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The bonus-driven "rainmaker" financial firm: How these firms enrich top employees, destroy shareholder value and create system financial instability

Crotty, James - 2009

We recently experienced a global financial crisis so severe that only massive rescue operations by governments around the world prevented a total financial market meltdown and perhaps another global Great Depression. One necessary precondition for the crisis was the perverse, bonus-driven...

Persistent link: https://www.econbiz.de/10010287813

Influence of internal factors on the use of equity- and mezzanine-based financing in family firms

Achleitner, Ann-Kristin; Lutz, Eva; Schraml, Stephanie - 2009

The paper analyzes internal factors which influence the use of equity - and mezzanine-based financing instruments in German privately held family firms. Based on a sample of 195 surveys of family firms, we investigate the impact of family specific goals and corporate governance structures on the...

Persistent link: https://www.econbiz.de/10010305699

Private equity minority investments in large family firms: what influences the attitude of family firm owners?

Achleitner, Ann-Kristin; Schraml, Stephanie; Tappeiner, … - 2008

This paper extends research in the field of private equity investments in family firms. It contributes to the literature by fundamentally analyzing the decision criteria of family firm owners for using minority investments of private equity investors. This type of financing might be of great...

Persistent link: https://www.econbiz.de/10010305713

Structure and determinants of financial covenants in leveraged buyouts - evidence from an economy with strong creditor rights

Achleitner, Ann-Kristin; Braun, Reiner; Tappeiner, Florian - 2009

We apply control rights theory to explain the structure and determinants of financial covenants in private equity backed leveraged buyouts. We analyze 130 German transactions from 2000 to 2008, covering about 40 percent of the LBO market during this period. We consider Germany to be a superior...

Persistent link: https://www.econbiz.de/10010305733

Business Angels and Firm Performance: First Evidence from Population Data

Andersson, Fredrik W.; Lodefalk, Magnus - 2020

Business angels dominate early-stage investment in firms, but research on their investment effects is scarce and is limited by sample selection. Therefore, we propose an algorithm for identifying business angel investments from total population data. We apply the algorithm to study business...

Persistent link: https://www.econbiz.de/10012654469

Universal Banking and the Development of Secondary Corporate Debt Markets: Lessons from 1830s Belgium

Ugolini, Stefano - 2010

This paper proposes a reassessment of the old-age debate on universal banking and growth by putting it on a different plan. Modern financial economics are used to provide new theoretical foundations to Gerschenkron's (1962) hypothesis: universality is interpreted as a strategy for banks to reach...

Persistent link: https://www.econbiz.de/10012143755

Optimal Securitization with Heterogeneous Investors

Malamud, Semyon; Rui, Huaxia; Whinston, Andrew B. - Swiss National Centre of Competence in Research North … - 2010

We solve the problem of optimal securitization for an issuer facing heterogeneous investorswith arbitrary time and risk preferences. We show that the optimal securitizationis characterized by multiple nonlinear tranches, and each investor gets a portfolio of thesetranches. In particular, when...

Persistent link: https://www.econbiz.de/10009305109

Cash breeds Success : An Examination of the Role Financing Constraints in Innovation Races

Schroth, Enrique; Szalay, Dezsö - Institut für Schweizerisches Bankwesen <Zürich>; … - 2004

This paper studies the impact of cash constraints on equilibrium research intensities in a patent race between a current owner of the state of the art technology (the incumbent) and entrants. We develop a simple model, where players need to raise funds from imperfectly informed creditors to...

Persistent link: https://www.econbiz.de/10005858096

Auctioned IPOs: The U.S. Evidence

Degeorge, François Stanislas; Derrien, Francois; … - National Centre of Competence in ResearchFinancial … - 2008

Between 1999 and 2007, WR Hambrecht has completed 19 IPOs in the U.S. usingan auction mechanism. We analyze investor behavior and mechanism performance inthese auctioned IPOs using detailed bidding data. The existence of some bids posted athigh prices suggests that some investors (mostly retail)...

Persistent link: https://www.econbiz.de/10005868779

The Currency Composition of Firms' Balance Sheets and its Effect on Asset Value Correlations and Capital Requirements

Byström, Hans - 2016

We extend the Tasche (2007) model on the asset correlation bias caused by a currency mismatch between assets and … a foreign currency. To test the significance of the remaining bias we rely on a unique data base constructed by The … correlation bias itself also varies significantly from country to country and has often been economically significant during the …

Persistent link: https://www.econbiz.de/10013208745

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