Corporate Risk Around the World
World Bank, Financial Sector Vice Presidency, Financial Sector Strategy and Policy Group, 2000 - Corporations - 52 pages
"Corporate financing patterns around the world reflect countries' institutional environments"--Cover.
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Andrei Shleifer antidirector rights bank Asian Financial Crisis average bank oriented system bank-based capital Cash flow risk changes in sales civil law countries civil law French civil law German civil legal origin common law countries Control for firm corporate finance corporate risk corporate sector creditor protection creditor rights antidirector current assets current liabilities Current ratio Debt maturity structure debt to equity December 1999 December EBIT EBIT to changes financial crises financial leverage financial structures financial system firm characteristics firm financing patterns firm risk firm-specific GDP deflator income margin industry informational asymmetries interest coverage investor rights legal origin creditor Liquidity market-based median Number of Observations operating income Operating income variability Operating leverage origin creditor rights Porta profitability measures Quick ratio relationship rights antidirector rights rights bank oriented risk measures sample Sensitivity of changes short-term debt shows significance statistically significant system civil legal tax shields total debt World Bank z-tests