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Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - C.E.P.R. Discussion Papers - 2009

We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed ‘hard’ information about the...

Persistent link: https://www.econbiz.de/10008491717

Conflicts of Interest and Efficient Contracting in IPOs

Ljungqvist, Alexander P. - C.E.P.R. Discussion Papers - 2003

their investment bankers. Making the bank’s compensation more sensitive to the issuer’s valuation should reduce agency …

Persistent link: https://www.econbiz.de/10005666471

Convertible Securities and Venture Capital Finance

Schmidt, Klaus M. - C.E.P.R. Discussion Papers - 1999

This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash flow rights as a function of the realized quality of the project. This property can be used to mitigate the double...

Persistent link: https://www.econbiz.de/10005666482

Bookbuilding and Strategic Allocation

Cornelli, Francesca; Goldreich, David - C.E.P.R. Discussion Papers - 1999

Under the bookbuilding procedure, an investment banker solicits bids for shares from institutional investors prior to pricing the issue. After collecting this demand information, the investment banker prices the issue and allocates shares to the investors. We examine the books from 39...

Persistent link: https://www.econbiz.de/10005666528

Entrepreneurship in Equilibrium

Gromb, Denis; Scharfstein, David - C.E.P.R. Discussion Papers - 2002

This Paper compares the financing of new ventures in start-ups (entrepreneurship) and in established firms (intrapreneurship). Intrapreneurship allows established firms to use information on failed intrapreneurs to redeploy them into other jobs. Instead, failed entrepreneurs must seek other jobs...

Persistent link: https://www.econbiz.de/10005789057

Conflict of Interest in Universal Banking: Bank Lending, Stock Underwriting, and Fund Management

Ber, Hedva; Yafeh, Yishay; Yosha, Oved - C.E.P.R. Discussion Papers - 2000

benefits of universal banking. We find that a firm whose equity was underwritten by a bank-affiliated underwriter, when the … same bank was also a large creditor of the firm in the IPO year, exhibits significantly better than average post …. When an investment fund managed by the same bank is heavily involved in the IPO as buyer of the newly-issued equity, the …

Persistent link: https://www.econbiz.de/10005791310

Evidence of Information Spillovers in the Production of Investment Banking Services

Benveniste, Lawrence M; Ljungqvist, Alexander P.; … - C.E.P.R. Discussion Papers - 2001

We present evidence that firms attempting IPOs learn from the experience of their contemporaries. These information spillovers affect revisions in offer terms and the decision whether to carry through with an offering. The evidence also supports the argument that IPOs are implicitly bundled as a...

Persistent link: https://www.econbiz.de/10005791488

Bookbuilding: How Informative is the Order Book?

Cornelli, Francesca; Goldreich, David - C.E.P.R. Discussion Papers - 2001

’ prior to pricing shares in an equity issue. The purpose of this Paper is to examine whether the investment bank uses the …

Persistent link: https://www.econbiz.de/10005791587

Venture Capital Finance: A Security Design Approach

Repullo, Rafael; Suarez, Javier - C.E.P.R. Discussion Papers - 1999

This paper provides a theory of venture capital financing based on the complementarity between the financing and advising roles of venture capitalists. We examine the interaction between the staging of investment that characterizes young firms with a high growth potential and the double-sided...

Persistent link: https://www.econbiz.de/10005792071

Corporate Governance and Value Creation: Evidence from Private Equity

Acharya, Viral V; Hahn, Moritz; Kehoe, Conor - C.E.P.R. Discussion Papers - 2009

We examine deal-level data on private equity transactions in the UK initiated during the period 1996 to 2004 by mature private equity houses. We un-lever the deal-level equity return and adjust for (un-levered) return to quoted peers to extract a measure of "alpha" or abnormal performance of the...

Persistent link: https://www.econbiz.de/10004980202

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