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The Importance of Trust for Investment : Evidence From Venture Capital (Revision of DP 2009-43)
Da Rin, Marco; Bottazzi, L.; Hellmann, T. - Tilburg University, Center for Economic Research - 2010
We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment...
Persistent link: https://www.econbiz.de/10011090711
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How Does Personal Bankruptcy Law Affect Start-ups?
Penas, María Fabiana; Cerqueiro, G.M. - Tilburg University, Center for Economic Research - 2011
entrepreneurs’ personal wealth is already protected by limited liability. Consequently, corporations experience lower growth rates …
Persistent link: https://www.econbiz.de/10011090786
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The Convertible Arbitrage Strategy Analyzed
ter Horst, Jenke; Loncarski, I.; Veld, C.H. - Tilburg University, Center for Economic Research - 2006
This paper analyzes convertible bond arbitrage on the Canadian market for the period 1998 to 2004.Convertible bond arbitrage is the combination of a long position in convertible bonds and a short position in the underlying stocks. Convertible arbitrage has been one of the most successful...
Persistent link: https://www.econbiz.de/10011090992
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Credit Ratings and Bank Monitoring Ability
Nakamura, L.I.; Roszbach, K. - Tilburg University, Center for Economic Research - 2010
In this paper we use credit rating data from two Swedish banks to elicit evidence on these banks’ loan monitoring ability. We do so by comparing the ability of bank ratings to predict loan defaults relative to that of public ratings from the Swedish credit bureau. We test the banks’...
Persistent link: https://www.econbiz.de/10011091685
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Strong Managers and Passive Institutional Investors in the UK : Stylized Facts
Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 1998
The first striking feature is that ownership of the average UK company is diffuse: a coalition of at least eight shareholders is required to reach an absolute majority of voting rights. Even though the average firm has a dispersed ownership, the reader should bear in mind that there are about...
Persistent link: https://www.econbiz.de/10011092297
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Auctioned IPOs : The U.S. Evidence
Degeorge, F.; Derrien, F.; Womack, K.L. - Tilburg University, Center for Economic Research - 2009
Between 1999 and 2007, WR Hambrecht has completed 19 IPOs in the U.S. using an auction mechanism. We analyze investor behavior and mechanism performance in these auctioned IPOs using detailed bidding data. The existence of some bids posted at high prices suggests that some investors (mostly...
Persistent link: https://www.econbiz.de/10011092302
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Debt Contracts, Collapse and Regulation as Competition Phenomena
Gersbach, H.; Uhlig, H.F.H.V.S. - Tilburg University, Center for Economic Research - 1998
not observable by banks and investment decisions of entrepreneurs are not contractible, but output conditional on … only attractive for very good entrepreneurs. As a result no equilibrium in pure strategies exists. Existence can be … to avoid the contract with the highest chance of delivery: that contract attracts all bad entrepreneurs. …
Persistent link: https://www.econbiz.de/10011092395
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Why are the French so Different from the Germans? Underpricing of IPOs on the Euro New Markets
Renneboog, Luc; Goergen, M.; Khurshed, A. - Tilburg University, Center for Economic Research - 2006
IPOs on the EuroNMs have shown very high underpricing.The majority of these IPOs possess specific characteristics such as lock-up agreements, venture-capital financing, ownership by the underwriter and over-allotment options.We study how these characteristics influence the underpricing of firms...
Persistent link: https://www.econbiz.de/10011092834
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What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence
Da Rin, Marco; Bottazzi, L.; Hellmann, T. - Tilburg University, Center for Economic Research - 2008
entrepreneurs. The theory uses a double moral hazard framework to show how optimal contracts and investor actions depend on the …
Persistent link: https://www.econbiz.de/10011090634
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The Financing of Innovation : Learning and Stopping
Bergemann, D.; Hege, U. - Tilburg University, Center for Economic Research - 2001
This paper considers the financing of a research project under uncertainty about the time of completion and the probability of eventual success.The uncertainty about future success gradually diminishes with the arrival of additional funding.The entrepreneur controls the funds and can divert...
Persistent link: https://www.econbiz.de/10011090781