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Market Liquidity, Investor Participation and Managerial Autonomy: Why do Firms go Private?

Boot, Arnoud W.A.; Gopaian, Radhakrishnan; Thakor, Anjan V. - Tinbergen Instituut - 2006

We analyze a publicly-traded firm's decision to stay public or go private when managerial autonomy from shareholder intervention affects the supply of productive inputs by management. We show that both the advantage and the disadvantage of public ownership relative to private ownership lie in...

Persistent link: https://www.econbiz.de/10011256406

A Non-Parametric and Entropy Based Analysis of the Relationship between the VIX and S&P 500

Allen, David E.; McAleer, Michael; Powell, Robert; … - Tinbergen Instituut - 2013

This paper features an analysis of the relationship between the S&P 500 Index and the VIX using daily data obtained from both the CBOE website and SIRCA (The Securities Industry Research Centre of the Asia Pacic). We explore the relationship between the S&P 500 daily continuously compounded...

Persistent link: https://www.econbiz.de/10011256625

Cross-Border Mergers and Acquisitions: The Role of Private Equity Firms

Humphery-Jenner, Mark; Sautner, Zacharias; Suchard, Jo-Ann - Tinbergen Instituut - 2012

We study the role of private equity firms in cross-border mergers and acquisitions. We find that private equity-owned firms are more likely to become targets in crossborderM&A transactions. This effect is particularly strong in transactions where the target or its shareholders actively reach out...

Persistent link: https://www.econbiz.de/10011257381

Banking and Trading

Boot, Arnoud W.A.; Ratnovski, Lev - Tinbergen Instituut - 2012

We study the effects of a bank’s engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, short-term, capital constrained, and with...

Persistent link: https://www.econbiz.de/10011256147

Forecasting Earnings Forecasts

Bruijn, Bert de; Franses, Philip Hans - Tinbergen Instituut - 2013

We analyze earnings forecasts retrieved from the I/B/E/S database concerning 596 firms for the sample 1995 to 2011, with a specific focus on whether these earnings forecasts can be predicted from available data. Our main result is that earnings forecasts can be predicted quite accurately using...

Persistent link: https://www.econbiz.de/10011255828

How Informative are the Unpredictable Components of Earnings Forecasts?

Bruijn, Bert de; Franses, Philip Hans - Tinbergen Instituut - 2015

An analysis of about 300000 earnings forecasts, created by 18000 individual forecasters for earnings of over 300 S&P listed firms, shows that these forecasts are predictable to a large extent using a statistical model that includes publicly available information. When we focus on the...

Persistent link: https://www.econbiz.de/10011256066

Giants at the Gate: On the Cross-Section of Private Equity Investment Returns

Lopez-de-Silanes, Florencio; Phalippou, Ludovic; … - Tinbergen Instituut - 2011

over forty years. The median investment IRR (PME) is 21% (1.3), gross offees. One in ten investments goes bankrupt, whereas …

Persistent link: https://www.econbiz.de/10011256257

Private Equity Waves

Smit, Han; Berg, Ward A. van den - Tinbergen Instituut - 2006

rationally explain the cyclical pattern of investment flows into private equity. The net benefit of private equity over public … equity is i) uncertain and ii) agents have private information about the benefits of their investment. When these … distinguishing characteristics determine investment behavior in private equity markets, rational investment waves may arise …

Persistent link: https://www.econbiz.de/10011256663

Banks and Market Liquidity

Arping, Stefan - Tinbergen Instituut - 2015

I study a model of market-liquidity provision by levered intermediaries that, besides operating trading desks, run deposit-taking franchises. Levered intermediaries’ heightened incentive to absorb risk helps to counteract liquidity-provision frictions that, in an unlevered economy, would lead...

Persistent link: https://www.econbiz.de/10011256979

What drives the Quotes of Earnings Forecasters?

Bruijn, Bert de; Franses, Philip Hans - Tinbergen Instituut - 2012

Earnings forecasts can be useful for investment decisions. Research on earnings forecasts has focused on forecast …

Persistent link: https://www.econbiz.de/10011257426