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Why don’t Latvian pension funds diversify more internationally?
Swinkels, Laurens A. P.; Vejina, D.; Vilans, R. - Erasmus Research Institute of Management (ERIM), … - 2005
Latvian employees have to choose a pension fund for the second-pillar of the Latvian pension system. These pension funds invest about 85% in domestic assets. In this paper, we address the question why this strong home bias might exist. Firstly, we conclude that the Latvian pension law is strict...
Persistent link: https://www.econbiz.de/10010731310
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Do Banks Influence the Capital Structure Choices of Firms?
Verbeek, Marno; Daniševská, P.; de Jong, de Jong, A. - Erasmus Research Institute of Management (ERIM), … - 2004
results based on a panel of Dutch firms show that bank relationships, measured by interlocking board memberships and equity … ownership, have a significant impact on the relations among the three capital structure choices. First, less bank involvement … help firms to mitigate liquidity risk. Second, bank debt negatively effects leverage in firms with bank interlocks, while …
Persistent link: https://www.econbiz.de/10010731273
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Firm Size Effects on Venture Capital Syndication: The Role of Resources and Transaction Costs
wright, mike; Bruining, Bruining, J.; Verwaal, Verwaal, E. - Erasmus Research Institute of Management (ERIM), … - 2005
The present paper examines firm size effects on the decision of venture capital firms to participate in a venture capital investment syndication network. The authors submit that firm size effects in venture capital syndication are dependent on resource acquisition motives and transaction cost...
Persistent link: https://www.econbiz.de/10011242170
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The effects of decision flexibility in the hierarchical investment decision process
Hallerbach, Winfried; Spronk, Jaap; Ning, Ning, H. - Erasmus Research Institute of Management (ERIM), … - 2003
Large institutional investors allocate their funds over a number of classes (e.g. equity, fixed income and real estate), various geographical regions and different industries. In practice, these allocation decisions are usually made in a hierarchical (top-down), consecutive way. At the higher...
Persistent link: https://www.econbiz.de/10010731168
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Striking Oil: Another Puzzle
Driesprong, G.; Jacobsen, Jacobsen, B.; Maat, B. - Erasmus Research Institute of Management (ERIM), … - 2003
We find that changes in oil prices strongly predict future stock market returns in many countries in the world. In our thirty year sample of monthly data for developed stock markets, we find statistically significant predictability in 12 out of the 18 countries and in a world market index. For...
Persistent link: https://www.econbiz.de/10010837598
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The Social Value of Finance
van Dijk, Mathijs A. - Erasmus Research Institute of Management (ERIM), … - 2014
__Abstract__ Address delivered in shortened form at the occasion of accepting the appointment as Extraordinary Professor of Financial markets on behalf of Vereniging Trustfonds EUR at the Rotterdam School of Management, on Friday March 7, 2014. "In this address, I consider “The Social Value of...
Persistent link: https://www.econbiz.de/10011149195
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Market timing: A decomposition of mutual fund returns
Swinkels, Laurens A. P.; Verbeek, Marno; van der Sluis, P.J. - Erasmus Research Institute of Management (ERIM), … - 2003
We decompose the conditional expected mutual fund return in five parts. Two parts, selectivity and expert market timing, can be attributed to manager skill, and three to variation in market exposure that can be achieved by private investors as well. The dynamic model that we use to estimate the...
Persistent link: https://www.econbiz.de/10010731118
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Do Sophisticated Investors Believe in the Law of Small Numbers?
Verbeek, Marno; Baquero, G. - Erasmus Research Institute of Management (ERIM), … - 2006
Believers in the law of small numbers tend to overinfer the outcome of a random process after a small series of observations. They believe that small samples replicate the probability distribution properties of the population. We provide empirical evidence indicating that investors are...
Persistent link: https://www.econbiz.de/10010731241
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When Do Managers Seek Private Equity Backing in Public-to-Private Transactions?
van Dijk, Dick; Fidrmuc, Fidrmuc, J.P.; Roosenboom, … - Erasmus Research Institute of Management (ERIM), … - 2007
Over the last decade, the going private market has experienced a considerable boom in size and also has become more interesting for private equity investors that are looking to partner with incumbent management. This offers managers the choice to take the firm private themselves in a traditional...
Persistent link: https://www.econbiz.de/10010837590
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Forensic Finance
Verwijmeren, Verwijmeren, P. - Erasmus Research Institute of Management (ERIM), … - 2014
__Abstract__ The financial world does not have the best reputation. One of the problems is the perceived lack of integrity of financial markets, which is fuelled by examples of financial misconduct. I argue that with financial data becoming more widely available and constantly improving,...
Persistent link: https://www.econbiz.de/10011149192