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European corporate bond market integration: lessons from EMU
Avadanei, Andreea - Volkswirtschaftliche Fakultät, … - 2010
development since the euro introduction. We structured our paper on chapters that present its economic importance, the … growth since the introduction of the euro can be explained by developments in economic activity, the costs of issuance and … securities issued by non-monetary financial corporations. However, the use of corporate bonds at the euro area level is not …
Persistent link: https://www.econbiz.de/10008765633
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International Cross-Listing and Shareholders’ Wealth
Dodd, Olga; Louca, Christodoulos - In: Multinational Finance Journal 16 (2012) 1-2, pp. 49-86
evidence that the introduction of the Euro affects the wealth effects of cross-listings within the Eurozone.Finally, this study …, after considering the effect of the introduction of the Euro and the adoption of SOX. The results show that significance of …
Persistent link: https://www.econbiz.de/10010938724
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The European Bond Markets Under EMU
Pagano, Marco; von Thadden, Ernst-Ludwig - C.E.P.R. Discussion Papers - 2004
In this Paper, we document how in the wake of monetary unification the markets for euro area sovereign and private …-sector bonds have become increasingly integrated. Issuers and investors alike have come to regard the euro area bond market as a … EMU. The persistence of small and variable yield differentials for sovereign debt under EMU indicates that euro area bonds …
Persistent link: https://www.econbiz.de/10005791915
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Towards contemporary issues in the financial system
Chodnicka, Patrycja (contributor);  … - Wydział Zarządzania, Uniwersytet Warszawski
Changes in the financial market and attempts at implementation of prudential regulation proposals after the recent financial crisis resulted in the scientific conference entitled International Conference on Management, Banking and Finance, held at the Faculty of Management, University of Warsaw,...
Persistent link: https://www.econbiz.de/10011162565
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Why do some Chinese technology firms avoid ChiNext and go public in the US?
Güçbilmez, Ufuk - In: International Review of Financial Analysis 36 (2014) C, pp. 179-194
Some Chinese technology firms prefer to go public on US exchanges despite the launch of ChiNext as a NASDAQ-style board of the Shenzhen Stock Exchange in late 2009. Conventional hypotheses based on sales internationalization and issuing costs fail to explain this preference. Instead, our...
Persistent link: https://www.econbiz.de/10011117754
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The impact of institutional quality on initial public offerings
Autore, Don M.; Boulton, Thomas J.; Smart, Scott B.; … - In: Journal of Economics and Business 73 (2014) C, pp. 65-96
Country-level institutional quality is positively correlated with the underpricing of initial public offerings (IPOs). The association is strong for IPOs issued in developed markets, but absent for emerging-market IPOs. We hypothesize that extra-legal institutions, including financial reporting...
Persistent link: https://www.econbiz.de/10010777155
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Restrictions on Allocation Discretion: Evidence from Clawbacks in Hong Kong IPOs
Morales-Camargo, Emmanuel - In: Quarterly Journal of Finance (QJF) 03 (2013) 03, pp. 1350018-1
The presence of both restricted and unrestricted, US-style, bookbuilt initial public offer (IPOs) in Hong Kong provides an ideal environment to test numerous underpricing models by simultaneously measuring the effects of allocation restrictions on the investment bankers' price discovery,...
Persistent link: https://www.econbiz.de/10010778766
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When-issued trading in the Indian IPO market
Brooks, Raymond M.; Mathew, Prem G.; Yang, J. Jimmy - In: Journal of Financial Markets 19 (2014) C, pp. 170-196
We examine the contribution of when-issued trading to price discovery and underpricing in the Indian IPO market. Besides the when-issued trading, there exists IPO grading, analyst recommendation, group affiliation, and the subscription rates in the bookbuilding process. We examine the impact of...
Persistent link: https://www.econbiz.de/10010869367
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Les procédures d'introduction en Bourse en Europe : évolution des pratiques et perspectives
Labégorre, Florence; Gajewski, Jean-François; … - Université Paris-Dauphine (Paris IX) - 2006
Because IPO mechanisms determine both the initial trading price and the allocation of newly-listed firms' shares, they have financial and strategic consequences for shareholders. For that reason, it is of interest to analyse the relative advantages and disadvantages of the different procedures...
Persistent link: https://www.econbiz.de/10010861383
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Why do Companies Include Warrants in Seasoned Equity Offerings: The case of French Unit Offerings
Lasfer, Meziane; Ginglinger, Edith; Gajewski, Jean-François - Université Paris-Dauphine (Paris IX) - 2005
We analyse the reasons why companies issue units when they raise additional capital. In contrast to previous evidence, our results show that units are not offered to mitigate the agency conflicts or to signal security mispricing as they are predominantly issued during cold periods, in public...
Persistent link: https://www.econbiz.de/10010861624