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Corporate liquidity and the contingent nature of bank credit lines: Evidence on the costs and consequences of bank default
May, Anthony D. - In: Journal of Corporate Finance 29 (2014) C, pp. 410-429
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
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Is Regulation Essential to Stock Market Development? Going Public in London and Berlin, 1900-1913
Burhop, Carsten; Chambers, David; Cheffins, Brian - Max-Planck-Institut zur Erforschung von … - 2011
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
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Is Regulation Essential to Stock Market Development? Going Public in London and Berlin, 1900-1913
Burhop, Carsten; Chambers, David; Cheffins, Brian - Seminar für Wirtschafts- und Sozialgeschichte, … - 2011
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
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- RENTABILIDAD Y LIQUIDEZ ALREDEDOR DE LOS SPLITS
Sala, Juan Carlos Gómez - Instituto Valenciano de Investigaciones Económicas (IVIE) - 1999
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
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Actual share repurchases, timing and liquidity.
Hamon, Jacques; Ginglinger, Edith - Université Paris-Dauphine - 2007
,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
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Security Design in the Real World: Why are Securitization Issues Tranched?
Firla-Cuchra, Maciej; Jenkinson, Tim - Department of Economics, Oxford University - 2005
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
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Explaining Launch Spreads on Structured Bonds
Firla-Cuchra, Maciej - Department of Economics, Oxford University - 2005
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
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The Differences Between Stock Splits and Stock Dividends
Bechmann, Ken L.; Raaballe, Johannes - Copenhagen Business School - 2004
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
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Actual share repurchases, timing and liquidity
Hamon, Jacques; Ginglinger, Edith - Université Paris-Dauphine (Paris IX) - 2007
,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
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Ownership, control and market liquidity
Hamon, Jacques; Ginglinger, Edith - Université Paris-Dauphine (Paris IX)
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