| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3955 |
| DP3955 Pension Fund Governance and the Choice Between Defined Benefit and Defined Contribution Plans | |
| Tim Besley; Andrea Prat | |
| 发表日期 | 2003-06-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | In this Paper we study the changes in corporate valuation induced by the formation of Economic and Monetary Union (EMU) in Europe. We use corporate-level data from ten countries that adopted the euro, the three EU countries that did not join EMU, as well as Norway and Switzerland. We show that the introduction of the euro has increased Tobin's Q-ratios in EMU countries by 7.4%. The effects prevail even if we account for the decrease in long-term interest rates. The increases in Tobin's Q are larger for firms that are ex-ante expected to benefit more, i.e. firms from countries that had weak currencies and firms that were exposed to intra-European currency risks. Finally, the increases are also more significant for firms that are financially unconstrained. The evidence provided here supports the view that the introduction of the euro has lowered firms' cost of capital in EMU-countries. |
| 主题 | Financial Economics |
| 关键词 | Economic and monetary union (emu) The euro Valuation Cost of capital Currency risk Currency union |
| URL | https://cepr.org/publications/dp3955 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532937 |
| 推荐引用方式 GB/T 7714 | Tim Besley,Andrea Prat. DP3955 Pension Fund Governance and the Choice Between Defined Benefit and Defined Contribution Plans. 2003. |
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