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Start-ups Defined as Portfolios of Embedded Options
Botteron, Pascal; Casanova, Jean-François - 2003
This paper shows the advantages of staged investments for venture capitalists.
Persistent link: https://www.econbiz.de/10005843484
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Ein Corporate Governance Ratingfür deutsche Publikumsgesellschaft
Drobetz, Wolfgang; Schillhofer, Andreas; Zimmermann, Heinz - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003
durch eine höhere Unterneh-mensbewertung manifestiert. Die Mehrzahl der empirischen Studien unter-sucht jedoch nur …
Persistent link: https://www.econbiz.de/10005858711
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Managerial Incentives and Firm Valuation - Evidence from Switzerland
Schmid, Markus M.; Zimmermann, Heinz - Wirtschaftswissenschaftliches Zentrum <Basel> - 2007
This paper presents an integrated analysis of the relationships between managerial share ownership (or alternatively the percentage of equity-based compensation), four additional corporate governance mechanisms, and firm value by explicitly incorporating the simultaneity of the process...
Persistent link: https://www.econbiz.de/10005862888
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Agency Risk and Firm Valuation : An Empirical Analysis of Venture Capitalists’ Private Expectations
Hartmann-Wendels, Thomas; Keienburg, Georg; Sievers, Soenke - Corporate Finance Seminar <Köln>
This study empirically evaluates the price impact of agency risk in firm valuation. Using aunique data set comprised of internal valuation documents, we find that venture capitalistsuse risk discounts to cope with expected agency risks...
Persistent link: https://www.econbiz.de/10005866808
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POSSIBLE IMPACT OF CORPORATE GOVERNANCE PROFILEON A RUSSIAN BANK VALUATION
Bokov, Vassily; Vernikov, Andrej - Centre for Comparative Economics <London> - 2008
This paper aims at explaining the differences in valuation of banking firms in Russia through theimpact of selected elements of corporate governance. We rely upon value-based managementtheory to test the hypothesis that expenses on corporate governance system create shareholdervalue. The price...
Persistent link: https://www.econbiz.de/10005868074
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Executive compensation and the susceptibilityof firms to hostile takeovers - An empirical investigation of the U.S. oil industry
Haid, Michael H.; Nowak, Eric - 1999
takeover imposed by the market for corporate control. We complement other empirical studies on managerial compensation and … consists of 51 firms in the U.S. oil industry from 1977 to 1994. Third, we employ ex ante measures of the threat of takeover at … the individual firm level which are superior to ex post measures like actual takeover occurrence or past incidence of …
Persistent link: https://www.econbiz.de/10005840368
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The Determinants of Takeovers: Recent Evidence from U.S. Thrifts
Cebenoyan, Fatma; Cebenoyan, A. Sinan; Cooperman, … - 2002
market liberalization and widespread takeover activity, 1994 to 2000.(...) …
Persistent link: https://www.econbiz.de/10005846646
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Financing and Takeovers
Morellec, Erwan; Zhdanov, Alexei - Institut für Schweizerisches Bankwesen <Zürich> - 2006
This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of …, and takeover terms, in which the bidder with the lowest leverage wins the takeover contest. Based on the resulting … bidder is below the industry average and that acquirers should lever up after the takeover consummation. The model also …
Persistent link: https://www.econbiz.de/10005858240
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The role of technology in M&As : a firm-level comparison of cross-border and domestic deals
Frey, Rainer; Hussinger, Katrin - Zentrum für Europäische Wirtschaftsforschung <Mannheim> - 2006
Technological change is often hypothesized as one of the main drivers of mergeractivities. This paper analyzes the role of technology in mergers and acquisitions(M&As) at the firm level. Based on a newly created data set that combines financialinformation and patent data for public limited...
Persistent link: https://www.econbiz.de/10008939765
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Pensions- und Finanzsysteme in Europa: Ein Vergleich unter dem Gesichtspunkt der Komplementarität
Tyrell, Marcel; Schmidt, Reinhard H. - 2001
Die Debatte über die optimale Ausgestaltung der Alterssicherung wird in jüngster Zeit äußerst kontrovers und hitzig geführt. Dabei scheint uns ein zentraler Aspekt nicht genügend beachte zu werden: Welcher Zusammenhang besteht zwischen den Merkmalen des Finanzsystems und des...
Persistent link: https://www.econbiz.de/10005840287