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The euro and international capital markets
Detken, Carsten; Hartmann, Philipp - Center for Financial Studies - 2000
a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both for … identification of changes in the role of the euro during 1999 compared to the aggregate of euro predecessor currencies, net of intra … -euro area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of …
Persistent link: https://www.econbiz.de/10010958704
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Trade-throughs in European cross-traded equities after transaction costs: Empirical evidence for the EURO STOXX 50
Ende, Bartholomäus; Lutat, Marco - Center for Financial Studies - 2010
data for EURO STOXX 50 securities of ten European execution venues, this paper analyses suboptimal order executions …
Persistent link: https://www.econbiz.de/10010986425
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Why do contracts differ between VC types? Market segmentation versus corporate governance varieties
Hirsch, Julia; Walz, Uwe - Center for Financial Studies - 2006
The main objective of the present paper is to disentangle observed differences in the design of contracts across VC types into firm selection effects and corporate governance differences between VC types (different contracts). Based on a theoretical approach developed in the first part of the...
Persistent link: https://www.econbiz.de/10010958526
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Legality and venture governance around the world
Cumming, Douglas; Schmidt, Daniel; Walz, Uwe - Center for Financial Studies - 2004
We analyze governance with a dataset on investments of venture capitalists in 3848 portfolio firms in 39 countries from North and South America, Europe and Asia spanning 1971-2003. We find that cross-country differences in Legality have a significant impact on the governance structure of...
Persistent link: https://www.econbiz.de/10010958559
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Underpricing of venture-backed and non venture-backed IPOs: Germany's Neuer Markt
Franzke, Stefanie A. - Center for Financial Studies - 2003
This paper analyzes a comprehensive data set of 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany's Neuer Markt between March 1997 and March 2002. I examine whether these three types of issues differ with regard to issuer characteristics, balance...
Persistent link: https://www.econbiz.de/10010958567
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Financing practices in the German venture capital industry: An empirical assessment
Bascha, Andreas; Walz, Uwe - Center for Financial Studies - 2002
This paper investigates the financial contracting behavior of German venture capitalists against the results of recent theoretical work on the design of venture capital contracts, especially with regard to the use of convertible securities. First, we identify a special feature of the German...
Persistent link: https://www.econbiz.de/10010958730
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Public policy and venture capital financed innovation: A contract design approach
Hirsch, Julia - Center for Financial Studies - 2006
The effects of public policy programs which aim at internalizing spill-overs due to successful innovation are analyzed in a sequential double-sided moral hazard doublesided adverse selection framework. The central focus lies in analyzing their impact on contract design. We show that in our...
Persistent link: https://www.econbiz.de/10010958733
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Is rated debt arm's length? Evidence from mergers and acquisitions
Gropp, Reint; Hirsch, Christian; Krahnen, Jan Pieter - Center for Financial Studies - 2011
In this paper we challenge the view that corporate bonds are always arm's length debt. We analyze the effect of bond ratings on the stock price return to acquirers in M&A transactions, which tend to have significant effects on creditor wealth. We find acquirers abnormal returns to be higher if...
Persistent link: https://www.econbiz.de/10010958748
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Private equity returns and disclosure around the world
Walz, Uwe; Cumming, Douglas - Center for Financial Studies - 2004
We study the returns the venture capital and private equity investment from 221 venture capital and private equity funds that are part of 72 venture capital and private equity firms, 5040 entrepreneurial firms (3826 venture capital and 1214 private equity), and spanning 32 years (1971 2003) and...
Persistent link: https://www.econbiz.de/10010986361
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Is the Behavior of German Venture Capitalists Different? Evidence from the Neuer Mark
Tykvová, Tereza - Center for Financial Studies - 2003
Using a unique, hand-collected database of all venture-backed firms listed on Germany´s Neuer Markt, we analyze the history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can detect significant differences in the behavior and...
Persistent link: https://www.econbiz.de/10010986397