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How much for a haircut? : illiquidity, secondary markets, and the value of private equity
Bollen, Nicolas P. B.; Sensoy, Berk A. - 2016
Limited partners (LPs) of private equity funds commit to invest with extreme levels of illiquidity and significant uncertainty regarding the timing of capital flows. Secondary markets have emerged which alleviate some of the associated cost. This paper develops a subjective valuation model...
Persistent link: https://www.econbiz.de/10011772208
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Basel III: solving the liquidity business challenge
Fiedler, Robert; Mahlknecht, Michael - In: Journal of Financial Transformation 37 (2013), pp. 77-94
The new Basel III rules for liquidity and funding will have an impact on several areas of the banking business. As a …
Persistent link: https://www.econbiz.de/10010840615
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Liquidity Risk, Leverage and Long-Run IPO Returns
Eckbo, B Espen; Norli, Øyvind - C.E.P.R. Discussion Papers - 2005
constructed ‘low minus high’ (LMH) stock turnover portfolio as a liquidity risk factor. The LMH factor produces significant betas …
Persistent link: https://www.econbiz.de/10005124287
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True cost of immediacy
Hendershott, Terrence; Li, Dan; Livdan, Dmitry; … - 2020
Traditional liquidity measures can provide a false impression of the liquidity and stability of financial market … show that a standard measure of liquidity, the effective bid-ask spread, dramatically underestimates the true cost of …
Persistent link: https://www.econbiz.de/10012271211
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How J.P. Morgan picked the winners and losers in the Panic of 1907 : an exploration of the individual over the institution as lender of last resort
Moen, Jon R.; Rodgers, Mary Tone - In: Essays in economic & business history : the journal of … 40 (2022), pp. 156-187
institutions during the resolution of a financial crisis. First, we examine how Morgan coordinated emergency liquidity infusions … applicants for liquidity had participated in earlier bond underwriting syndicates with Morgan. The single denial of aid was to an … or liquidity infusions to Morgan-backed issuers than to issuers backed by other bankers. These findings provide support …
Persistent link: https://www.econbiz.de/10013431103
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Unternehmen im Prime Standard staying public oder going private? Nutzenanalyse der Börsennotiz
Schanz, Kay-Michael; Richard, Jörg; Schalast, Christoph - 2004
sense (any more): in particular, due to the volume of their market capitalization and the liquidity of their stock, they …
Persistent link: https://www.econbiz.de/10010298896
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Determinants of structured finance issuance: A cross-country comparison
Schuetz, Sebastian A. - 2011
Especially structured finance instruments were blamed as main reason for the financial crisis 2007, but the understanding for the motivation to originate securitization products is less discovered. Therefor this paper tries to identify main balance sheet characteristics of structured finance...
Persistent link: https://www.econbiz.de/10010286571
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Dealer networks
Li, Dan; Schürhoff, Norman - 2014
Dealers in the over-the-counter municipal bond market form trading networks with other dealers to mitigate search frictions. Regulatory audit trail data show the dealer network has a core-periphery structure with 10 to 30 hubs and over 2,000 peripheral broker-dealers in which bonds flow in a...
Persistent link: https://www.econbiz.de/10010443056
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HOW DOES THE STRUCTURE OF FINANCIAL FLOWS AFFECT THE STABILITY OF THE BANKING SYSTEM?
Gradinaru, Cristian Gulei - In: Annals of University of Craiova - Economic Sciences Series 1 (2011) 39, pp. 235-238
financial crises in an environment where both liquidity shocks and solvency shocks affect financial intermediaries that fund …
Persistent link: https://www.econbiz.de/10010550358
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Bank Cash Holdings and Investor Uncertainty
D'Udekem, Benoît - Centre Emile Bernheim, Solvay Brussels School of … - 2014
Cash holdings have often been presumed to help resolve the inherent uncertainty of assessing banks. Nonetheless, extant empirical evidence is inconclusive. The present paper adopts a novel approach to assessing the level of stockholder uncertainty associated with the cash holdings reported by...
Persistent link: https://www.econbiz.de/10010751984