This paper analyzes the market for syndicated loans, a hybrid of public and private debt. The market is large (over $1 trillion in 1997) and growing rapidly. While loan sales have been heavily researched, there has been little work on syndications, which differ in character from sales. We...

There exist many anomalous relationships between firm characteristics and average asset returns which are inconsistent with the predictions of the Capital Asset Pricing Model (CAPM). The size and value effects are two such well known empirical anomalies (see Fama and French, 1992, 1993). The...

Wirkung von institutionellen Änderungen auf die australische kurzfristige Geldnachfragefunktion In einer früheren Ausgabe von Kredit und Kapital legen Jüttner und Tuckwell Schätzungen der australischen kurzfristigen realen Geldnachfragefunktion für den Zeitraum vom 1. Quartal 1952 bis zum...

This paper investigates the effect of ownership structure on the cost efficiency of Australian building societies using the stochastic econometric frontier approach. Contrary to the expense preference hypothesis, mutually owned societies we found to be, on average, more cost efficient than those...

This paper examines the impact of bank monitoring on loan pricing and maturity using new proxies for monitoring ability based on the labor input into the monitoring process as well as traditional output-based measures of monitoring. We show, in out-of-sample tests, that an input-based monitoring...

We examine the choice of issuance mechanism for 833 unseasoned equity issues (the choice between initial public offers (IPOs) and direct placements (DPs)) prior to exchange listing. Using unique Australian data and incorporating interrelated decisions, we find that corporate control concerns...

This paper examines the determinants of the currency denomination of debt decision of Australian and New Zealand firms and compares it with that of Asian firms around the 1997 Asian crisis. Unlike existing research, our model of currency choice controls for location choice, and includes firm and...

We examine the determinants of underwriter spreads on straight/fixed rate Eurobonds issued by U.S. firms between 1990 and 1998. We find that underwriter spreads are influenced by: (i) the governing law as it influences the timely and orderly renegotiation of contract terms, with bonds governed...

A comparison of the standard deviation of the difference in growth rates of the momentary base and money for the U.S. and Australia indicates much larger variation in the latter case. The larger Australian deviation is explained by differing institutional frameworks within and through which...