics, industry and year fixed effects, and it also extends to alternative measures of ownership and firm value. Identification analyses suggest that the effect is causal. This study further finds a stronger impact during times of financial turmoil and that there exists a heterogeneity across different types of institutional ownership. Distinguishing between bank-based and market-based financial systems does not affect the inferences.
Keywords : Crisis; debt; firm value; institutional ownership
View in Bib TeX Format
View Cite Format 1
View Cite Format 2
Download Article 110.99 Kb
An Ancient Ancestor of the U.S. Secured Overnight Financing Rate Determination: The Florin Fix
Multinational Finance Journal, 2023, vol. 27, no. 3/4, pp. 50-67 |
https://doi.org/10.5281/zenodo.14956550
Iordanis Karagiannidis
, The Citadel
Corresponding Author
Email: iordanis@citadel.edu
G. Geoffrey Booth
, Michigan State University
Abstract:
Abstract: The Secured Overnight Financing Rate (SOFR), defined by the U.S. Alternative Reference Rates Committee (ARRC) and now used by the U.S. Federal Reserve instead of the London Interbank Offer Rate (LIBOR) because of a loss of faith in its veracity, has clear and strong historical roots. Its calculation is closely related to that of the florin-denaro daily exchange rate that the Arte del Cambio (moneychangers guild) developed and implemented in the Repubblica Fiorentine (Florence) city-state located in what is now Italy from 1252 to 1532. This paper explores the how SOFR is defined and calculated by the U.S. Federal Reserve and its economic and mathematical relationship to what has become known as the Florin Fix, i.e., the calculation of Florences’ exchange rate between its gold florin and silver billon denari.
Keywords : SOFR; LIBOR; Benchmarks; Market Microstructure; Banking; Economic and Monetary Policy; Late Middle Ages and Early Renaissance; Economic History
View in Bib TeX Format
View Cite Format 1
View Cite Format 2
Copyright © 2010. All rights reserved. Multinational Finace Society. Design and Development by:
Exarsis Business Solutions Ltd.
This work is licensed under a
Creative Commons Attribution-NonCommercial 4.0 International License
.