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Insuring the uninsurable: brokers and incomplete insurance contracts
Doherty, Neil A.; Muermann, Alexander - 2005
How do markets spread risk when events are unknown or unknowable and where not anticipated in an insurance contract? While the policyholder can 'hold up' the insurer for extra contractual payments, the continuing gains from trade on a single contract are often too small to yield useful coverage....
Persistent link: https://www.econbiz.de/10010298309
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The Credit Rating Market - Options for Appropriate Regulation
Freytag, Andreas; Zenker, Martin - 2012
prevailing incentive problem of the market and contemporaneously satisfy the reputation demand of the investors? This paper … theoretical approach that considers reputation as one of the most important aspects within the market. After analysing the status … smaller CRAs and new incumbents are the increase of market share as well as reputation. Therefore, the market competition …
Persistent link: https://www.econbiz.de/10010334512
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Underwriter reputation and the quality of certification: Evidence from high-yield bonds
Andres, Christian; Betzer, André; Limbach, Peter - 2013
-power hypothesis, and contradict the traditional certification hypothesis and underlying reputation mechanism. …
Persistent link: https://www.econbiz.de/10010352805
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Alternatives for issuer-paid credit rating agencies
Bongaerts, Dion - 2014
This paper investigates the economic viability and welfare contribution of alternatives to issuer-paid credit rating agencies (CRAs). To this end, it introduces a heterogeneous competition model for credit and ratings markets. Frictions among issuers or investors induce rating inflation from...
Persistent link: https://www.econbiz.de/10011605748
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Credit ratings and structured finance
Josephson, Jens; Shapiro, Joel Andrew - 2018
-period reputation model in which a CRA both designs and rates securities that are sold both to investors who require highly rated …
Persistent link: https://www.econbiz.de/10011917112
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Advertisement-financed credit ratings
Hoppe-Wewetzer, Heidrun; Siemering, Christian - In: Journal of Economics and Finance 46 (2021) 1, pp. 188-206
advertisement-based business model. To this end, we study a two-period endogenous reputation model in which a CRA can increase the … CRA to improve the precision of signals at intermediate levels of reputation. Furthermore, we identify conditions under …
Persistent link: https://www.econbiz.de/10014501501
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Market Liquidity, Investor Participation and Managerial Autonomy: Why do Firms go Private?
Boot, Arnoud W.A.; Gopaian, Radhakrishnan; Thakor, Anjan V. - 2006
We analyze a publicly-traded firm's decision to stay public or go private when managerial autonomy from shareholder intervention affects the supply of productive inputs by management. We show that both the advantage and the disadvantage of public ownership relative to private ownership lie in...
Persistent link: https://www.econbiz.de/10010325255
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Who benefits from IPO underpricing? Evidence form hybrid bookbuilding offerings
Pons-Sanz, Vicente - 2005
This paper uses a unique sample of 175 Spanish equity offerings from 1985 to 2002 to test who benefits from IPO underpricing and why. Institutions receive nearly 75% of the profits in underpriced issues, while they have to bear only 56% of the losses in overpriced offerings. Superior information...
Persistent link: https://www.econbiz.de/10011604474
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Underwriter competition and gross spreads in the eurobond market
Kollo, Michael G. - 2005
We investigate the competitive landscape of underwriting services in the Eurobond market including the choice of underwriter and underwriter gross spread. We find a significant but declining association between the home market of the Eurobond’s currency of denomination and that of the lead...
Persistent link: https://www.econbiz.de/10011604596
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Synergizing ventures
Akcigit, Ufuk; Dinlersoz, Emin Murat; Greenwood, Jeremy; … - 2019
Venture capital (VC) and growth are examined both empirically and theoretically. Empirically, VC-backed startups have higher early growth rates and initial patent quality than non-VC-backed ones. VC backing increases a startup's likelihood of reaching the right tails of the firm size and...
Persistent link: https://www.econbiz.de/10012389572