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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
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
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
The bond market represents a large proportion of the GDP in developed countries but it seems to be underdeveloped in emerging markets. In the particular case of Brazil, it is widely known that firms do not have access to enough credit at a reasonable cost. Our goal is to provide a better...
Persistent link: https://www.econbiz.de/10012721519
Employing a new method of industry tests we examine investment bank governance. Most of the findings reject the view that banks are governed suboptimally over a sample period from 1990 through 2003. CEO pay is large and significantly sensitive to stock price performance, and stock price...
Persistent link: https://www.econbiz.de/10012721747
This paper provides a theoretical model that explains the empirical observation that foreign banks from industrialized countries tend to increase their involvement in emerging markets during periods characterized by instabilities. In this model, domestic banks have more 'soft' information about...
Persistent link: https://www.econbiz.de/10012722480
This paper analyses the largest buyouts done by private equity investors in Spain. The objective of the paper is to analyse in depth these deals, to be able to better understand their leverage levels, valuations and the evolution of both variables. It also reviews who is behind these deals, from...
Persistent link: https://www.econbiz.de/10012723635
We report a fundamental error in Datastream equity data for share prices and return indices relating to a failure to make any capital adjustments for UK open offers before February 2002. We re-examine the findings of Iqbal, Espenlaub, and Strong (2008), correcting for this error. We find that...
Persistent link: https://www.econbiz.de/10012724154
We examine the long run operating and stock price performance of UK open offer firms in the context of the earnings management hypothesis. We find that in the pre-offer period offer firms report significant improvements in their operating performance unrelated to cash flow performance. Results...
Persistent link: https://www.econbiz.de/10012724155
The growth of the European financial markets, together with the new, stricter regulations on the U.S. financial system, has spurred a debate about the competitiveness of the U.S. financial markets. In this paper, we compare underwriting costs in the U.S. bond market and the Eurobond market over...
Persistent link: https://www.econbiz.de/10012725344