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Private equity performance under extreme regulation

Cumming, Douglas; Zambelli, Simona - In: Journal of Banking & Finance 37 (2013) 5, pp. 1508-1523

This study investigates the impact of excessive regulation on private equity (PE) returns and firm performance. History shows that extreme regulation and prohibition reduce the supply of capital and raise returns (e.g., as with drugs and diamonds). However, for value-added investors such as PE...

Persistent link: https://www.econbiz.de/10010741774

Capital requirements for over-the-counter derivatives central counterparties

Lin, Li; Surti, Jay - In: Journal of Banking & Finance 52 (2015) C, pp. 140-155

This paper assesses the sensitivity of the risk buffers, or capital requirements, of central counterparties clearing over-the-counter derivatives trades to a range of model inputs. It finds capital requirements to be highly sensitive to whether key model parameters are calibrated on a...

Persistent link: https://www.econbiz.de/10011209849

SEC enforcement in the PIPE market: Actions and consequences

Bengtsson, Ola; Dai, Na; Henson, Clifford - In: Journal of Banking & Finance 42 (2014) C, pp. 213-231

In 2002, the SEC launched enforcement actions against investors involved in PIPE (Private Investments in Public Equity) transactions. We describe the legal ramifications of this enforcement initiative, and document dramatic contemporaneous market-wide changes in the contractual structure of...

Persistent link: https://www.econbiz.de/10010753685

Analyst forecasts and European mutual fund trading

Franck, Alexander; Kerl, Alexander - In: Journal of Banking & Finance 37 (2013) 8, pp. 2677-2692

This paper addresses the questions whether European mutual fund managers rely on sell-side analyst information and whether this behavior impacts fund performance. Results show that mutual funds significantly increase (decrease) their holdings in stocks when any of the consensus forecast measures...

Persistent link: https://www.econbiz.de/10010679251

How does deposit insurance affect bank risk? Evidence from the recent crisis

Anginer, Deniz; Demirguc-Kunt, Asli; Zhu, Min - In: Journal of Banking & Finance 48 (2014) C, pp. 312-321

Deposit insurance is widely offered in a number of countries as part of a financial system safety net to promote stability. An unintended consequence of deposit insurance is the reduction in the incentive of depositors to monitor banks which lead to excessive risk-taking. We examine the relation...

Persistent link: https://www.econbiz.de/10011077974

Transparency in IPO mechanism: Retail investors’ participation, IPO pricing and returns

Neupane, Suman; Poshakwale, Sunil S. - In: Journal of Banking & Finance 36 (2012) 7, pp. 2064-2076

Using data from the transparent Indian IPO setting, the paper examines retail investors’ participation, their influence on IPO pricing and the returns they make on IPO investment. The transparency in the mechanism, which allows investors to observe prior investors’ participation, leads to...

Persistent link: https://www.econbiz.de/10010577984

Liquidity, leverage, and Lehman: A structural analysis of financial institutions in crisis

Chen, Ren-Raw; Chidambaran, N.K.; Imerman, Michael B.; … - In: Journal of Banking & Finance 45 (2014) C, pp. 117-139

This paper presents a flexible, lattice-based structural credit risk model that uses equity market information and a detailed depiction of a financial institution’s liability structure to analyze default risk. The model is applied to examine the term structure of default probabilities for...

Persistent link: https://www.econbiz.de/10010943179

Better than the original? The relative success of copycat funds

Verbeek, Marno; Wang, Yu - In: Journal of Banking & Finance 37 (2013) 9, pp. 3454-3471

We construct hypothetical copycat funds to investigate the performance of free-riding strategies that duplicate the disclosed asset holdings of actively managed mutual funds. On average, copycat funds are able to generate performance that is comparable to their target mutual funds, taking into...

Persistent link: https://www.econbiz.de/10010682604

Bank ownership, privatization, and performance: Evidence from a transition country

Jiang, Chunxia; Yao, Shujie; Feng, Genfu - In: Journal of Banking & Finance 37 (2013) 9, pp. 3364-3372

This paper combines the static effect of ownership and the dynamic effect of privatization on bank performance in China … monitoring and vetting in capital markets, perform better regardless of ownership status. The privatization of banks has improved …

Persistent link: https://www.econbiz.de/10010682600

Privatization and globalization: An empirical analysis

Boubakri, Narjess; Cosset, Jean-Claude; Debab, Nassima; … - In: Journal of Banking & Finance 37 (2013) 6, pp. 1898-1914

investment (FPI) – and privatization of state-owned enterprises, in a multi-country sample that focuses on developing countries …. We hypothesize that privatization has an effect on FDI/FPI as the process of fostering private sector participation is … investors. Similarly, we expect FDI/FPI to foster privatization efforts as new capital inflows, technology and managerial skills …

Persistent link: https://www.econbiz.de/10010662605