This research provides formal insights into how new firms facing a number of potential investors might effectively raise funds at early stages, especially when a firm is small and/or a marketable product has not yet been developed. In the principal-agent framework, the firm can be seen as the...

This study investigates factors influencing private banks' exit strategy between going public (Initial Public Offering (IPO)) and being a target in Merger and Acquisitions (M&A). Evidence indicates that a bank with high liquidity, operating in a geographical deregulatory environment is more...

This study investigates the effects of economy-wide corruption on bad loans across a large sample of countries. The evidence reveals that greater corruption is associated with more bad loans. Loan defaults are lower in faster growing economies, in economies with higher lending rates and in...

This paper conducts a comparative analysis of the productive efficiency of foreign-owned and US-owned multinational commercial banks operating in the US. A multiproduct translog stochastic-cost frontier model approach is used to estimate cost inefficiency scores. Ordinary Least Squares and Tobit...

Using Canadian-US dollar data this paper examines the question of whether recent positive findings with regard to purchasing power parity carry over to the monetary approach to exchange rates. The evidence provides strong support for the long-run monetary model of exchange rates. At the same...