| 1. |
- Giuli, Alberta Di, et al.
(författare)
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Common ownership and firm dividend policies
- 2021
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Ingår i: Finance Research Letters. - : Elsevier BV. - 1544-6123. ; 40
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Tidskriftsartikel (refereegranskat)abstract
- This paper examines the relationship between common owners and firm dividend policy. We find that dividend policies of firms newly added to an investor's portfolio evolve towards the dividend policies of the existing firms in this portfolio. This relationship is neither driven by owners targeting firms forecasted to change their dividend policies, nor by firms with a similar dividend strategy to the companies in the new investor's existing portfolio. Our results suggest that owners have a dividend policy style, and that their influence depends on the type of co-owner and the existing governance characteristics of the co-purchased firm.
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| 2. |
- Hosseini Tash, Fatemeh Sadat, et al.
(författare)
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Family Wealth and Entrepreneurship
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This paper provides evidence that family financial resources -- not those of the immediate household, but those of the extended family members and close relatives -- alleviate credit constraints experienced by entrepreneurs, and stimulate entrepreneurial activities. I build a rich and detailed combination of data on a representative sample of the Swedish population, their family members and the enterprises they run, and show that abundant financial resources in the family motivate initiating businesses in industries with high financial costs of entry. This finding is neither driven by inherited or acquired ability from family members, nor by valuable entrepreneurial experience of relatives. Moreover, I find that individuals with wealthier family members initiate larger businesses. The relation between the structure of financial resources in the family -- liquid assets, fixed assets, and income -- and the composition of startup capital -- equity, debt, and loans from credit institutions -- suggests that family contributes to the financing of startups directly by investing cash in firms' equity or indirectly by providing collateral and guarantees for firms' bank loans. In addition, I find that the marginal entrepreneur financed by family wealth enjoys an income gain after transitioning to entrepreneurship.
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| 3. |
- Hosseini Tash, Fatemeh Sadat, et al.
(författare)
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Motives for Entrepreneurial Saving : Evidence from Sweden
- 2016
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Ingår i: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This paper investigates the motives for the high saving rates of entrepreneurial households. We use a unique dataset that links Swedish households’ wealth and income to the financial statements of their firms. We exploit the decision to enter, stay in entrepreneurship or leave it. In comparison to the rest of the population, entrepreneurs save one percent more of their income a year before starting a business and 1.9 percent more on their personal accounts while in business. We find that the elevated saving rates among business owners are consistent with the precautionary saving motive among owners of unlimited liability firms and with investment related reasons among owners of limited liability firms. They save on their personal and business accounts. We provide suggestive evidence that entrepreneurs respond to income risk or lack of investment capital by increasing their saving rate.
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| 4. |
- Karmaziene, Egle
(författare)
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Essays in empirical finance
- 2016
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This thesis consists of four self-contained essays on empirical.Motives for Entrepreneurial Saving: Evidence from Sweden evaluates the drivers of a high saving rate of entrepreneurs in Sweden. Beware of the Spider: Exchange traded funds and the 2008 short-sale ban examines short sales migration from stocks to exchange traded funds when the former is banned.Incentives of Financial Analysts: Trading Turnover and Compensation studies if sell-side security analysts that generate trading turnover receive higher compensation. Mutual Funds Flows and Investor Sentiment examines the relationship between mood in the markets and how investors allocate capital to funds.
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| 5. |
- Menkveld, Albert J., et al.
(författare)
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Nonstandard Errors
- 2024
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Ingår i: JOURNAL OF FINANCE. - : Wiley-Blackwell. - 0022-1082 .- 1540-6261. ; 79:3, s. 2339-2390
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Tidskriftsartikel (refereegranskat)abstract
- In statistics, samples are drawn from a population in a data-generating process (DGP). Standard errors measure the uncertainty in estimates of population parameters. In science, evidence is generated to test hypotheses in an evidence-generating process (EGP). We claim that EGP variation across researchers adds uncertainty-nonstandard errors (NSEs). We study NSEs by letting 164 teams test the same hypotheses on the same data. NSEs turn out to be sizable, but smaller for more reproducible or higher rated research. Adding peer-review stages reduces NSEs. We further find that this type of uncertainty is underestimated by participants.
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