This article analyses the impact of the participation of venture capital (VC) firms on underpricing in 372 businesses brought to IPO during the period 1999-2001 in KOSDAQ. Korea's second-tier stock market, KOSDAQ, has grown dramatically since 1999 and about half of the firms listed in KOSDAQ...

This study investigates the relation between IPO underwriting and subsequent lending. We find that when a bank underwrites a firm’s IPO, the bank is more likely to provide the issuer with future loans at a lower cost, compared to banks without an IPO underwriting relationship. The evidence...

»Deflation«, »Kreditklemme« und »Bankenkrise« waren die Schlagworte in derFinanzpresse des Jahres 2003. Insbesondere hier zu Lande wurde über Monate in den Medien davon gesprochen, dass sich Deutschland in der japanischen Malaise befände. In ihrem Beitrag gehen Prof. Dr. Stephan Paul,...

A közgazdaságtanban általában a cégekre olyan szereplőkként gondolunk, amelyek csak anonim piaci mechanizmuson keresztül érintkeznek egymással. Ezzel szemben a valóságban a cégek életében fontos szerepet játszanak a gazdaság más, konkrét szereplőivel meglévő kapcsolataik....

How do women leaders such as board members and top managers influence the social performance of organizations? This paper addresses the issue by exploiting a unique database released by a Senegalese network of 36 financial cooperatives sharing identical governance characteristics and placed...

This paper describes our construction of the Global Financial Development Database and uses the data to compare financial systems around the world. The database provides information on financial systems in 205 economies over the period from 1960 to 2010 and includes measures of (1) size of...

We use payroll data on 1.2 million bank employee years in the Austrian, German, and Swiss banking sector to identify incentive pay in the critical banking segments of treasury/capital market management and investment banking for 66 banks. We document an economically significant correlation of...

We develop a structural credit risk model to examine how the interactions of liquidity and default risk affect corporate bond pricing. By explicitly modeling debt rollover and by endogenizing the holding costs via collateralized financing, our model generates rich links between liquidity risk...

The paper presents a part of the survey results on business valuation carried out in October 2011. The survey involved 182 experts in business valuation from 12 countries worldwide. The article attempts to answer the question: what problems do experts face in business valuation? Are there...

The paper presents a part of the survey results on business valuation carried out in October 2011. The survey involved 182 experts in business valuation from 12 countries worldwide. The article attempts to answer the question: what problems do experts face in business valuation? Are there...