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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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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, underwriters, and investors are interdependent and...
Persistent link: https://www.econbiz.de/10011108459
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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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Crowdfunding: disintermediated investment banking
Rubinton, Brian J - Volkswirtschaftliche Fakultät, … - 2011
This paper introduces crowdfunding as a concept and model for the evolution of investment banking. Crowdfunding, an … application of crowdsourcing, is defined as one party’s attempt to finance a project by offering three types of investment … opportunities to potential investors. The investment opportunities are donations, passive investments, and active investments. From …
Persistent link: https://www.econbiz.de/10009147586
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Early-stage venture capital in South Africa: Challenges and prospects
Jones, Morgan; Mlambo, Chipo - Volkswirtschaftliche Fakultät, … - 2009
The aim of this paper is to assess which factors impact the development of early-stage venture capital in South Africa. Factors identified for other markets and countries are explored and their relative importance in South Africa determined from the perspective of market participants. These...
Persistent link: https://www.econbiz.de/10011112215
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Veryfication of the disclosure lemma for Polish broker-dealer market
Staszkiewicz, Piotr W. - Volkswirtschaftliche Fakultät, … - 2012
The paper presents the approach for the verification of the lemma used for the model for reputation risk for subsidiaries of non-public group with reciprocal shareholding as proposed by the author in priory works. For all entities with the absolute value of the reputation risk greater than the...
Persistent link: https://www.econbiz.de/10011260535
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Financial Engineering and Engineering of Financial Regulation
Coskun, Yener - Volkswirtschaftliche Fakultät, … - 2011
As observed at least in last two decades, financial engineering has not only changed the way of doing business in finance world, but also has changed daily life of average citizens in the leading economies. Structured products named as weapons of mass destruction in some post-crisis comments....
Persistent link: https://www.econbiz.de/10009372629
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The predictive accuracy of credit ratings: Measurement and statistical inference
Orth, Walter - Volkswirtschaftliche Fakultät, … - 2010
Credit ratings are ordinal predictions for the default risk of an obligor. To evaluate the accuracy of such predictions commonly used measures are the Accuracy Ratio or, equivalently, the Area under the ROC curve. The disadvantage of these measures is that they treat default as a binary variable...
Persistent link: https://www.econbiz.de/10009643208
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Counterparty credit risk management in industrial corporates
Langkamp, Christian - Volkswirtschaftliche Fakultät, … - 2011
Ever since the financial crisis of the banking system of 2008 - 2010 the paradigm that deposits or other exposures towards major banks are safe has been fundamentally questioned. This put industrial corporates, who to support their business usually need to manage significant cash holdings or...
Persistent link: https://www.econbiz.de/10009353547
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Küresel Kriz Dersleri Işığında Aracı Kurumlarda Finansal Dayanıklılığı Artıran Düzenlemelerin Gözden Geçirilmesi
Coskun, Yener - Volkswirtschaftliche Fakultät, … - 2010
However there are minumum self discipline regulations for securities firms, crisis has showed risk management standards must go beyond the minumum. There are two important deficiencies in turkish securities firms’ regulations of financial strength. The first is securities firms are using...
Persistent link: https://www.econbiz.de/10008742993