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Gentlemanly Capitalism Revisited: A Case Study of the Underpricing of Initial Public Offerings on the London Stock Exchange 1946-86

Chambers, David - Department of Economics, Oxford University - 2007

Allegations of British capital market failure are numerous, range from claims of domestic investor bias before 1914 to charges of short-termism against institutional investors towards the end of the last century, and are frequently contentious. This paper revisits this literature by pointing up...

Persistent link: https://www.econbiz.de/10005047989

Credit Derivatives, Disintermediation and Investment Decisions

Morrison, Alan - Department of Economics, Oxford University - 2001

existance of a credit derivatives market may cause them to issue sub-investment grade bonds instead, and to engage in second …

Persistent link: https://www.econbiz.de/10010661416

Financial Dependence and Firm Survival in Interwar Britain

Chambers, David - Department of Economics, Oxford University - 2007

Was the London Stock Exchange (LSE) little more than a Dickensian den of speculation, or did it make a contribution to industrial development in Interwar Britain? The interwar stock market laboured under problems of weak disclosure, inadequate investor protection and ineffective...

Persistent link: https://www.econbiz.de/10005047916

An Empirical Analysis of the Effects of the Threat of Takeover on UK Company Performance

Nuttall, Robin - Department of Economics, Oxford University - 1999

as an explanatory variable in models of total factor productivity, investment and dividends. We find that takeover risk … has a positive and significant effect on subsequent productivity, a negative and significant effect on investment, and a … productivity, but has a negative and significant effect investment with a lag of two years, and a strongly positive effect on …

Persistent link: https://www.econbiz.de/10010605245

Is investment in Africa low despite high profits?

Warnholz, Jean-Louis - Department of Economics, Oxford University - 2008

, investment rates are low. I investigate three sources: detailed World Bank surveys of 6,500 manufacturing firms, a new panel … returns to be high throughout. Micro-evidence and sectoral FDI data confirm that investment remains low outside the mining … industry and that the link between past profitability and current investment is weak in Africa. Low investment despite high …

Persistent link: https://www.econbiz.de/10011004291

Good IPOs draw in bad: Inelastic banking capacity and hot markets

Khanna, Naveen; Noe, Thomas H. - Department of Economics, Oxford University - 2008

both to the fundamental values of IPO firms and to the returns to investment banks and investment banking labor. …

Persistent link: https://www.econbiz.de/10011004161

Public or private equity? How accelerated IPOs can increase competition in offerings

Jenkinson, Tim - Department of Economics, Oxford University - 2008

This clinical paper analyses a new way of conducting IPOs which has recently been introduced in the U.K. The essential feature of Accelerated IPOs (aIPOs) is that investors from syndicates to bid for the entire offering, and then execute an immediate IPO (within a week). Vendors can use an...

Persistent link: https://www.econbiz.de/10011004200

Prices and the Winners Curse

Klemperer, Paul; Bulow, Jeremy - Department of Economics, Oxford University - 1998

We usually assume increases in supply, allocation by rationing, and exclusion of potential buyers will never raise prices. But all of these activities raise the expected price in an important set of cases when common-value assets are sold. Furthermore, when we make the assumptions needed to rule...

Persistent link: https://www.econbiz.de/10010604842

A Market-Clearing Role for Inefficiency on a Limit Order Book

Large, Jeremy - Department of Economics, Oxford University - 2006

Using a stochastic sequential game in ergodic equilibrium, this paper models limit order book trading dynamics. It deduces investor surplus and some agents` strategies from depth`s stationarity, while bypassing altogether agents` intricate forecasting problems. Market inefficiency adjusts to...

Persistent link: https://www.econbiz.de/10010605201

Strategic incentives for market share

Ritz, Robert - Department of Economics, Oxford University - 2005

and investment banking industries. As predicted by the theory, firms in both industries use explicit contractual …

Persistent link: https://www.econbiz.de/10005047966

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