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The Two Waves of Voucher Privatization in the Czech Republic : A Model of Learning in Sequential Bidding
Hanousek, Jan; Kroch, Eugene - 2014
This study develops a dynamic model of bidding behavior to investigate the Czech voucher privatization process, which took place in two waves of bidding rounds, the first in 1992 and the second in 1994. It examines the voucher mechanism from the standpoint of investors and the pricing and...
Persistent link: https://www.econbiz.de/10014198502
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Privitization in Russia : The Search for an Efficient Model
Baranov, Igor - 2012
The paper contains an analysis of pledge auctions conducted in Russia in 1996 as a trade-off between two conflicting …
Persistent link: https://www.econbiz.de/10013110226
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Why larger lenders obtain higher returns : evidence from sovereign syndicated loans
Hallak, Issam; Schure, Paul - 2008
Persistent link: https://www.econbiz.de/10003823929
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The relevance of primary dealers for public bond issues
Breuer, Wolfgang - 1999
We analyze the role of different kinds of primary and secondary market interventions for the government's goal to maximize its revenues from public bond issuances. Some of these interventions can be thought of as characteristics of a "primary dealer system". After all, we see that a primary...
Persistent link: https://www.econbiz.de/10009768271
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Dealing with risk : underwriting sovereign bond issues in London 1870 - 1914
Mikkelsen, Anders L. - 2014
Using the records of several leading 19th century issuing houses, this paper analyses the transformation of underwriting practices in London's primary sovereign bond market from 1870 to 1914. It shows how underwriting risk developed from being a liability, which market intermediaries sought to...
Persistent link: https://www.econbiz.de/10010358271
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The nexus of safe asset shortage, credit growth, and financial instability
Kim, Sujin - 2020
hypothesis of safe asset shortage-induced excess credit booms and financial instability. As an alternative step forward from the …. Using the index, consecutive empirical exercises confirm the positive relationship of safe asset shortage-credit expansion …-2013 presents new evidence that the (high) level of private credit at a time of increasing safe asset shortage is the major …
Persistent link: https://www.econbiz.de/10012253869
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Why borrowers pay premiums to larger lenders : empirical evidence from sovereign syndicated loans
Hallak, Issam - 2002 - Revised version
All other terms being equal (e.g. seniority), syndicated loan contracts provide larger lending compensations (in percentage points) to institutions funding larger amounts. This paper explores empirically the motivation for such a price design on a sample of sovereign syndicated loans in the...
Persistent link: https://www.econbiz.de/10009767117
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The history and economics of safe assets
Gorton, Gary - 2016
Persistent link: https://www.econbiz.de/10011484116
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The History and Economics of Safe Assets
Gorton, Gary B. - 2016
Safe assets play a critical role in an(y) economy. A “safe asset” is an asset that is (almost always) valued at face value without expensive and prolonged analysis. That is, by design there is no benefit to producing (private) information about its value. And this is common knowledge....
Persistent link: https://www.econbiz.de/10012993225