ENLACES

• Financial Times desvela una carta de las asociaciones de consumidores europeas a la Comisión Europea para que prohíba restricciones verticales en el ámbito del comercio electrónico
• "Rather than being incompetent, dynastic managers are prudent : family firms choose lower scale and risk levels, lower leverage and higher levels of cash holdings..The main results are that 1) in terms of sales, dynastic firms are 30% smaller than regular firms in the cross-section, while dynastic successions entail a reduction in sales growth by about one point a year during the first five years; 2) firm-level sales volatility is about 13% lower in dynastic firms, with a significant reduction of employment volatility at CEO turnover dates; 3) dynastic firms hoard about 15% more cash and 12.5% less debt, with equal significance at both cross-sectional and longitudinal level. Together with the model, these empirical results suggest that dynastic motivations are an essential component in firm development strategies... The reason why family firms are deemed worthy of a public encouragement in developed countries is that they are supposed to provide stability to its various stakeholders. I give some credence to this belief : firm-level volatility is very significantly lower in family firms. However, there is a downside : family firms are smaller than regular firms; once families leave management, firm size significantly increases. The analysis isolates a specific channel through which these specificities of family firms arise : fears of control loss in the future directly reduce risk-taking as well as the recourse to external finance".
• Nuestros políticos siguen empeñados en limitar la libertad contractual: para evitar los abusos se propone que nadie pueda pactar un plazo de pago de más de 60 días.
• Nadie dará un préstamo con garantía hipoteca a los pobres gracias a los políticos de izquierda