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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
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Credit Ratings and Firm Innovation : Evidence from Sovereign Downgrades
Wang (Erik), Rui - 2020
firms that have a rating at the sovereign bound ex ante. The effect is concentrated in firms with high external finance …
Persistent link: https://www.econbiz.de/10012853677
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Relationship Banking and Conflicts of Interest : Evidence from German Initial Public Offerings
Klein, Peter G. - 2017
This paper investigates conflicts of interest associated with relationship banking. Using a sample of 270 German initial public offerings (IPOs), we ask if universal-bank-underwritten IPOs perform differently from IPOs underwritten by specialized investment banks. We find that universal-bank...
Persistent link: https://www.econbiz.de/10012958828
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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
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Capital market institutions and venture capital : do they affect unemployment and labour demand?
Fehn, Rainer; Fuchs, Thomas - 2003
This paper analyses the influence of the capital market on the labour market. Especially the impact of start-up financing on the structure of unemployment is of interest. We use a cross-country panel data analysis to examine how venture capital investment influences disaggre-gate unemployment....
Persistent link: https://www.econbiz.de/10011506487
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Does venture capital investment spur employment growth?
Belke, Ansgar; Fehn, Rainer; Foster-McGregor, Neil - 2003
Anglo-Saxon countries have been successful in the 1990s concerning labor market performance compared to the former role models Germany and Japan. This reversal in relative economic performance might be related to idiosyncracies in financial markets with bank-based financial markets as in Germany...
Persistent link: https://www.econbiz.de/10011507850
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Venture capital investment and labor market performance : a panel data analysis
Belke, Ansgar; Fehn, Rainer; Foster-McGregor, Neil - 2002
Labor market performance has differed considerably between OECD countries over the last two decades. The focus of the literature so far has been to ask whether these differences can be explained by varying degrees of labor market rigidities and generosity of welfare states. This paper takes a...
Persistent link: https://www.econbiz.de/10011408964
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Institutions and structural unemployment : do capital-market imperfections matter?
Belke, Ansgar; Fehn, Rainer - 2001
This paper analyzes whether differences in institutional structures on capital markets contribute to explaining why some OECD-countries, in particular the Anglo-Saxon countries, have been much more successful over the last two decades in producing employment growth and in reducing unemployment...
Persistent link: https://www.econbiz.de/10011398923
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Venture capital investment and labor market performance : a panel data analysis
Belke, Ansgar; Fehn, Rainer; Foster-McGregor, Neil - 2001
Labor market performance has differed considerably between OECD countries over the last two decades. The focus of the literature so far has been to ask whether these differences can be explained by varying degrees of labor market rigidities and generosity of welfare states. This paper takes a...
Persistent link: https://www.econbiz.de/10010496600
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Underpricing of venture-backed and non venture-backed IPOs : Germany's Neuer Markt
Franzke, Stefanie A. - 2003 - This version: November 6, 2003
This paper analyzes a comprehensive data set of 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany´s Neuer Markt between March 1997 and March 2002. I examine whether these three types of issues differ with regard to issuer characteristics, balance...
Persistent link: https://www.econbiz.de/10009767675