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I study the impact of Lehman Brothers' bankruptcy and resultant inability to honor its obligations as a lender under committed credit lines. Firms that lost access to a credit line committed by Lehman Brothers experienced abnormal stock returns of −3%, on average, on the day of and day after...
Persistent link: https://www.econbiz.de/10011117523
This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received “law and finance” wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted in...
Persistent link: https://www.econbiz.de/10009226926
This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received �law and finance� wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted...
Persistent link: https://www.econbiz.de/10009193031
anomalous returns. Also, it is investigated the determinant factors of the split size, its effects on the liquidity and the … improvement in the assets liquidity. They suggest that market microstructure phenomena bias upward the average abnormal returns …
Persistent link: https://www.econbiz.de/10005731172
,848 repurchases made by 352 French firms, we show that corporate share repurchases have a significant adverse effect on liquidity as …
Persistent link: https://www.econbiz.de/10008532667
Securitisations usually involve creating multiple tranches of a single issue with different characteristics, placed on the market as separate securities. Various theoretical explanations have been advanced to explain such tranching. This paper provides the first systematic testing of such...
Persistent link: https://www.econbiz.de/10005047795
impact on spreads and delineate the opposing effects of liquidity and market segmentation. Finally, we show that other …
Persistent link: https://www.econbiz.de/10005047893
liquidity of the stock. On the whole, after controlling for the firm's payout policy, the results suggest that a stock split is …
Persistent link: https://www.econbiz.de/10005419258
,848 repurchases made by 352 French firms, we show that corporate share repurchases have a significant adverse effect on liquidity as …
Persistent link: https://www.econbiz.de/10010744750
We examine how ownership concentration and the separation of ownership and control affect market liquidity in France …. We find that firms with a large insider blockholder exhibit significantly lower liquidity. Different methods of … concentrating control affect liquidity in different ways. Pyramid structures negatively affect liquidity for all pyramiding firms …
Persistent link: https://www.econbiz.de/10010706821