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News management around equity private placements
Liang, Hsiao-Chen; Jang, Woan-Yuh - In: Journal of entrepreneurial finance : JEF ; official … 19 (2017) 1, pp. 35-82
Private placement is the sale of securities to a limited number of qualified institutions or high-wealth investors. Although private placement is favorable for firms raising capital, it is relatively easy for managers to exploit it to benefit specific investors. Using a sample of Taiwanese...
Persistent link: https://www.econbiz.de/10011991263
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Moral hazard, informed trading, and stock prices
Collin-Dufresne, Pierre; Fos, Vyacheslav - 2013
obtain a trade-off: with more noise trading (less 'price efficiency') the activist can build up a larger stake, which leads … to more effort expenditure and higher firm value (more 'economic efficiency'). The model implies that activist ownership … stock pickers. Shortening the period during which activists can trade, however, hurts economic efficiency …
Persistent link: https://www.econbiz.de/10010258547
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A "wreckers theory" of financial distress
Kalckreuth, Ulf von (contributor) - 2005
participants is able to draw returns "in kind" from distressed companies. For firms close to bankruptcy, non-cash returns to …
Persistent link: https://www.econbiz.de/10003227085
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A 'Wreckers Theory' of Financial Distress
von Kalckreuth, Ulf - 2016
participants is able to draw returns "in kind" from distressed companies. For firms close to bankruptcy, non-cash returns to …
Persistent link: https://www.econbiz.de/10012991210
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Innovation, delegation, and asset price swings
Sato, Yuki - 2015
We propose a dynamic asset-market equilibrium model in which (1) an "innovative" asset with as-yet-unknown average payoff is traded, and (2) investors delegate investment to experts. Experts secretly renege on investors' orders and take on leveraged positions in the asset to manipulate...
Persistent link: https://www.econbiz.de/10011293484
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Limit order book (LOB) shape modeling in presence of heterogeneously informed market participants
Drame, Mouhamad - In: Market microstructure and liquidity 5 (2019) 1/4, pp. 1-35
Persistent link: https://www.econbiz.de/10012820075
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Moral hazard with excess returns
Blonski, Matthias; Lilienfeld-Toal, Ulf von - In: Mathematics and financial economics 17 (2023) 3, pp. 537-572
Persistent link: https://www.econbiz.de/10014381102
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Moral Hazard, Informed Trading, and Stock Prices
Collin-Dufresne, Pierre - 2013
corresponds to a more productive activist. We thus obtain a trade-off: with more noise trading (less `price efficiency') the … activist can build up a larger stake, which leads to more effort expenditure and higher firm value (more `economic efficiency') …
Persistent link: https://www.econbiz.de/10013073196
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Moral hazard, informed trading, and stock prices
Collin-Dufresne, Pierre; Fos, Vyacheslav - 2013
Persistent link: https://www.econbiz.de/10010211335
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Moral Hazard, Informed Trading, and Stock Prices
Collin-Dufresne, Pierre - 2013
corresponds to a more productive activist. We thus obtain a trade-off: with more noise trading (less `price efficiency') the … activist can build up a larger stake, which leads to more effort expenditure and higher firm value (more `economic efficiency') …
Persistent link: https://www.econbiz.de/10012459042