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Recent empirical work suggests a strong connection between the incentives money managers are offered and their risk-taking behavior. We develop a general model of delegated portfolio management, with the feature that the agent can control the riskiness of the portfolio. This represents a...
Persistent link: https://www.econbiz.de/10005504241
In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as...
Persistent link: https://www.econbiz.de/10005504248
What role do sentiment investors play in the pricing of newly listed stocks? We derive conditions under which we can distinguish between sentiment and rational pricing behaviour and test for the rationality of small investors’ demand for new stock issues using data from pre-issue (or...
Persistent link: https://www.econbiz.de/10005504464
In this Paper, we provide a novel rationale for credit ratings. The rationale that we propose is that credit ratings can serve as a coordinating mechanism in situations where multiple equilibria can obtain. We show that credit ratings provide a ‘focal point’ for firms and their investors. We...
Persistent link: https://www.econbiz.de/10005504472
IPO initial returns reached astronomical levels during 1999-2000. We show that the regime shift in initial returns and other elements of pricing behaviour can be at least partially accounted for by a variety of marked changes in pre-IPO ownership structure and insider selling behaviour over the...
Persistent link: https://www.econbiz.de/10005504679
Despite the central importance of investors to all IPO theories, relatively little is known about their role in practice. In this paper we survey institutional investors about how they assess IPOs, what information they provide to the investment banking syndicate, and the factors they believe...
Persistent link: https://www.econbiz.de/10005509822
This paper reviews the empirical evidence of the financial sources used by technology-based small firms (TBSFs) in Europe. We shed light on cross-country differences and similarities in the capital structures of TBSFs, in the organization and dynamics of the venture capital industries and...
Persistent link: https://www.econbiz.de/10005481673
Bu çalışmada, uluslararasında yaygın bir şekilde uygulanan Standart Maliyet Modeli kullanılmak suretiyle, sermaye piyasasında aracılık faaliyetinde bulunan 104 aracı kurumun Sermaye Piyasası Mevzuatında yer alan bilgi verme ve raporlama yükümlülüklerinden kaynaklanan uyum...
Persistent link: https://www.econbiz.de/10005489538
This Paper discusses the role of public policy towards the venture capital industry. The model emphasises four margins: supply of entrepreneurs due to career choice, entry of venture capital funds and search for investment opportunities, simultaneous entrepreneurial effort and managerial advice...
Persistent link: https://www.econbiz.de/10005497714
Do exchange rates react to exogenous capital movements? We explore this issue based on the redefinition of the MSCI international equity indices announced on 10 December 2000 and implemented in two steps on 30 November 2001 and 31 May 2002. The index changes implied major changes in the...
Persistent link: https://www.econbiz.de/10005497725