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The Impact of Competition on Bank Orientation and Specialization
Degryse, Hans; Ongena, S. - Tilburg University, Center for Economic Research - 2003
How do banks react to increased interbank competition?Recent banking theory offers conflicting predictions about the impact of competition on bank orientation í L H WKH choice of relationship based versus transactional banking í DQG EDQN LQGXVWU\ specialization.We empirically investigate the...
Persistent link: https://www.econbiz.de/10011090384
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Distance, Lending Relationships and Competition
Degryse, Hans; Ongena, S. - Tilburg University, Center for Economic Research - 2002
A recent string of theoretical papers highlights the importance of geographical distance in explaining pricing and availability of loans to small firms.Lenders located in the vicinity of small firms have significantly lower monitoring and transaction costs, and hence considerable market power if...
Persistent link: https://www.econbiz.de/10011090398
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Lending to Small Businesses : The Role of Loan Maturity in Adressing Information Problems
Penas, María Fabiana; Ortiz-Molina, H. - Tilburg University, Center for Economic Research - 2004
We investigate what determines the maturity of loans to small, informationally opaque businesses.We find that longer maturities are associated with collateral pledges, better financial condition, good credit history, and less informational opacity of the borrower.However, we do not find a...
Persistent link: https://www.econbiz.de/10011090626
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Distance, Lending Relationships, and Competition
Degryse, Hans; Ongena, S. - Tilburg University, Center for Economic Research - 2003
A recent string of theoretical papers has highlighted the importance of geographical distance in explaining loan rates for small firms.Lenders located in the vicinity of small firms face significantly lower transportation and monitoring costs, and hence wield considerable market power, if...
Persistent link: https://www.econbiz.de/10011091782
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Bank Behavior with Access to Credit Risk Transfer Markets
Goderis, Benedikt; Wagner, Wolf; Marsh, I.; Vall … - Tilburg University, Center for Economic Research - 2006
One of the most important recent innovations in financial markets has been the development of credit derivative products that allow banks to more actively manage their credit portfolios than ever before.We analyze the effect that access to these markets has had on the lending behavior of a...
Persistent link: https://www.econbiz.de/10011092253
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Accounting Discretion of Banks During a Financial Crisis
Huizinga, Harry P.; Laeven, L. - Tilburg University, Center for Economic Research - 2009
This paper presents evidence of banks using accounting discretion to overstate the value of distressed assets. In particular, we show that the stock market applies far greater discounts to a bank’s real estate loans and mortgage-backed securities than are implicit in the book values of these...
Persistent link: https://www.econbiz.de/10011091514
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The Impact of Explicit Deposit Insurance on Market Discipline
Ioannidou, Vasso; de Dreu, J. - Tilburg University, Center for Economic Research - 2006
This paper studies the impact of explicit deposit insurance on market discipline in a framework that resembles a natural experiment.We improve upon previous studies by exploiting a unique combination of country-specific circumstances, design features, and data availability that allows us to...
Persistent link: https://www.econbiz.de/10011091945
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Divestment, Entrepreneurial Incentives and the Decision to go Public
Wagner, Wolf - Tilburg University, Center for Economic Research - 2002
explanation for a range of empirical phenomena related to initial public offerings (IPO's), such as the waiting time until firms … go public, lock-up periods, operating underperformance of IPO's and post-IPO divestment.The equilibrium divestment …
Persistent link: https://www.econbiz.de/10011090551
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Lock-In Agreements in Venture Capital Backed UK IPOs
Renneboog, Luc; Espenlaub, S.; Goergen, M.; Khurshed, A. - Tilburg University, Center for Economic Research - 2002
during 1992-98. 103 of these companies had venture-capital backing at the IPO.The sample is also broken down into firms …-tech industries), venture-capital backing of the IPO is not used as a substitute for, but rather as a complement to, lock … because the underwriters of VC-backed IPOs expect heavy sales by the VCs in the period after the IPO and decide to lock in the …
Persistent link: https://www.econbiz.de/10011090926
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Shareholder Lockup Agreements in the European New Markets
Renneboog, Luc; Goergen, M.; Khurshed, A. - Tilburg University, Center for Economic Research - 2004
We analyse the characteristics of lockup agreements of IPOs on the Neuer Markt and the Nouveau Marche from 1996 to 2000.Even though both markets were part of the same EuroNM network, the characteristics of their lockup agreements are substantially different.Firm characteristics have a major...
Persistent link: https://www.econbiz.de/10011091821