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It Takes Two To Tango: an empirical tale of distressed firms and assisting banks
de Jong, de Jong, A. - Erasmus Research Institute of Management (ERIM), … - 2004
We study the restructuring process of small and medium-sized firms in financial distress. We have a unique dataset with firms in the Netherlands that are guided in their restructuring effort by banks. Part of our dataset consists of firms that successfully restructure their operations and...
Persistent link: https://www.econbiz.de/10010731431
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Costs and Recovery Rates in the Dutch Liquidation-Based Bankruptcy System
Couwenberg, Couwenberg, O.; de Jong, de Jong, A. - Erasmus Research Institute of Management (ERIM), … - 2007
to measure the costs and recovery rates in the Dutch liquidation-based bankruptcy system, and to investigate the …We present evidence on the efficiency of the resolution of financial distress in bankruptcy in The Netherlands. We … firms before and in the bankruptcy procedures, the details of the bankruptcy process and the outcomes. This data allows us …
Persistent link: https://www.econbiz.de/10010731471
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The effects of decision flexibility in the hierarchical investment decision process
Hallerbach, Winfried; Spronk, Jaap; Ning, Ning, H. - Erasmus Research Institute of Management (ERIM), … - 2003
Large institutional investors allocate their funds over a number of classes (e.g. equity, fixed income and real estate), various geographical regions and different industries. In practice, these allocation decisions are usually made in a hierarchical (top-down), consecutive way. At the higher...
Persistent link: https://www.econbiz.de/10010731168
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Firm Size Effects on Venture Capital Syndication: The Role of Resources and Transaction Costs
wright, mike; Bruining, Bruining, J.; Verwaal, Verwaal, E. - Erasmus Research Institute of Management (ERIM), … - 2005
The present paper examines firm size effects on the decision of venture capital firms to participate in a venture capital investment syndication network. The authors submit that firm size effects in venture capital syndication are dependent on resource acquisition motives and transaction cost...
Persistent link: https://www.econbiz.de/10011242170
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Striking Oil: Another Puzzle
Driesprong, G.; Jacobsen, Jacobsen, B.; Maat, B. - Erasmus Research Institute of Management (ERIM), … - 2003
We find that changes in oil prices strongly predict future stock market returns in many countries in the world. In our thirty year sample of monthly data for developed stock markets, we find statistically significant predictability in 12 out of the 18 countries and in a world market index. For...
Persistent link: https://www.econbiz.de/10010837598
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Do Exchange Rates Move in Line With Uncovered Interest Parity?
Mahieu, Ronald; Huisman, Huisman, R.; Mulder, Mulder, A. - Erasmus Research Institute of Management (ERIM), … - 2007
According to uncovered interest rate Parity (UIP), the expected relative change in an exchange rate is equal to the difference between interest rates between the two currencies. Empirically, UIP is frequently rejected. In this paper, we examine whether exchange rates have at least any tendency...
Persistent link: https://www.econbiz.de/10010837483
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Takeover defenses and IPO firm value in the Netherlands
Roosenboom, Roosenboom, P.G.J.; van der Goot, T. - Erasmus Research Institute of Management (ERIM), … - 2003
The central question of this study involves the relation between the use of takeover defenses and IPO firm value. We report that management frequently uses takeover defenses before taking the firm public. The use of takeover defenses is primarily motivated by managerial entrenchment. IPO...
Persistent link: https://www.econbiz.de/10010837490
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A GMM Test for SSD Efficiency
Post, Post, G.T.; Versijp, Versijp, P.J.P.M. - Erasmus Research Institute of Management (ERIM), … - 2004
We develop an empirical test for Second-order Stochastic Dominance (SSD) efficiency of a given investment portfolio relative to all possible portfolios formed from a set of assets. Contrary to the Linear Programming test of Post, Thierry, 2003, Empirical tests for stochastic dominance...
Persistent link: https://www.econbiz.de/10010837491
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Contagion as Domino Effect in Global Stock Markets
Kole, Erik; van Dijk, Dick; Markwat, Markwat, T.D. - Erasmus Research Institute of Management (ERIM), … - 2008
This paper shows that stock market contagion operates through a domino effect, where small crashes evolve into more severe crashes. Using a novel unifying framework we model the occurrence of local, regional and global crashes in terms of past occurrences of these different crashes and financial...
Persistent link: https://www.econbiz.de/10010837496
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Bond underwriting fees and keiretsu affiliation in Japan
de Jong, de Jong, A.; Roosenboom, Roosenboom, P.G.J.; … - Erasmus Research Institute of Management (ERIM), … - 2005
We examine fees on bonds issued by Japanese corporations during the 1994-2002 period. We relate fees to firms’ membership of bank-led (financial) keiretsu. For the full sample of firms, we establish a positive relation between fees and risk factors. Over time, we find that fees have increased...
Persistent link: https://www.econbiz.de/10010837514