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Cross-border mergers and hollowing-out
Secrieru, Oana - 2009
refer to hollowing-out as the situation where the target firm is shut down following a merger with a domestic or foreign … when a cross-border merger with hollowing out is not profitable but it is socially desirable. -- Economic models …
Persistent link: https://www.econbiz.de/10003933343
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The Private Equity Premium Puzzle Revisited
Kartashova, Katya - Bank of Canada - 2011
In this paper, I extend the results of Moskowitz and Vissing-Jørgensen (2002) on the returns to entrepreneurial investments in the United States. First, following the authors’ methodology I replicate the original findings from the Survey of Consumer Finances (SCF) for the period 1989–1998...
Persistent link: https://www.econbiz.de/10008839155
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Pre-Bid Run-Ups Ahead of Canadian Takeovers: How Big Is the Problem?
King, Michael R.; Padalko, Maksym - Bank of Canada - 2005
The authors study the price--volume dynamics ahead of the first public announcement of a takeover for 420 Canadian … and abnormal volume ahead of the takeover announcement. They observe serially correlated volume and a pattern of return …
Persistent link: https://www.econbiz.de/10005162526
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Corporate Governance, Product Market Competition and Debt Financing
Paligorova, Teodora; Yang, Jun - Bank of Canada - 2014
the use of bond covenants. We find that more anti-takeover provisions are associated with a lower cost of debt only in … competitive industries. Because they are exposed to higher takeover risk in competitive industries, bondholders charge higher bond … spreads to firms that have fewer anti-takeover provisions. Once firms’ anti-takeover provisions are in place, we find that …
Persistent link: https://www.econbiz.de/10010762041
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Trade Credit and Credit Rationing in Canadian Firms
Cunningham, Rose - Bank of Canada - 2004
Burkart and Ellingsen's (2004) model of trade credit and bank credit rationing predicts that trade credit will be used by medium-wealth and low-wealth firms to help ease bank credit rationing. The author tests these and other predictions of Burkart and Ellingsen's model using a large sample of...
Persistent link: https://www.econbiz.de/10005162524
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Price Discovery in Canadian and U.S. 10-Year Government Bond Markets
Campbell, Bryan; Hendry, Scott - Bank of Canada - 2007
This paper presents some new results on the price discovery process in both the Canadian and U.S. 10-year Government bond markets using high-frequency data not previously analyzed. Using techniques introduced by Hasbrouck (1995) and Gonzalo-Granger (1995), we look at the relative information...
Persistent link: https://www.econbiz.de/10005808284
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The Monetary Origins of Asymmetric Information in International Equity Markets
Bauer, Gregory H.; Vega, Clara - Bank of Canada - 2004
Existing studies using low-frequency data show that macroeconomic shocks contribute little to international stock market covariation. Those studies, however, do not account for the presence of asymmetric information, where sophisticated investors generate private information about the...
Persistent link: https://www.econbiz.de/10005808373
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International Equity Flows and Returns: A Quantitative Equilibrium Approach
Albuquerque, Rui; Bauer, Gregory H.; Schneider, Martin - Bank of Canada - 2004
The authors model trading by foreign and domestic investors in developed-country equity markets. The key assumptions are that (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor sophistication matters for performance in both...
Persistent link: https://www.econbiz.de/10005162420
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Information Shocks, Jumps, and Price Discovery -- Evidence from the U.S. Treasury Market
Jiang, George J.; Lo, Ingrid; Verdelhan, Adrien - Bank of Canada - 2008
We examine large price changes, known as jumps, in the U.S. Treasury market. Using recently developed statistical tools, we identify price jumps in the 2-, 3-, 5-, 10-year notes and 30-year bond during the period of 2005-2006. Our results show that jumps mostly occur during prescheduled...
Persistent link: https://www.econbiz.de/10005536874
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Idiosyncratic Coskewness and Equity Return Anomalies
Chabi-Yo, Fousseni; Yang, Jun - Bank of Canada - 2010
In this paper, we show that in a model where investors have heterogeneous preferences, the expected return of risky assets depends on the idiosyncratic coskewness beta, which measures the co-movement of the individual stock variance and the market return. We find that there is a negative...
Persistent link: https://www.econbiz.de/10008577437