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...

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...

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...

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...

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...

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...

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...

The research target is to explore the relation between the fundamental performance and the market pricing for SME which have floated in the Italian stock market in the period 1994 - 2000. The fundamental performance is defined as the degree of consistency between the financial results obtained...

The presence of venture capital in the ownership structure of U.S. firms going public has been associated with both improved long-term performance and lower underpricing at the time of the IPOs. In Japan, we find the long-run performance of venture capital-backed IPOs to be no better than that...

This paper focuses on exits by venture capitalists from their portfolio companies. Using a unique self-collected data set, we provide new stylized facts about the venture capital industry in Europe and in the US. Although there are numerous similarities between the US and Europe, there are also...