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We examine price pressure in a setting where trades occur because of regulations. Our study of fallen angel bond sales by insurance companies shows that price pressure is not significantly different from zero when information effects are absent. Our results confirm the prediction of several...
Persistent link: https://www.econbiz.de/10012906246
We study restructuring by firms whose stock prices experience a sharp decline to a low price level– fallen angels. In response to a price decline, firms can retrench by reducing investments and cutting the workforce, or increase leverage and investments hoping for lottery-like payoffs. We find...
Persistent link: https://www.econbiz.de/10012584365
Research on angel investors is sparse because data are sparse. Most comprehensive studies of angel investors have focused on the US and UK. In these studies, definitions of angel investors and estimates of returns on angel investments vary dramatically. What can we make of this wide range of...
Persistent link: https://www.econbiz.de/10013035067
This publication covers seed and early stage financing for high growth companies in OECD and non-OECD countries with a primary focus on angel investment. Angel investment is the primary source of outside equity financing for start-ups in a number of countries, yet it is frequently overlooked as...
Persistent link: https://www.econbiz.de/10013091835
Persistent link: https://www.econbiz.de/10013074445
This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centred...
Persistent link: https://www.econbiz.de/10011343015
Does the presence of arbitrageurs decrease equilibrium asset price volatility? I study an economy with arbitrageurs, informed investors, and noise traders. Arbitrageurs face a trade-off between arbitrage and inference: they would like to buy assets in response to temporary price declines (the...
Persistent link: https://www.econbiz.de/10002101431
This paper studies volatility characteristics of the Indian CNX midcap index and contrasts with the large cap Nifty. An EGARCH model is fitted to daily returns for 2010 and is subjected to an out-of-sample back test. The study finds differences in volatility behavior of the indices. The Midcap...
Persistent link: https://www.econbiz.de/10014040484
In this paper, I examine the relations between risk management disclosures, governance, and the market pricing of the fair value gains and losses (FVGL) for US commercial bank holding companies (banks). I find that banks with strong corporate governance disclose more about their risk management...
Persistent link: https://www.econbiz.de/10014048368
For each of the three major asset classes: stocks, bonds and treasury bills, this is the first article to present estimates of annual nominal and real returns for the Danish capital market during the whole twentieth century. The average annual Danish stock return in excess of bond (bill) return...
Persistent link: https://www.econbiz.de/10014113516