Narrow search
Showing 1 - 10 of 421
Cover Image
Rollover Risk and Market Freezes
Acharya, Viral V.; Gale, Douglas; Yorulmazer, Tanju - National Bureau of Economic Research (NBER) - 2010
The crisis of 2007-09 has been characterized by a sudden freeze in the market for short-term, secured borrowing. We present a model that can explain a sudden collapse in the amount that can be borrowed against finitely-lived assets with little credit risk. The borrowing in this model takes the...
Persistent link: https://www.econbiz.de/10008601707
Cover Image
Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction
Malmendier, Ulrike; Tate, Geoffrey - National Bureau of Economic Research (NBER) - 2004
Overconfident CEOs over-estimate their ability to generate returns. Thus, on the margin, they undertake mergers that destroy value. They also perceive outside finance to be over-priced. We classify CEOs as overconfident when, despite their under-diversification, they hold options on company...
Persistent link: https://www.econbiz.de/10005034329
Cover Image
Is a VC Partnership Greater than the Sum of its Partners?
Ewens, Michael; Rhodes-Kropf, Matthew - National Bureau of Economic Research (NBER) - 2013
This paper investigates whether individual venture capitalists have repeatable investment skill and to what extent their skill is impacted by the VC firm where they work. We examine a unique dataset that tracks the performance of individual venture capitalists' investments across time and as...
Persistent link: https://www.econbiz.de/10010951383
Cover Image
What Do Private Equity Firms Say They Do?
Gompers, Paul Alan; Kaplan, Steven N.; Mukharlyamov, … - National Bureau of Economic Research (NBER) - 2015
focus more on absolute performance. Capital structure choice is based equally on optimal trade-off and market timing …
Persistent link: https://www.econbiz.de/10011272305
Cover Image
Yesterday's Heroes: Compensation and Creative Risk-Taking
Hong, Harrison; Scheinkman, Jose; Cheng, Ing-Haw - National Bureau of Economic Research (NBER) - 2010
We study the relationship between compensation and risk-taking among finance firms using a neglected insight from principal-agent contracting with hidden action and risk-averse agents. If the sensitivity of pay to stock price or slope does not vary with stock price volatility, then total...
Persistent link: https://www.econbiz.de/10008628366
Cover Image
Locked Up by a Lockup: Valuing Liquidity as a Real Option
Ang, Andrew; Bollen, Nicolas P.B. - National Bureau of Economic Research (NBER) - 2010
Hedge funds often impose lockups and notice periods to limit the ability of investors to withdraw capital. We model the investor's decision to withdraw capital as a real option and treat lockups and notice periods as exercise restrictions. Our methodology incorporates time-varying probabilities...
Persistent link: https://www.econbiz.de/10008628421
Cover Image
Private Equity and Industry Performance
Lerner, Josh; Stromberg, Per; Bernstein, Shai; … - National Bureau of Economic Research (NBER) - 2010
The growth of the private equity industry has spurred concerns about its potential impact on the economy more generally. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have invested in the past five...
Persistent link: https://www.econbiz.de/10008631092
Cover Image
The Opportunity Cost of Capital of US Buyouts
Groh, Alexander Peter; Gottschalg, Oliver - National Bureau of Economic Research (NBER) - 2008
respect to its timing and its systematic risk. After a correction for selection bias in our data, the regression of the buyout …
Persistent link: https://www.econbiz.de/10005718496
Cover Image
The Variability of IPO Initial Returns
Schwert, G. William; Lowry, Michelle; Officer, Micah S. - National Bureau of Economic Research (NBER) - 2006
The monthly volatility of IPO initial returns is substantial, fluctuates dramatically over time, and is considerably … larger during "hot" IPO markets. Consistent with IPO theory, the volatility of initial returns is higher among firms whose … the efficacy of the traditional firm commitment underwritten IPO process. One implication of our results is that alternate …
Persistent link: https://www.econbiz.de/10005829089
Cover Image
Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses
Stromberg, Per; Kaplan, Steven N. - National Bureau of Economic Research (NBER) - 2002
We study the investment analyses of 67 portfolio investments by 11 venture capital (VC) firms. VCs consider the attractiveness and risks of the business, management, and deal terms as well as expected post-investment monitoring. We then consider the relation of the analyses to the contractual...
Persistent link: https://www.econbiz.de/10005829908