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From fiction to fact: the impact of CEO social networks
Kirchmaier, Thomas; Stathopoulos, Konstantinos - London School of Economics (LSE) - 2008
This paper investigates the relationship between a CEO’s social network, firm identity, and firm performance. There are two competing theories that predict contradictory outcomes. Following social network theory, one would expect a positive relation between social networks and firm...
Persistent link: https://www.econbiz.de/10010884592
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Corporate ownership structure and performance in Europe
Grant, Jeremy; Kirchmaier, Thomas - London School of Economics (LSE) - 2004
In this paper, we show that ownership structures vary considerably across Europe, and that the dominant form of ownership is not necessarily the most efficient one. These findings are in contradiction to similar research based on US samples. The results also demonstrate that firms without a...
Persistent link: https://www.econbiz.de/10010884735
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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
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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
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Balance sheet capacity and endogenous risk
Danielsson, Jon; Song Shin, Hyun; Zigrand, Jean-Pierre - London School of Economics (LSE) - 2011
banking sector as a whole that depends on total bank capital. Equilibrium risk and market risk premiums can be solved in …
Persistent link: https://www.econbiz.de/10010884614
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Multiple-bank lending: diversification and free-riding in monitoring
Carletti, Elena; Cerasi, Vittoria; Daltung, Sonja - London School of Economics (LSE) - 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/10010745086
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Loan maturity and renegotiation evidence from the lending practices of large and small banks
Albertazzi, Ugo - London School of Economics (LSE) - 2007
Corporate finance theories suggest that problems of asymmetric information and moral hazard in credit markets can be addressed by choosing short-term maturities. Theories of debt renegotiation suggest that the credibility of the implicit commitment to not make concessions to insolvent borrowers,...
Persistent link: https://www.econbiz.de/10010745643
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Procyclical leverage and value-at-risk
Adrian, Tobias; Shin, Hyun Song - London School of Economics (LSE) - 2013
The availability of credit varies over the business cycle through shifts in the leverage of financial intermediaries. Empirically, we find that intermediary leverage is negatively aligned with the banks’ value-at-risk (VaR). Motivated by the evidence, we explore a contracting model that...
Persistent link: https://www.econbiz.de/10011171761
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Has the growth of real GDP in the UK been overstated because of mis-measurement of banking output?
Oulton, Nicholas - London School of Economics (LSE) - 2013
If official figures overstated the growth of banking output in the UK in the recent boom, does this mean that GDP … growth was overstated too? The answer is no. It is truer to say that if banking output was overstated then the output of some … most of the problematic part of banking output drops out since it constitutes intermediate consumption not final …
Persistent link: https://www.econbiz.de/10010745950
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Multinationals and US productivity leadership: evidence from Great Britain
Criscuolo, Chiara; Martin, Ralf - London School of Economics (LSE) - 2005
We study the productivity of US owned plants in the UK. Using a new dataset that identifies foreign and domestic MNEs, we find that UK MNEs are less productive than US affiliates, but as productive as non US foreign affiliates. We investigate the source of the US and MNE advantage. We find...
Persistent link: https://www.econbiz.de/10010884622