全球智库信息集成服务系统(G2TT): DP4492 Measuring Market Integration: Foreign Exchange Arbitrage and the Gold Standard 1874-1913

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP4492
	DP4492 Measuring Market Integration: Foreign Exchange Arbitrage and the Gold Standard 1874-1913
	Alan M. Taylor; Eugene Canjels; Gauri Prakash-Canjels
发表日期	2004-08-23
出版年	2004
语种	英语
摘要	We look at the corporate performance of family firms listed on the French stock exchange between 1994 and 2000. On the French stock market, approximately one third of the firms are widely held, another third are founder controlled and the remaining third are heir-controlled family firms. We find that, in cross section, family firms largely outperform widely held corporations. This result holds for founder-controlled firms, but more surprisingly also for heir-managed firms. To explain this, we provide evidence consistent with the fact that, because of their different time horizons, heir-managed corporations have a comparative advantage when enforcing implicit insurance contracts with their labour force. More specifically, we find that: (1) employment in heir-managed firms is less sensitive to industry shocks; and (2) heirs pay lower wages. Finally, we discuss issues related to the endogeneity of performance/family regressions looking both at delisting and transitions from family to non-family status. We conclude that these issues may lead us to overestimate the performance of heirs compared to professionally-managed firms, but to underestimate the performance of heirs when compared to widely held firms.
主题	Financial Economics ; Industrial Organization
关键词	Family firms Management style Corporate performance
URL	https://cepr.org/publications/dp4492
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/533453
推荐引用方式 GB/T 7714	Alan M. Taylor,Eugene Canjels,Gauri Prakash-Canjels. DP4492 Measuring Market Integration: Foreign Exchange Arbitrage and the Gold Standard 1874-1913. 2004.