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Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts

Axelson, Ulf - 2010

on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated … availability of financing impacts booms and busts in the private equity market, and that agency problems between private equity …

Persistent link: https://www.econbiz.de/10013144159

Smes, Growth, and Poverty

Beck, Thorsten; Demirgüç-Kunt, Asli; Levine, Ross - 2021

This paper explores the relationship between the relative size of the Small and Medium Enterprise (SME) sector, economic growth, and poverty alleviation using a new database on the share of SME labor in the total manufacturing labor force. Using a sample of 45 countries, we find a strong,...

Persistent link: https://www.econbiz.de/10013244121

Did Securitization Affect the Cost of Corporate Debt?

Nadauld, Taylor - 2011

This paper investigates whether the securitization of corporate bank loans had an impact on the price of corporate debt. Our results suggest that loan facilities that are subsequently securitized are associated with a 15 basis point lower spread than that of loans that are not subsequently...

Persistent link: https://www.econbiz.de/10013128899

Do Acquisitions Relieve Target Firms' Financial Constraints?

Erel, Isil - 2013

in deals that are more likely to be associated with financing improvements. These findings are consistent with the view …

Persistent link: https://www.econbiz.de/10013085924

The Corporate Finance of Multinational Firms

Erel, Isil - 2020

An increasing fraction of firms worldwide operate in multiple countries. We study the costs and benefits of being multinational in firms' corporate financial decisions and survey the related academic evidence. We document that, among U.S. publicly traded firms, the prevalence of multinationals...

Persistent link: https://www.econbiz.de/10012841414

What Determines the Structure of Corporate Debt Issues?

Julio, Brandon - 2008

Publicly-traded debt securities differ on a number of dimensions, including quality, maturity, seniority, security, and convertibility. Finance research has provided a number of theories as to why firms should issue debt with different features; yet, there is very little empirical work testing...

Persistent link: https://www.econbiz.de/10012773126

Corporate Financial and Investment Policies When Future Financing is Not Frictionless

Almeida, Heitor - 2007

Much of corporate finance is concerned with the impact of financing constraints on firms. However, the literature on … financing constraints largely ignores the intertemporal implications of those constraints; in particular, how future financing … constraints affect current investment decisions. We present a model in which future financing constraints lead firms to have a …

Persistent link: https://www.econbiz.de/10012778099

Bank Supervision and Corporate Finance

Beck, Thorsten - 2003

We examine the impact of bank supervision on the financing obstacles faced by almost 5,000 corporations across 49 … greater financing obstacles. Moreover, powerful official supervision tends to increase firm reliance on special connections … monitoring tend to ease the financing obstacles faced by firms …

Persistent link: https://www.econbiz.de/10012786649

The Economics of Pipes

Lim, Jongha - 2017

This paper considers a sample of 3,001 private investments in public equities (PIPEs). Issuing firms tend to be small and poorly performing, so have limited access to traditional sources of finance. To attract capital, they offer shares in a PIPE at a substantial discount to the market price,...

Persistent link: https://www.econbiz.de/10012944644

Law and Firms' Access to Finance

Beck, Thorsten - 2010

This paper contributes to the literature on how a country's legal origin influences the operation of its financial system by using firm-level survey data on the obstacles that firms face in raising external finance. The paper assesses two channels through which legal origin may influence the...

Persistent link: https://www.econbiz.de/10012762602