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A Story on Spacs
Lakicevic, Milan; Vulanovic, Milos - Volkswirtschaftliche Fakultät, … - 2012
We study characteristics of Specified Purpose Acquisition Companies (SPACs) and examine the performance of their … securities over time. We find that SPACs represent a fairly unique way to raise capital. The incentives of their founders … strongest reaction is observed among the investors holding warrants, while common stock holders tend to react very mildl …
Persistent link: https://www.econbiz.de/10011108459
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SPACs with focus on China
Shachmurove, Yochanan; Vulanovic, Milos - Volkswirtschaftliche Fakultät, … - 2014
In this study, we examine characteristics of Specified Purpose Acquisition Companies (SPACs) used as a financing tool … mergers focusing on China, SPACs that focus on China are not different in their characteristics from other SPACs. We test for … the performance of the SPACs focused on China and show that their performance is not inferior to the performance of other …
Persistent link: https://www.econbiz.de/10011113827
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Death Spiral Issues in Emerging Market: A Control Related Perspective
Kim, Woochan; Kim, Woojin; Kim, Hyung-Seok - Volkswirtschaftliche Fakultät, … - 2012
This paper studies the motive of issuing floating-priced convertibles or warrants, known as death spirals, in a country …
Persistent link: https://www.econbiz.de/10011112970
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New Pecking Order Financing for Innovative Firms: an Overview
SAU, Lino - Volkswirtschaftliche Fakultät, … - 2007
The paper try to modify traditional pecking order. For this reason the role of venture capital as private equity financing is taken into account particularly for young innovative firms.
Persistent link: https://www.econbiz.de/10005621256
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Banks versus venture capital when the venture capitalist values private benefits of control
Inci, Eren; Barlo, Mehmet - Volkswirtschaftliche Fakultät, … - 2010
If control of their firms allows entrepreneurs to derive private benefits, it also allows other controlling parties. Private benefits are especially relevant for venture capitalists, who typically get considerable control in their portfolio firms, but not for banks, which are passive loan...
Persistent link: https://www.econbiz.de/10008674267
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The causal effect of venture capital backing on the underpricing of Italian IPOs
Pennacchio, Luca - Volkswirtschaftliche Fakultät, … - 2013
This paper analyses the role of venture capitalists in Italian Initial Public Offerings (IPOs). Between 1999 and 2012 venture capital backed IPOs are on average less underpriced than non-venture backed IPOs. By using both a matching and a regression-based approach to account for the non-random...
Persistent link: https://www.econbiz.de/10011108560
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Institutional changes of SPACs
Lakicevic, Milan; Shachmurove, Yochanan; Vulanovic, Milos - Volkswirtschaftliche Fakultät, … - 2013
We document the changes of corporate design of modern Specified Purpose Acquisition Companies (SPACs) from 2003 to 2012 …. We assign the impact on changes of SPACs to each of the three groups of stakeholders: founders, investors and … underwriters and test whether institutional characteristics of SPACs determine the success of their merger outcomes. We document …
Persistent link: https://www.econbiz.de/10011114458
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The Allocation of Economic Capital in Opaque Financial Conglomerates
Mierzejewski, Fernando - 2009
The capital structure of firms that face restrictions on liquidity (i.e. that cannot hedge continuously) is affected by the agency costs and moral-hazard implicit in the contracts they establish with stockholders and customers. It is demonstrated in this paper that then an optimal level of...
Persistent link: https://www.econbiz.de/10013159445
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Horizontal and Vertical Firm Networks, Corporate Performance and Product Market Competition
Bischoff, Oliver - 2015
This paper sheds new light on the assessment of firm networks via multiple directorships in terms of corporate firm performance. Using a large sample of European listed firms in the period from 2003 to 2011 and system GMM we find a significant compensation effect on corporate firm performance...
Persistent link: https://www.econbiz.de/10013024843
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Do Firms in Countries with Poor Protection of Investor Rights Hold More Cash?
Pinkowitz, Lee - 2012
Managers make different decisions in countries with poor protection of investor rights and poor financial development. One possible explanation is that shareholder-wealth maximizing managers face different tradeoffs in such countries (the tradeoff theory). Alternatively, firms in such countries...
Persistent link: https://www.econbiz.de/10012755812