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Private Equity and the Innovation Strategies of Entrepreneurial Firms: Empirical Evidence from the Small Business Innovation Research Program

Link, Albert N.; Ruhm, Christopher; Siegel, Donald S. - National Bureau of Economic Research (NBER) - 2012

There is great interest in evaluating the impact of private equity investments on innovation and economic growth …. However, there is no direct empirical evidence on the effects of such transactions on the innovation strategies of … Business Innovation Research (SBIR) program research awards. We find that SBIR firms attracting private equity investments are …

Persistent link: https://www.econbiz.de/10010951404

Did Fair-Value Accounting Contribute to the Financial Crisis?

Leuz, Christian; Laux, Christian - National Bureau of Economic Research (NBER) - 2009

The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we...

Persistent link: https://www.econbiz.de/10008634632

Earnings Quality and Ownership Structure: The Role of Private Equity Sponsors

Katz, Sharon - National Bureau of Economic Research (NBER) - 2008

This study explores how firms' ownership structures affect their earnings quality and long-term performance. Focusing on a unique sample of private firms for which there is financial data available in the years before and after their initial public offering (IPO), I differentiate between those...

Persistent link: https://www.econbiz.de/10005580828

Shaping Liquidity: On the Causal Effects of Voluntary Disclosure

Balakrishnan, Karthik; Billings, Mary B.; Kelly, Bryan T.; … - National Bureau of Economic Research (NBER) - 2013

Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in the supply of public information to show that firms seek to actively shape their information environments by voluntarily disclosing more information than is mandated by market regulations and...

Persistent link: https://www.econbiz.de/10011184258

Some Simple Economics of Crowdfunding

Agrawal, Ajay K.; Goldfarb, Avi; Catalini, Christian - National Bureau of Economic Research (NBER) - 2013

may affect social welfare and the rate and direction of innovation. …

Persistent link: https://www.econbiz.de/10010969219

Regulatory reform and risk-taking: replacing ratings

Becker, Bo; Opp, Marcus - National Bureau of Economic Research (NBER) - 2013

We analyze a reform of insurance companies' capital requirements for mortgage-backed securities. First, credit ratings were replaced as inputs to capital regulation. Second, the redesigned system ensures capital buffers sufficient to withstand expected losses, but insufficient to protect against...

Persistent link: https://www.econbiz.de/10010950665

Patent Collateral, Investor Commitment, and the Market for Venture Lending

Serrano, Carlos J.; Hochberg, Yael V.; Ziedonis, … - National Bureau of Economic Research (NBER) - 2014

. Nonetheless, we document widespread lending to startups in three innovation-intensive sectors and in early stages of development … opaque arena for innovation financing, and tests central tenets of contract theory. …

Persistent link: https://www.econbiz.de/10010950751

Credit Ratings and the Pricing of Sovereign Debt during the Euro Crisis

Aizenman, Joshua; Hutchison, Michael Mercier; Binici, Mahir - National Bureau of Economic Research (NBER) - 2013

This paper investigates the impact of credit rating changes on the sovereign spreads in the European Union and investigates the macro and financial factors that account for the time varying effects of a given credit rating change. We find that changes of ratings are informative, economically...

Persistent link: https://www.econbiz.de/10010950758

Free Lunch! Arbitrage Opportunities in the Foreign Exchange Markets

Ito, Takatoshi; Yamada, Kenta; Takayasu, Misako; … - National Bureau of Economic Research (NBER) - 2012

Using the "firm" quotes obtained from the tick-by-tick EBS (electronic broking system that is a major trading platform for foreign exchanges) data, it is found that risk-free arbitrage opportunities--free lunch--do occur in the foreign exchange markets, but it typically last only a few seconds....

Persistent link: https://www.econbiz.de/10010951011

Limited Partner Performance and the Maturing of the Private Equity Industry

Sensoy, Berk A.; Wang, Yingdi; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2013

We evaluate the performance of limited partners' (LPs) private equity investments over time. Using a sample of 14,380 investments by 1,852 LPs in 1,250 buyout and venture funds started between 1991 and 2006, we find that the superior performance of endowment investors in the 1991-1998 period,...

Persistent link: https://www.econbiz.de/10010951045

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