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The Role of Advisory Services in Proxy Voting

Alexander, Cindy R.; Chen, Mark A.; Seppi, Duane J.; … - National Bureau of Economic Research (NBER) - 2009

This paper studies the information content and consequences of third-party voting advice issued during proxy contests. We document significant abnormal stock returns around proxy vote recommendations and develop an estimation procedure for disentangling stock price effects due to changes in...

Persistent link: https://www.econbiz.de/10005040659

INDIAN VENTURE CAPITALISTS (VCs) INVESTMENT EVALUATION CRITERIA

Mishra, Asim - EconWPA - 2005

The Venture capital (VC) industry in India is of recent origin. However, the average investment value of each deal in India have grown from $3.85 million in 2000 to $7.89 million in 2001.These developments together with the recent steps taken by government to promote venture capitalism in India...

Persistent link: https://www.econbiz.de/10005134795

Empirical Research on Corporate Credit-Ratings: A Literature Review

Matthies, Alexander B. - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2013

We report on the current state and important older findings of empirical studies on corporate credit ratings and their … relationship to ratings of other entities. Specifically, we consider the results of three lines of research: The correlation of … credit ratings and corporate default, the influence of ratings on capital markets, and the determinants of credit ratings and …

Persistent link: https://www.econbiz.de/10010602092

The Choice of Seasoned-Equity Selling Mechanism: Theory and Evidence

Eckbo, B Espen; Norli, Øyvind - C.E.P.R. Discussion Papers - 2005

Extending the Myers and Majluf (1984) framework, we present a model for the choice of seasoned-equity selling mechanism. A sequential pooling equilibrium exists which implies a positive market reaction to certain flotation strategies. We examine the model implications using the market reaction...

Persistent link: https://www.econbiz.de/10005114232

What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence

Da Rin, Marco; Bottazzi, L.; Hellmann, T. - Tilburg University, Center for Economic Research - 2008

We develop a theory and empirical test of how the legal system affects the relationship between venture capitalists and entrepreneurs. The theory uses a double moral hazard framework to show how optimal contracts and investor actions depend on the quality of the legal system. The empirical...

Persistent link: https://www.econbiz.de/10011090634

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

European versus Anglo-Saxon credit view: Evidence from the eurozone sovereign debt crisis

Altdörfer, Marc; de las Salas Vega, Carlos A.; … - 2016

the assignment of sovereign credit ratings, using the Eurozone sovereign debt crisis of 2009-2012 as a natural laboratory … two more US-tied peers, assigned on average more favourable ratings to Eurozone issuers during the crisis. However, Fitch …'s better ratings for Eurozone issuers seem to be neglected by investors as they rather follow the rating actions of Moody's and …

Persistent link: https://www.econbiz.de/10011571051

European versus Anglo-Saxon credit view : evidence from the eurozone sovereign debt crisis

Altdörfer, Marc; De las Salas Vega, Carlos Andres; … - 2016

Persistent link: https://www.econbiz.de/10011570580

Crises and rating agencies: On the effect of aggregate uncertainty on rating agencies' incentives to distort ratings

Loerke, Petra; Niedermayer, Andreas - 2015

We analyze a rating agency's incentives to distort ratings in a model with a monopolistic profit maximizing rating …

Persistent link: https://www.econbiz.de/10011350845

Crises and rating agencies : on the effect of aggregate uncertainty on rating agencies' incentives to distort ratings

Loerke, Petra; Niedermayer, Andreas - 2015

We analyze a rating agency's incentives to distort ratings in a model with a monopolistic profit maximizing rating …

Persistent link: https://www.econbiz.de/10011345759