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Derivatives usage in risk management by U.S. and German non-financial firms: A comparative survey

Bodnar, Gordon M.; Gebhardt, Günther - Center for Financial Studies - 1998

both size and industry composition. We find that German firms are more likely to use derivatives than US firms, with 78% of … German firms using derivatives compared to 57% of US firms. Aside from this higher overall usage, the general pattern of … derivative usage is most common, followed closely by interest rate derivatives, with commodity derivatives a distant third. Usage …

Persistent link: https://www.econbiz.de/10010986461

Multiple-bank lending: Diversification and free-riding in monitoring

Cerasi, Vittoria; Daltung, Sonja - Center for Financial Studies - 2004

This paper analyzes banks choice between lending to firms individually and sharing lending with other banks, when firms and banks are subject to moral hazard and monitoring is essential. Multiple-bank lending is optimal whenever the benefit of greater diversification in terms of higher...

Persistent link: https://www.econbiz.de/10010986458

Universal Banks and Relationships with Firms

Elsas, Ralf; Krahnen, Jan Pieter - Center for Financial Studies - 2003

Some of the most widely expressed myths about the German financial system are concerned with the close ties and intensive interaction between banks and firms, often described as Hausbank relationships. Links between banks and firms include direct shareholdings, board representation, and proxy...

Persistent link: https://www.econbiz.de/10010986500

Credit information in universal banking: A clinical study

Burghof, Hans-Peter; Henschel, Claudia - Center for Financial Studies - 1998

We studied information and interaction processes in six lending relationships between a universal bank and medium sized firms. The study is based on the credit files of the respective firms. If no problems occur in these lending relationships, bank monitoring is based mainly on cheap,...

Persistent link: https://www.econbiz.de/10010958602

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

Determinants of bank lending performance

Ewert, Ralf; Schenk, Gerald - Center for Financial Studies - 1998

During the last years the lending business has come under considerable competitive pressure and bank managers often express concern regarding its profitability vis-a-vis other activities. This paper tries to empirically identify factors that are able to explain the financial performance of bank...

Persistent link: https://www.econbiz.de/10010958749

Multiple-bank lending: diversification and free-riding in monitoring

Carletti, Elena; Cerasi, Vittoria; Daltung, Sonja - Center for Financial Studies - 2004

This paper analyzes banks’ choice between lending to firms individually and sharing lending with other banks, when firms and banks are subject to moral hazard and monitoring is essential. Multiple-bank lending is optimal whenever the benefit of greater diversification in terms of higher...

Persistent link: https://www.econbiz.de/10005138839

Universal Banks and Relationships with Firms

Elsas, Ralf; Krahnen, Jan Pieter - Center for Financial Studies - 2003

Persistent link: https://www.econbiz.de/10005600439

Private equity returns and disclosure around the world

Walz, Uwe; Cumming, Douglas - Center for Financial Studies - 2004

and partially realized investments are important to consider for analysing the determinants of realized returns. We …

Persistent link: https://www.econbiz.de/10010986361

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

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