Similar Search Results

Esho, Neil; Kollo, Michael G.; Sharpe, Ian G. - London School of Economics (LSE) - 2004

We examine the determinants of underwriter spreads on straight/fixed rate Eurobonds issued by U.S. firms between 1990 and 1998. We find that underwriter spreads are influenced by: (i) the governing law as it influences the timely and orderly renegotiation of contract terms, with bonds governed...

Persistent link: https://www.econbiz.de/10010745703

Block-booking and IPO share allocation: the importance of being ignorant

Gondat-Larralde, Celine; James, Kevin R. - London School of Economics (LSE) - 2004

Given the opportunity to buy IPO shares of uncertain value at a fixed price, potentially informed investors have an incentive to refuse to participate in offerings the underwriter happens to overprice. We show that an underwriter can efficiently resolve this problem by entering into a repeat...

Persistent link: https://www.econbiz.de/10010745055

IPO underpricing during the boom: a block-booking explanation

James, Kevin R. - London School of Economics (LSE) - 2004

A bank can efficiently underwrite individually difficult to value IPOs by offering them as a package deal to a stable coalition of investors (block-booking). Block-booking banks set offer prices to equalize downside risk across their offerings, not expected returns. Examining US IPOs over the...

Persistent link: https://www.econbiz.de/10010745328

Evolution of decision and control rights in venture capital contracts: an empirical analysis

Bienz, Carsten; Walz, Uwe - London School of Economics (LSE) - 2006

We analyze the structure and evolution of the allocation of decision and control rights in venture capital contracts by using a sample of 464 contracts between venture capitalists (VC) and portfolio firms from Germany. We focus on the evolution of control and decisions rights along three time...

Persistent link: https://www.econbiz.de/10010745436

The dynamics of venture capital contracts

Bienz, Carsten; Hirsch, Julia - London School of Economics (LSE) - 2005

We analyze the degree of contract completeness with respect to staging of venture capital investments using a hand-collected German data set of contract data from 464 rounds into 290 entrepreneurial firms. We distinguish three forms of staging (pure milestone financing, pure round financing and...

Persistent link: https://www.econbiz.de/10010746202

Borrow cheap, buy high?: the determinants of leverage and pricing in buyouts

Axelson, Ulf; Jenkinson, Tim; Strömberg, Per; … - London School of Economics (LSE) - 2012

Private equity funds pay particular attention to capital structure when executing leveraged buyouts, creating an interesting setting for examining capital structure theories. Using a large, detailed, international sample of buyouts from 1980-2008, we find that buyout leverage is unrelated to the...

Persistent link: https://www.econbiz.de/10011071252

Strategic financial innovation in segmented markets

Rahi, Rohit; Zigrand, Jean-Pierre - London School of Economics (LSE) - 2007

We study a model with restricted investor participation in which strategic arbitrageurs reap profits by exploiting mispricings across different market segments. We endogenize the asset structure as the outcome of a security design game played by the arbitrageurs. The equilibrium asset structure...

Persistent link: https://www.econbiz.de/10010746496

Public opinion and the crisis: the dynamics of support for the euro

Hobolt, Sara B.; Wratil, Christopher - London School of Economics (LSE) - 2015

and the subsequent euro area crisis have amplified both the salience and the redistributive consequences of decisions …. Interestingly, our results show that support for the euro has remained high within the euro area; however, attitudes are … seen to deepen divisions within Europe, our findings suggest that it has also encouraged citizens in the euro area to form …

Persistent link: https://www.econbiz.de/10011265670

Reputation effects in trading on the New York Stock Exchange

Battalio, Robert; Ellul, Andrew; Jennings, Robert - London School of Economics (LSE) - 2005

Theory suggests that reputations, developed in repeated face-to-face interactions, allow nonanonymous, floor-based trading venues to attenuate adverse selection in the trading process. We identify instances when stocks listed on the New York Stock Exchange (NYSE) experience a non-trivial...

Persistent link: https://www.econbiz.de/10010884510

Do reputational concerns lead to reliable ratings?

Mariano, Beatriz - London School of Economics (LSE) - 2008

This paper examines to what extent reputational concerns give rating agencies incentives to reveal information. It demonstrates that, in a simple model in which a rating agency has public and private information about a project, it may ignore private information and even contradict public...

Persistent link: https://www.econbiz.de/10010745887

1
2
3
4
5
6
7
8
Next
Last