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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/10012462699

SMEs, Growth, and Poverty

Beck, Thorsten - 2005

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/10012467461

Law and firms' access to finance

Beck, Thorsten - 2004

"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/10010523108

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/10012479286

Why are Buyouts Levered : The Financial Structure of Private Equity Funds

Axelson, Ulf - 2007

investors. We show that the optimal financing arrangement is consistent with a number of characteristics of the private equity …

Persistent link: https://www.econbiz.de/10012465831

Corporate Financial and Investment Policies when Future Financing is not Frictionless

Almeida, Heitor - 2006

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/10012465889

Motivations for Public Equity Offers : An International Perspective

Kim, Woojin - 2005

This paper examines the extent to which investment financing and market-timing explanations motivate public equity …. These results suggest that market timing as well as investment financing is a motivation for equity offers …

Persistent link: https://www.econbiz.de/10012466874

Law and Firms' Access to Finance

Beck, Thorsten - 2004

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/10012468004

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/10012469078

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/10012453746