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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
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
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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
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
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