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The private premium in public bonds
Kovner, Anna; Wei, Chenyang - Federal Reserve Bank of New York - 2012
This paper is the first to document the presence of a private premium in public bonds. We find that spreads are 31 basis points higher for public bonds of private companies than for bonds of public companies, even after controlling for observable differences, including rating, financial...
Persistent link: https://www.econbiz.de/10010551296
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Doing well by doing good? Community development venture capital
Kovner, Anna; Lerner, Josh - Federal Reserve Bank of New York - 2012
This paper examines the investments and performance of community development venture capital (CDVC). We find … substantial differences between CDVC and traditional venture capital (VC) investments: CDVC investments are far more likely to be … earlier-stage investments and in industries outside the venture capital mainstream that have lower probabilities of successful …
Persistent link: https://www.econbiz.de/10010585872
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Heterogeneity and stability: bolster the strong, not the weak
Choi, Dong Beom - Federal Reserve Bank of New York - 2013
This paper provides a model of systemic panic among financial institutions with heterogeneous fragilities. Concerns about potential spillovers from each other generate strategic interaction among institutions, triggering a preemption game in which one tries to exit the market before the others...
Persistent link: https://www.econbiz.de/10010699383