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SCHWIENBACHER, Armin - EconWPA - 2001

This paper addresses the choice between different exit routes of venture capitalists for a project yielding a quality-improving product innovation. We explicitly introduce product market characteristics into the analysis with the aim to identify their effects on the optimal exit strategy and on...

Persistent link: https://www.econbiz.de/10005413189

Why Funds of Funds?

Lai, Richard Kum-yew - EconWPA - 2005

Private equity funds of funds (FOFs) have become big business. Today, FOFs form 14% of new money raised. I test six explanations for the rise of FOFs. First, I find that FOFs do not generally deliver superior returns. They do, however, do well enough for the limited partners (LPs) that hire...

Persistent link: https://www.econbiz.de/10005134791

Does Competition Kill Ties?

Lai, Richard Kum-yew - EconWPA - 2005

Venture capital firms (VCs) form syndicates that compete to invest in deals. Does more competition makes it less likely that VCs will choose syndicate partners based on past ties? Using over 200,000 observations on how VCs choose each other in 572 biotech deals in Massachussetts from 1967...

Persistent link: https://www.econbiz.de/10005118861

What drives Venture Capital Syndication

Hopp, Christian; Rieder, Finn - EconWPA - 2004

This paper analyses the syndication behavior of VC organisations and the factors influencing their overall propensity to co-invest. We develop hypothesis concerning the investment behavior of Venture Capitalists in the German market and compare these hypothesis to the actual empirical evidence...

Persistent link: https://www.econbiz.de/10005561752

Investor protection and business creation

Hyytinen, Ari; Takalo, Tuomas - EconWPA - 2004

surplus between entrepreneurs and financiers. The results indicate that anything that increases (decreases) entrepreneurship …We study the effects of investor protection on the availability of external finance, entrepreneurship, and creation of … frictions, specifically interim and ex post moral hazard problems stemming from entrepreneurs’ possibilities to expropriate …

Persistent link: https://www.econbiz.de/10005413115

The Rise and Fall of Bank Control in the United States: 1890-1939

Simon, Miguel Cantillo - EconWPA - 1998

This article studies how equity ownership and corporate control were separated in the United States. Initially, railroads and industrial firms were tightly controlled by a few shareholders; this situation was altered in the 1890s by massive mergers and reorganizations, which allowed private...

Persistent link: https://www.econbiz.de/10005076978

LA ESTRATEGIA DE CITICORP EN CHILE. Capitulo 3. EL MERCADO FINANCIERO CHILENO

Rubio, Fernando - EconWPA - 2004

Esta es la tercera parte de una serie que forman una investigación más amplia titulada “La Estrategia de Citicorp en Chile: Un Intento de Investigación”. Aquí se describe la naturaleza, reglamentación, estado actual y perspectivas de más de los 25 segmentos del mercado financiero...

Persistent link: https://www.econbiz.de/10005125052

Does Rationing of Shares Increase Revenues in Initial Public Offerings?

Baake, Pio; Oechssler, Joerg - EconWPA - 1998

We provide a new explanation for the apparent underpricing of initial public offerings applicable to large, regulated firms like telecommunications companies. Under the assumption that regulation is subject to political pressure by voters we demonstrate that it may be rational for issuers to...

Persistent link: https://www.econbiz.de/10005125057

Relationship lending and competition: Higher switching cost does not necessarily imply greater relationship benefits

Vesala, Timo - EconWPA - 2005

This paper studies relationship lending in a framework where the cost of switching banks measures the degree of banking competition. The relationship lender’s (insider bank’s) informational advantage creates a lock-in effect, which is at its height when the switching cost is infinitesimal....

Persistent link: https://www.econbiz.de/10005134694

Measuring Loss Potential of Hedge Fund Strategies

Prado, Marcos Mailoc López de; Peijan, Achim - EconWPA - 2005

We measure the loss potential of Hedge Funds by combining three market risk measures: VaR, Draw-Down and Time Under-The-Water. Calculations are carried out considering three different frameworks regarding Hedge Fund returns: i) Normality and time-independence, ii) Non-normality and time-...

Persistent link: https://www.econbiz.de/10005134729