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What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence

Da Rin, Marco; Bottazzi, L.; Hellmann, T. - Tilburg University, Center for Economic Research - 2008

We develop a theory and empirical test of how the legal system affects the relationship between venture capitalists and entrepreneurs. The theory uses a double moral hazard framework to show how optimal contracts and investor actions depend on the quality of the legal system. The empirical...

Persistent link: https://www.econbiz.de/10011090634

Empirical Research on Corporate Credit-Ratings: A Literature Review

Matthies, Alexander B. - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2013

We report on the current state and important older findings of empirical studies on corporate credit ratings and their … relationship to ratings of other entities. Specifically, we consider the results of three lines of research: The correlation of … credit ratings and corporate default, the influence of ratings on capital markets, and the determinants of credit ratings and …

Persistent link: https://www.econbiz.de/10010602092

Was the Crisis due to a shift from stakeholder to shareholder finance? Surveying the debate

Ferri, Giovanni; Leogrande, Angelo - Money and Finance Research group (Mo.Fi.R.) - 2015

We discuss the literature on the shift from stakeholder to shareholder finance behind the Great Financial Crisis (GFC). Traditional banks generally maximized stakeholder value (STV). But before the GFC also many of them started maximizing shareholder value (SHV). Moving from STV to SHV often...

Persistent link: https://www.econbiz.de/10011273101

Statistical properties and stability of ratings in a subset of US firms

Matthies, Alexander B. - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2013

Standard explanatory variables that determine credit ratings do not achieve significant effects in a sample of 100 US …-established macroeconomic effects of credit ratings found by Blume et al. (1998) and highlights the influence of the rating agencies’ through …

Persistent link: https://www.econbiz.de/10011277271

INDIAN VENTURE CAPITALISTS (VCs) INVESTMENT EVALUATION CRITERIA

Mishra, Asim - EconWPA - 2005

The Venture capital (VC) industry in India is of recent origin. However, the average investment value of each deal in India have grown from $3.85 million in 2000 to $7.89 million in 2001.These developments together with the recent steps taken by government to promote venture capitalism in India...

Persistent link: https://www.econbiz.de/10005134795

The Role of Advisory Services in Proxy Voting

Alexander, Cindy R.; Chen, Mark A.; Seppi, Duane J.; … - National Bureau of Economic Research (NBER) - 2009

This paper studies the information content and consequences of third-party voting advice issued during proxy contests. We document significant abnormal stock returns around proxy vote recommendations and develop an estimation procedure for disentangling stock price effects due to changes in...

Persistent link: https://www.econbiz.de/10005040659

The Choice of Seasoned-Equity Selling Mechanism: Theory and Evidence

Eckbo, B Espen; Norli, Øyvind - C.E.P.R. Discussion Papers - 2005

Extending the Myers and Majluf (1984) framework, we present a model for the choice of seasoned-equity selling mechanism. A sequential pooling equilibrium exists which implies a positive market reaction to certain flotation strategies. We examine the model implications using the market reaction...

Persistent link: https://www.econbiz.de/10005114232

Bond Underwriting Fees and Keiretsu Affiliation in Japan

de Jong, Abe - 2013

We examine fees on bonds issued by Japanese corporations during the 1994-2002 period. We relate fees to firms' membership of bank-led (financial) keiretsu. For the full sample of firms, we establish a positive relation between fees and risk factors. Over time, we find that fees have increased...

Persistent link: https://www.econbiz.de/10012754504

What Hedge Funds Can Teach Corporate America : A Roadmap for Achieving Institutional Investor Oversight

Illig, Robert C. - 2009

Hedge funds and other private equity funds are aggressive monitors of corporate America. Their investment strategies are designed to squeeze agency costs and other inefficiencies out of under performing companies. Mutual funds and public pension funds, by contrast, have remained relentlessly...

Persistent link: https://www.econbiz.de/10012766750

Issue Frequency and Corporate Bond Yields

de Jong, Abe - 2006

This paper finds that frequent bond issuers get significantly better pricing than infrequent issuers, with yield spread discounts of up to 117 basispoints. We document firms' bond issue frequencies for windows from one week to six years before the current issue and relate them to yield spreads....

Persistent link: https://www.econbiz.de/10012733335

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