Corporate Risk Taking and Ownership Structure Staff Working Paper 2010-3 Teodora Paligorova This paper investigates the determinants of corporate risk taking. Shareholders with substantial equity ownership in a single company may advocate conservative investment policies due to greater exposure to firm risk. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics JEL Code(s): G, G3, G31, G34
Complex Ownership and Capital Structure Staff Working Paper 2009-12 Teodora Paligorova, Zhaoxia Xu This paper investigates the impact of pyramid ownership structure and multiple controlling shareholders on firm leverage. Pyramids, having at least one controlling shareholder and a subsidiary, rely significantly more on debt financing than non-pyramid firms. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics JEL Code(s): G, G3, G31, G32
The Effects of Bank Consolidation on Risk Capital Allocation and Market Liquidity Staff Working Paper 2002-5 Chris D'Souza, Alexandra Lai This paper investigates the effects of financial market consolidation on risk capital allocation in a financial institution and the implications for market liquidity in dealership markets. We show that an increase in financial market consolidation can have ambiguous effects on liquidity in foreign exchange and government securities markets. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial markets JEL Code(s): G, G2, G28, G3, G31, G34