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Net asset value discounts in listed private equity funds
Lahr, Henry; Kaserer, Christoph - 2009
cash flows. -- Listed Private Equity ; Private Equity ; Venture Capital ; Net Asset Value ; Book-to-Market Ratio ; Closed …
Persistent link: https://www.econbiz.de/10003919572
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Expected returns to stock investments by angel investors in groups
DeGennaro, Ramon P.; Dwyer, Gerald P. <jun.> - 2010
of firms that obtain venture capital. Previous research has calculated realized internal rates of return on angel … can expect to earn returns that are on the order of returns on venture capital investments. Estimated net returns are … reasonable compared to Cochrane's (2005) estimate of 59 percent per year for venture capital investments, which tend to be in …
Persistent link: https://www.econbiz.de/10008664602
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Hidden liquidity : determinants and impact
Cebiroglu, Gökhan; Horst, Ulrich - 2012
We cross-sectionally analyze the presence of aggregated hidden depth and trade volume in the S&P 500 and identify its key determinants. We find that the spread is the main predictor for a stock's hidden dimension, both in terms of traded and posted liquidity. Our findings moreover suggest that...
Persistent link: https://www.econbiz.de/10009506557
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Transaction costs and market impact in investment management
Kociński, Marek - In: E-Finanse : finansowy kwartalnik internetowy 10 (2014) 4, pp. 28-35
The aim of this article is to analyse the major sources of transaction costs in financial markets, in particular to find the amounts of such costs on the Warsaw Stock Exchange (WSE). Sources of transaction costs are considered: commissions, bid-ask spread and market impact. The commissions are...
Persistent link: https://www.econbiz.de/10010515532
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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
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Is sell-side research more valuable in bad times?
Loh, Roger K.; Stulz, René M. - 2013
Because uncertainty is high in bad times, investors find it harder to assess firm prospects and, hence, should value analyst output more. However, higher uncertainty makes analysts' tasks harder so it is unclear if analyst output is more valuable in bad times. We find that, in bad times, analyst...
Persistent link: https://www.econbiz.de/10010227721
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An option to cheat : an application of option theory to realize flipping in underpricing
Stojkovic, Jovan - 2013
The paper proposes a novel direction to rationalize and quantify investors' flipping behavior and its effect on underpricing in IPOs through the use of a structural approach mode. The outcome is a proxy value that replicates investors' flipping behavior. When tested empirically, the model...
Persistent link: https://www.econbiz.de/10010258983
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SB IPOs and IPO anomalies : an empirical analysis of the small firm uniqueness hypothesis
Brau, James C.; Carpenter, C. Troy - In: Journal of entrepreneurial finance : JEF ; official … 16 (2013) 2, pp. 75-96
The purpose of this paper is to provide a direct test of the small-firm uniqueness hypothesis advanced by Ang (1991). We do this by using the 5B-IPO program of the SEC as our instrument to define a small firm. Having identified small firms, we test the three IPO anomalies to see if small firms...
Persistent link: https://www.econbiz.de/10010345093
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How informative are the unpredictable components of earnings forecasts?
Bruijn, Bert de; Franses, Philip Hans - 2015
An analysis of about 300000 earnings forecasts, created by 18000 individual forecasters for earnings of over 300 S&P listed firms, shows that these forecasts are predictable to a large extent using a statistical model that includes publicly available information. When we focus on the...
Persistent link: https://www.econbiz.de/10010490078
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Do analyst stock recommendations piggyback on recent corporate news? : an analysis of regular-hour and after-hours revisions
Li, Edward X.; Ramesh, K.; Shen, Min; Wu, Joanna Shuang - 2015 - Rev.
Analysts often update their recommendations following corporate news. Questions have been raised regarding analysts' ability to generate new information beyond recent corporate events. Employing a comprehensive database on corporate news we show that only a small minority of 27.9% of all...
Persistent link: https://www.econbiz.de/10010483419