Law & Health Weekly
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Life Sciences
Studies from University of Vienna provide new data on life sciences
March 1st, 2008
"We use investment-cash flow regressions to show that both asymmetric-information and agency problems are more severe in Continental Europe than in the Anglo-Saxon countries leading to too little investment by firms with attractive investment opportunities and too much by those with poor investment opportunities," researchers in Vienna, Austria report. "Legal systems, accounting standards, and ownership structure systematically affect the investment-cash flow sensitivity," wrote K. Gugler and colleagues, University of Vienna. The researchers concluded: "Cash flow coefficients are largest for family-controlled firms in Europe. (JEL: G 3 1, G 32, O...
Source: Law & Health Weekly (2008-03-01)
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