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Network determinants of cross-border merger and acquisition decisions
Didier, Tatiana; Herrador, Sebastián; Pinat, Magali - 2019
This paper assesses whether cross-border M and A decisions exhibit network effects. We estimate exponential random graph models (ERGM) and temporal exponential random graph models (TERGM) to evaluate the determinants of cross-country M and A investments at the sectoral level. The results show...
Persistent link: https://www.econbiz.de/10012154966
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International Corporate Governance Spillovers : Evidence from Cross-Border Mergers and Acquisitions
Albuquerque, Rui - 2013
We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate governance in 22 countries, we find that cross-border M&As are associated with...
Persistent link: https://www.econbiz.de/10014394542
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Banking and trading
Boot, Arnoud W. A.; Ratnovski, Lev - 2012
We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long …-based: scalable, shortterm, capital constrained, and with the ability to generate risk from concentrated positions. When a bank … inefficiencies. A bank may allocate too much capital to trading ex-post, compromising the incentives to build relationships ex …
Persistent link: https://www.econbiz.de/10012671628
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Leverage? : what leverage? ; a deep dive into the U.S. flow of funds in search of clues to the global crisis
Bhatia, Ashok Vir; Bayoumi, Tamim A. - 2012
This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral...
Persistent link: https://www.econbiz.de/10009618519
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Investment Banking and Security Market Development : Does Finance Follow Industry?
Anand, Bharat Narendra - 2001
Long-term relationships between business firms and investment banks are pervasive in developed security markets and there is evidence that better monitoring and information result from these relationships. Therefore, security markets should allocate resources better when an investment banking...
Persistent link: https://www.econbiz.de/10014401296
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Leverage? What Leverage? : A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis
Bayoumi, Tamim - 2012
This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral...
Persistent link: https://www.econbiz.de/10014395727
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Chinese investment in Latin America : sectoral complementarity and the impact of China's rebalancing
Ding, Ding; Di Vittorio, Fabio; Lariau, Ana; Zhou, Yue - 2021
Over the last decade China's investment in Latin America and the Caribbean (LAC) has increased substantially in volume and become more diversified from natural resources to other industries. Using cross-border mergers and acquisitions data, we demonstrate that since mid-2010s China's overseas...
Persistent link: https://www.econbiz.de/10012612332
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Winning connections? : special interests and the sale of failed banks
Igan, Deniz; Lambert, Thomas; Wagner, Wolf; Zhang, Quxian - 2017
a less efficient allocation of failed banks. Our results provide new insights into the bank resolution process and the …
Persistent link: https://www.econbiz.de/10011763817
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Corporate Leverage, Bankruptcy, and Output Adjustment in Post-Crisis East Asia
Kim, Se-Jik - 1999
Different levels of corporate leverage are used in this paper to help explain the wide range of post-crisis output adjustment across East Asia. In the model developed here, highly leveraged firms facing a cutoff of capital inflows are threatened by bankruptcy. These firms respond by eliminating...
Persistent link: https://www.econbiz.de/10014400639
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Debt Relief and Leveraged Buy-Outs
International Monetary Fund - 1988
Analyses of debt relief that focus on the behavior of debtors and existing creditors understate the incentives for collective action by creditors. It is well known that debt relief could benefit existing creditors by providing incentives for domestic investment by residents of debtor countries....
Persistent link: https://www.econbiz.de/10014396061