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Debt overhang, rollover risk, and corporate investment : evidence from the European crisis

Kalemli-Ozcan, Sebnem; Laeven, Luc; Moreno, David - 2019

We quantify the role of financial factors behind the sluggish post-crisis performance of European firms. We use a firm-bank-sovereign matched database to identify separate roles for firm and bank balance sheet weaknesses arising from changes in sovereign risk and aggregate demand conditions. We...

Persistent link: https://www.econbiz.de/10011975573

Corporate acquisitions and bank relationships

Volosovych, Vadym; Poelhekke, Steven; Vlahu, Razvan - 2021

Using a large dataset of firm-bank and ownership information for 23 European countries over 2008-2015, we study the dynamics of bank relationships after corporate acquisitions and the effects of changing banks on firm performance. Foreign acquirers do not rely on internal capital markets but...

Persistent link: https://www.econbiz.de/10012621574

Firm or bank weakness? : access to finance since the European sovereign debt crisis

Corbisiero, Giuseppe; Faccia, Donata - 2020

This paper uses a unique dataset where credit rejections experienced by euro area firms are matched with firm and bank … the euro area during the sovereign debt crisis, and in credit developments characterising the post-crisis recovery … representation of euro area firms of small and medium size. Our findings suggest that, while firm balance sheet factors have been …

Persistent link: https://www.econbiz.de/10012150099

Universal banks and corporate control : evidence from the global syndicated loan market

Ferreira, Miguel A.; Matos, Pedro - 2009

Banks play a role in the corporate governance of firms as well as acting as debt financiers around the world. Universal banks can have control over borrowing firms by representation on the board of directors or by holding shares through direct stakes or institutional holdings. We investigate the...

Persistent link: https://www.econbiz.de/10003867057

Corporate governance and leverage : evidence from a natural experiment

Arping, Stefan; Sautner, Zacharias - 2009

We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands, Dutch firms significantly...

Persistent link: https://www.econbiz.de/10011380020

Market liquidity, investor participation and managerial autonomy : why do firms go private?

Boot, Arnoud W. A.; Gopaian, Radhakrishnan; Thakor, Anjan V. - 2005

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/10011348720

Ordering the preference hierarchies for internal finance, bank loans, bond and share issues

Haan, Leo de; Hinloopen, Jeroen - 2002

We estimate the incremental financing decision for a sample of some 150Dutch companies for the years 1984 through 1997, thereby distinguishinginternal finance and three types of external finance: bank borrowing, bondissues and share issues. First, we estimate a multinomial logit model...

Persistent link: https://www.econbiz.de/10011327550

Dividend-protected convertible bonds and the disappearance of call delay

Grundy, Bruce D.; Verwijmeren, Patrick - 2012

Persistent link: https://www.econbiz.de/10009722624

Financing obstacles and growth : an analysis for euro area non-financial corporations

Coluzzi, Chiara; Ferrando, Annalisa; … - 2009

,000 non-financial corporations in five euro area countries. In addition to the balance sheet information in this panel, we …

Persistent link: https://www.econbiz.de/10003826608

The rise of bond financing in Europe

Darmouni, Olivier; Papoutsi, Melina - 2022

of bond financing in the Euro Area through the lens of the cross-section of issuers. In recent years, the composition of …

Persistent link: https://www.econbiz.de/10013198743