This paper presents a theoretical framework to describe the behaviour of the credit rating agencies(CRAs) during the crisis, surveying some reputational game models. CRAs have been blamed of inflating ratings of the new credit risk transfer products (CRTs) and of acting in favour of issuers...

This paper presents a theoretical framework to describe the behaviour of the credit rating agencies(CRAs) during the crisis, surveying some reputational game models. CRAs have been blamed of inflating ratings of the new credit risk transfer products (CRTs) and of acting in favour of issuers...

The financial world has discovered the advantages of the Internet immediately. Financial services lend themselves perfectly to electronic media since they do not involve the movement of physical things to achieve clearance and settlement . The need for fast and up to date information has pushed...

Long run returns of IPO firms’ recommendations in Europe reveal possible conflicts of interest and pressures faced by financial analysts over the 1991-2005 period. Nevertheless, recent European legislations about investment research have led to better long run performance of IPO firms’...

This paper focuses on the time series properties of the level of underpricing of IPO shares and volume of initial selling in Hong Kong equity market. Strong autocorrelation among the level of underpricing has been identified. Evidence suggests that the initial selling volume plays an important...

From financial perspective, the JEREMIE fund initiative is profitable and enhances the functioning of micro and small enterprises. Particularly profitable are aspects connected with providing these enterprises with equity capital (i.e. Business Angels, Venture Capital) as well as with the...

In this work it was intended to carry through an analysis of the European venture capital market in the last eight years. Also it was done a summary of the venture capital industry history, carrying through a comparison between U.S.A. and Europe. In the European venture capital market analysis...

An IPO is one of the highlights in the history of a company. This thesis talks about one of the most important decisions at the time of the IPO: which investment bank should we choose? First of all, an analyses is given of the pros and cons of an IPO and why a company should work with an...

We consider the finite-time optimal portfolio liquidation problem for a von Neumann-Morgenstern investor with constant absolute risk aversion (CARA). As underlying market impact model, we use the continuous-time liquidity model of Almgren and Chriss (2000). We show that the expected utility of...

This paper constructs a model where entrepreneurial innovations are sold into oligopolistic industries and where adverse selection problems between entrepreneurs, venture capitalists and incumbents are present. We first show that aggressive development of a basic innovation by better informed...