Narrow search
Showing 1 - 10 of 129
Cover Image
Exit timing of venture capitalists in the course of an initial public offering
Neus, Werner; Walz, Uwe - Center for Financial Studies - 2002
We analyze the desinvestment decision of venture capitalists in the course of an IPO of their portfolio firms. The … capital market learns of the project quality only in the period following the IPO. Venture capitalists with high-quality firms …
Persistent link: https://www.econbiz.de/10010986431
Cover Image
Multiple lenders and corporate distress: Evidence on debt restructuring
Brunner, Antje; Krahnen, Jan Pieter - Center for Financial Studies - 2006
In the recent theoretical literature on lending risk, the coordination problem in multi-creditor relationships have been analyzed extensively. We address this topic empirically, relying on a unique panel data set that includes detailed credit-file information on distressed lending relationships...
Persistent link: https://www.econbiz.de/10010958807
Cover Image
The future of securitization
Franke, Günter; Krahnen, Jan Pieter - Center for Financial Studies - 2008
Securitization is a financial innovation that experiences a boom-bust cycle, as many other innovations before. This paper analyzes possible reasons for the breakdown of primary and secondary securitization markets, and argues that misaligned incentives along the value chain are the primary cause...
Persistent link: https://www.econbiz.de/10010986376
Cover Image
Is the Behavior of German Venture Capitalists Different? Evidence from the Neuer Mark
Tykvová, Tereza - Center for Financial Studies - 2003
history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can … capitalists is lower, their selling intensity at the IPO is higher and the committed lock-up period is longer. …
Persistent link: https://www.econbiz.de/10010986397
Cover Image
The role of the value added by the venture capitalists in timing and extent of IPOs
Tykvová, Tereza - Center for Financial Studies - 2003
We analyze the venture capitalist's decision on the timing of the IPO, the offer price and the fraction of shares he … sells in the course of the IPO. A venture capitalist may decide to take a company public or to liquidate it after one or two … financing periods. A longer venture capitalist's participation in a firm (later IPO) may increase its value while also …
Persistent link: https://www.econbiz.de/10010986467
Cover Image
IPOs cycle and investment in high-tech industries
Bouis, Romain - Center for Financial Studies - 2003
This paper analyses the effects of the Initial Public Offering (IPO) market on real investment decisions in emerging … industries. We first propose a model of IPO timing based on divergence of opinion among investors and short-sale constraints … returns and IPO volume. Second, we discuss the possibility of real overinvestment in high-tech industries. We claim that …
Persistent link: https://www.econbiz.de/10010958594
Cover Image
The Role of the Value Added by the Venture Capitalists in Timing and Extent of IPOs
Tykvová, Tereza - Center for Financial Studies - 2003
We analyze the venture capitalist's decision on the timing of the IPO, the offer price and the fraction of shares he … sells in the course of the IPO. A venture capitalist may decide to take a company public or to liquidate it after one or two … financing periods. A longer venture capital-ist's participation in a firm (later IPO) may increase its value while also …
Persistent link: https://www.econbiz.de/10005138844
Cover Image
Do markets love misery? Stock prices and corporate philanthropic disaster response
Muller, Alan; Kräussl, Roman - Center for Financial Studies - 2007
While companies have emerged as very proactive donors in the wake of recent major disasters like Hurricane Katrina, it remains unclear whether that corporate generosity generates benefits to firms themselves. The literature on strategic philanthropy suggests that such philanthropic behavior may...
Persistent link: https://www.econbiz.de/10010986370
Cover Image
Market response to investor sentiment
Hengelbrock, Jördis; Theissen, Erik; Westheide, Christian - Center for Financial Studies - 2011
This paper reconsiders the effect of investor sentiment on stock prices. Using survey-based sentiment indicators from Germany and the US we confirm previous findings of predictability at intermediate time horizons. The main contribution of our paper is that we also analyze the immediate price...
Persistent link: https://www.econbiz.de/10010986383
Cover Image
Internalisierung und Marktqualität: Was bringt Xetra Best?
Theissen, Erik - Center for Financial Studies - 2002
Deutsche Börse AG plans to introduce a system (Xetra Best) allowing brokers and brokerdealers to internalize the orders of retail customers. Further, Xetra Best supports payment for order flow arrangements. Both internalization and payment for order flow may be detrimental to market quality....
Persistent link: https://www.econbiz.de/10010986401