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Angeloni, Ignazio; Faia, Ester; Winkler, Roland - 2014 - First draft: August 2010. This draft: April 2014

We study alternative scenarios for exiting the post-crisis fiscal and monetary accommodation using a macromodel where banks choose their capital structure and are subject to runs. Under a Taylor rule, the post-crisis interest rate hits the zero lower bound (ZLB) and remains there for several...

Persistent link: https://www.econbiz.de/10010354007

Sovereign credit risk, liquidity, and ECB intervention : deus ex machina?

Pelizzon, Loriana; Subrahmanyam, Marti G.; Tomio, Davide; … - 2015 - First draft: September 2013, This draft: March 2015

This paper examines the dynamic relationship between credit risk and liquidity in the sovereign bond market in the … context of the European Central Bank (ECB) interventions. Using a comprehensive set of liquidity measures obtained from a … risk, as measured by the Italian sovereign credit default swap (CDS) spread, generally drive the liquidity of the market: a …

Persistent link: https://www.econbiz.de/10010503289

Compensation schemes, liquidity provision, and asset prices : an experimental analysis

Baghestanian, Sascha; Gortner, Paul; Massenot, Baptiste - 2015

schemes affect liquidity provision and asset prices. Investors face a trade-off between risk and return. At the benefit of a … liquidity provision to force traders to trade at a lower price. By contrast, bonus caps make traders value the asset less than … investors. This should encourage liquidity provision and decrease prices. In contrast to these predictions, we find that under …

Persistent link: https://www.econbiz.de/10010530580

Interbank funding as insurance mechanism for (persistent) liquidity shocks

Bluhm, Marcel - 2015

policy and therefore ultimately the real economy. In particular, it facilitates banks' liquidity management. This paper aims … at extending the literature which views interbank markets as mutual liquidity insurance mechanism by taking into account … persistence of liquidity shocks. Following a theory of long-term interbank funding a financial system which is modeled as a micro …

Persistent link: https://www.econbiz.de/10011434764

Non-mandatory say on pay votes and AGM participation : evidence from Germany

Powell, Daniel; Rapp, Marc Steffen - 2015 - Preliminary Version as of 1 June 2015

Since August 2009, German legislation allows for voluntary Say on Pay Votes (SoPV) during Annual General Meetings (AGMs). We examine 1,169 AGMs of all German listed firms with more than 10,000 agenda items over the period 2010-2013 to identify (1) determinants and approval rates of voluntary...

Persistent link: https://www.econbiz.de/10010530578

Insight private equity

Gill, Andrej; Visnjic, Nikolai - 2013

We are able to shed light on the black box of restructuring tools private equity investors use to improve the operational performance of their portfolio companies. By building on previous work considering performance evaluation of PE backed companies, we analyze whether private equity improves...

Persistent link: https://www.econbiz.de/10010225798

Governance in entrepreneurial ecosystems : venture capitalists vs. technology parks

Cumming, Douglas J.; Werth, Jochen; Zhang, Yelin - 2016

We argue two alternative routes that lead entrepreneurial start-ups to acquisition outcomes instead of liquidation. On one hand, acquisitions can come about through the control route with external financers such as venture capitalists (VCs). VCs take control through their board seats along with...

Persistent link: https://www.econbiz.de/10011473538

Entrepreneurial spawning : experience, education, and exit

Cumming, Douglas J.; Walz, Uwe; Werth, Jochen - 2016

We investigate the career dynamics of high-tech entrepreneurs by analyzing the exit choice of entrepreneurs: to act as a business angel, to found another firm, or to become dependently employed. Our detailed data from CrunchBase indicate that founders are more likely to stick with...

Persistent link: https://www.econbiz.de/10011539856

Shareholder wealth vs. stakeholder interests? : evidence from code compliance under the German corporate governance code

Haar, Brigitte - 2016

In order to better differentiate the drivers of corporations' actions, in particular shareholder wealth and stakeholder interests, the paper explores the significance of the comply or explain-principle and its underlying enforcement mechanisms more generally. Against this background, compliance...

Persistent link: https://www.econbiz.de/10011564889

Banking Union and the governance of credit institutions : a legal perspective

Binder, Jens-Hinrich - 2015

The creation of the Banking Union is likely to come with substantial implications for the governance of Eurozone banks. The European Central Bank, in its capacity as supervisory authority for systemically important banks, as well as the Single Resolution Board, under the EU Regulations...

Persistent link: https://www.econbiz.de/10010510058