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Using a sample of acquisitions of unlisted firms completed by public companies from 17 Western European countries over the period 2003-2008, this study investigates whether private equity (PE)-backing of acquired firms has an impact on announcement period abnormal returns to acquirers. 12.5% of...
Persistent link: https://www.econbiz.de/10008924657
the ability of product champions to enlist top management support for an innovation project. Based on a sample of 82 …
Persistent link: https://www.econbiz.de/10008862097
De toutes parts se font entendre aujourd’hui de vibrants plaidoyers pour l’innovation et la créativité. Ces pratiques … contradictoire avec un ordre stable (en latin médiéval le mot innovation est synonyme d’hérésie – Girard, 2002) est aujourd’hui non … seulement fortement souhaité mais, plus encore, encouragé. À ces appels à l’innovation correspond un regain d’intérêt pour la …
Persistent link: https://www.econbiz.de/10008532387
Persistent link: https://www.econbiz.de/10008532465
In this theoretical paper, I examine bargaining over the financial terms of a contract between an entrepreneur willing to realize a project and a supportive financier such as a venture capitalist. I study the impact of the endogenous opportunity to resort to non-supportive financiers such as...
Persistent link: https://www.econbiz.de/10008876088
This paper explores the relationship between venture capitalists (VCs)’ financial contracts and the characteristics of these VCs. Analyzing VCs' responses to our questionnaire, we find that VCs’ contractual behaviors differ according to affiliation and experience. VCs working for independent...
Persistent link: https://www.econbiz.de/10008917388
This paper considers an international sample of venture capital and private equity funds to assess the role of law, corruption and culture in setting fund manager fees in terms of their fixed management fees, carried interest performance fees, clawbacks of fees and cash versus share...
Persistent link: https://www.econbiz.de/10008871981
The Basel II committee set up directives encouraging banks to use internal scores in order to assess the risk of their customers. This new form of information competes with the existing ones. SMEs are most concerned by these new stakes, due to the lack of transparency. The aim of this paper is...
Persistent link: https://www.econbiz.de/10008917394
L'objectif de cet article est de confronter deux mesures classiques du risque de défaillance de l'émetteur, la notation et l'écart de rentabilité. La première est attribuée par des agences spécialisées dans cette activité (Standard and Poor's et Moody's) alors que la seconde résulte du...
Persistent link: https://www.econbiz.de/10009002004
I show that the structure of the firm is not neutral in respect to regulatory capital budgeted under rules which are based on the Value-at-Risk. Indeed, when a holding company has the liberty to divide its risk into as many subsidiaries as needed, and when the subsidiaries are subject to...
Persistent link: https://www.econbiz.de/10009024331