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An Essay on Rule 506 of Regulation D; Its Questionable Origins, Regulatory Oblivion and Judicial Revitalization

Warren, Manning G. - 2010

This essay, based on the author's presentation last September to the annual meeting of the North American Securities Administration Association (NASAA), addresses several issues related to Rule 506, the most widely-used of the SEC's transactional exemptions from federal registration of...

Persistent link: https://www.econbiz.de/10013149128

State Ownership and the Allocation of Capital

Kuang, Chun - 2019

This paper studies the capital allocation decisions of firms that are comparable except for ownership under a unique setting using investment level data. We find allocative inefficiency across ownership to be exacerbated under policy distortions through subsidized credits targeted at state-owned...

Persistent link: https://www.econbiz.de/10012897632

Conglomerates on the Rise Again? A Cross-Regional Study on the Impact of the 2008-2009 Financial Crisis on the Diversi fication Discount

Schwetzler, Bernhard - 2014

This paper investigates how the 2008-2009 financial crisis affected the value of diversification in different regions of the world, thereby emphasizing the role of the institutional context. We show that the effect of the credit crunch upon the diversification discount varied with the regions'...

Persistent link: https://www.econbiz.de/10013067227

The Effect of Accounting Conservatism on Corporate Investment during the Global Financial Crisis

Balakrishnan, Karthik - 2016

This paper examines the effect of accounting conservatism on firm-level investment during the 2007-2008 global financial crisis. Using a differences-in-differences design, we find that firms with less conservative financial reporting experienced a sharper decline in investment activity following...

Persistent link: https://www.econbiz.de/10012987650

An Overview of Collateralization Fundamentals & the ISDA Credit Support Annex

Burgess, Nicholas - 2018

In this paper we discuss the continued transition of financial markets towards trade standardization and the clearing of transactions, outlining the role of central clearing counterparties CCPs in reducing systemic and idiosyncratic risk. We contrast this with a discussion on bespoke non-cleared...

Persistent link: https://www.econbiz.de/10012932874

Missing Them Yet? Investment Banker Directors in the 21st Century

Jagannathan, Murali - 2019

Subsequent to the stricter corporate governance listing standards adopted by the NYSE and NASDAQ in the early part of this century and the independence requirements of the Sarbanes Oxley Act of 2002 (SOX), the number of investment bankers (IB) serving on corporate boards has declined...

Persistent link: https://www.econbiz.de/10012862499

Globalization, Governance, and the Returns to Cross-Border Acquisitions

Ellis, Jesse A. - 2011

Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from … countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries …-price reaction than the country of the acquirer. Second, for acquisitions of private firms or subsidiaries, acquirers gain more when …

Persistent link: https://www.econbiz.de/10013131906

IFRS 17 Challenges for Reinsurance : Fitting a Square Peg in a Round Hole

Winkler, Michael; Kansal, Sunil - 2023

This article provides an insightful overview of the challenges encountered by the insurance industry when applying the requirements of IFRS 17 to reinsurance contracts. Through the metaphor "Fitting a Square Peg in a Round Hole," the author effectively captures the complexities and difficulties...

Persistent link: https://www.econbiz.de/10014349739

ESG in the Top 100 US Private Equity Firms

Markarian, Garen; Rakotobe, Calvin; Semionov, Alexander - 2023

We look at the ESG practices of the US’s top 100 private equity firms, representing more than $1.5 trillion of committed capital and directly employs 12 million individuals in the United States. We find that the ESG practices, and their corresponding disclosures, significantly lag behind that...

Persistent link: https://www.econbiz.de/10014348698

International Evidence on Value Creation in Private Equity Transactions

Puche, Benjamin - 2015

Understanding value creation at the transaction level is at the heart of explaining private equity (PE) returns. Taking advantage of a proprietary sample of 2,029 international buyout deals executed between 1984 and 2013 we provide detailed evidence on financial, market and operational value...

Persistent link: https://www.econbiz.de/10013032461