Narrow search
Showing 1 - 10 of 1,943
Cover Image
Structure and determinants of financial covenants in leveraged buyouts - evidence from an economy with strong creditor rights
Achleitner, Ann-Kristin; Braun, Reiner; Tappeiner, Florian - 2009
We apply control rights theory to explain the structure and determinants of financial covenants in private equity backed leveraged buyouts. We analyze 130 German transactions from 2000 to 2008, covering about 40 percent of the LBO market during this period. We consider Germany to be a superior...
Persistent link: https://www.econbiz.de/10003919605
Cover Image
Banking reform
Jackson, Patricia; Davies, Howard; Miles, David; … - SUERF Conference on Banking Reform <2015, London>; … - 2016
On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...
Persistent link: https://www.econbiz.de/10011554963
Cover Image
Is rated debt arm's length? : evidence from mergers and acquisitions
Gropp, Reint; Hirsch, Christian; Krahnen, Jan Pieter - 2011
a significant role for rating agencies, we find monitoring effects to be strongest when acquirer bonds are rated at the …
Persistent link: https://www.econbiz.de/10008934787
Cover Image
The cost of capital of the financial sector
Adrian, Tobias; Friedman, Evan; Muir, Tyler - 2015
Standard factor pricing models do not capture well the common time-series or cross-sectional variation in average returns of financial stocks. We propose a five-factor asset pricing model that complements the standard Fama and French (1993) three-factor model with a financial sector ROE factor...
Persistent link: https://www.econbiz.de/10011410520
Cover Image
Structure and Determinants of Financial Covenants in Leveraged Buyouts
Achleitner, Ann‐Kristin - 2011
We use a proprietary dataset to explore (i) the financial covenant structure and (ii) the determinants of their restrictiveness in leveraged buyouts. With respect to (i) we find that the covenant structure is more standardized in sponsored than in non-sponsored loans: the former show less...
Persistent link: https://www.econbiz.de/10013134074
Cover Image
Firm Location and Corporate Debt
Arena, Matteo P. - 2017
This study examines the influence of a firm's geographical location on corporate debt and provides evidence that the higher cost of collecting information on firms distant from urban areas has significant implications on a wide array of corporate debt characteristics. We find that rural firms...
Persistent link: https://www.econbiz.de/10012975655
Cover Image
The Choice between Project Financing and Corporate Financing : Evidence from the Corporate Syndicated Loan Market
Alves, Paulo - 2020
We examine the factors that influence public firms' choice between project financing and corporate financing. Using a sample of 15,191 syndicated deals closed between 2000 and 2016, we find that economies of scale, agency costs of debt, and information asymmetry arguments affect the choice of...
Persistent link: https://www.econbiz.de/10012854916
Cover Image
Bank leverage, welfare, and regulation
Admati, Anat R.; Hellwig, Martin - 2018
We take issue with claims that the funding mix of banks, which makes them fragile and crisis-prone, is efficient because it reflects special liquidity benefits of bank debt. Even aside from neglecting the systemic damage to the economy that banks' distress and default cause, such claims are...
Persistent link: https://www.econbiz.de/10011925841
Cover Image
Bank leverage, welfare, and regulation
Admati, Anat R.; Hellwig, Martin - 2018 - Revised January 14, 2019
We take issue with claims that the funding mix of banks, which makes them fragile and crisisprone, is efficient because it reflects special liquidity benefits of bank debt. Even aside from neglecting the systemic damage to the economy that banks' distress and default cause, such claims are...
Persistent link: https://www.econbiz.de/10011977827
Cover Image
Credit Rating, Banks' Capital Structure and Speed of Adjustment : A Cross-Country Analysis
Wojewodzki, Michal; Boateng, Agyenim; Brahma, Sanjukta - 2022
Recent studies examining the effects of a credit rating on firms’ capital structure and adjustment of capital structure … capital structure of banks. We find that, on average, banks near a credit rating upgrade have a higher capital to assets ratio … compared to banks not near a rating upgrade. Most systematically important “too-big-to-fail” banks near a credit rating upgrade …
Persistent link: https://www.econbiz.de/10013404996