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Vulanovic, Milos - 2016

This paper studies how institutional characteristics of Specified Purpose Acquisition Companies (SPACs) are related to their post-merger survival. SPACs are unique financial firms that conduct the IPO with the solely purpose to use the proceeds to acquire another private company. Paper finds...

Persistent link: https://www.econbiz.de/10011567076

Do private firms benefit from trading in the private securities market?

Loveland, Robert; Fricke, Eric; Goktan, Sinan - In: The Journal of Entrepreneurial Finance (JEF) 19 (2017) 2, pp. 1-30

enables liquidity provision to firm employees. Controlling for endogeneity, we find no evidence that a pre-IPO listing on … SharesPost-listed IPO companies sell less shares during the IPO. These findings suggest that liquidity provision via the …

Persistent link: https://www.econbiz.de/10012012671

SPAC IPOs

Shachmurove, Yochanan; Vulanovic, Milos - 2018

Specified Purpose Acquisition Companies (SPACs) are a special type of public companies currently available to investors in financial markets. As an investment vehicle, modern SPACs are traced back to 18-th century England where blank checks were first mentioned as blind pools during the infamous...

Persistent link: https://www.econbiz.de/10011818572

The value of bond underwriter relationships

von Rüden, Stine Louise; Dick-Nielsen, Jens; Stenbo … - 2021

We show that corporate bond issuers benefit from utilizing existing underwriter relationships when rolling over bonds, but at the same time become exposed to underwriter distress. A strong relationship enables the underwriter to credibly certify the issuer resulting in lower direct issuance...

Persistent link: https://www.econbiz.de/10012659979

Banks and Market Liquidity

Arping, Stefan - 2015

I study a model of market-liquidity provision by levered intermediaries that, besides operating trading desks, run … deposit-taking franchises. Levered intermediaries' heightened incentive to absorb risk helps to counteract liquidity …. However, liquidity provision may also overshoot, leading to unhealthy price bubbles and causing asset origination to become …

Persistent link: https://www.econbiz.de/10010491411

Hidden liquidity: Determinants and impact

Cebiroğlu, Gökhan; Horst, Ulrich - 2012

and posted liquidity. Our findings moreover suggest that large hidden orders are associated with larger transaction costs …, higher price impact and increased volatility. In particular, as large hidden orders fail to attract (latent) liquidity to the … market, hidden liquidity provision gives rise to negative liquidity externalities. …

Persistent link: https://www.econbiz.de/10010281537

Trading risk and volatility in interest rate swap spreads

Kambhu, John - 2004

This paper examines how risk in trading activity can affect the volatility of asset prices. We look for this relationship in the behavior of interest rate swap spreads and in the volume and interest rates of repurchase contracts. Specifically, we focus on convergence trading, in which...

Persistent link: https://www.econbiz.de/10010283368

Tranching and Rating

Brennan, Michael; Hein, Julia; Poon, Ser-Huang - Manchester Business School - 2008

In this paper we analyze the source and magnitude of marketing gains from selling structured debtsecurities at yields that reflect only their credit ratings, or specifically at yields on equivalently ratedcorporate bonds. We distinguish between credit ratings that are based on probabilities of...

Persistent link: https://www.econbiz.de/10005870670

Performance of Initial Public Offerings : The Evidence for Switzerland

Drobetz, Wolfgang; Kammermann, Matthias; Waelchli, Urs - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

We examine the underpricing and long-term performance of a broad set ofSwiss IPOs from 1983 to 2000. The average market adjusted initial return is34.97%. Our results support the ex ante uncertainty hypothesis, the signal-ling hypothesis and, to some extent, the market cyclicality hypothesis...

Persistent link: https://www.econbiz.de/10005858709

Performance of Initial Public Offerings : The Evidence for Switzerland

Drobetz, Wolfgang; Kammermann, Matthias; Wälchli, Urs - Wirtschaftswissenschaftliches Zentrum <Basel>

We examine the underpricing and long-term performance of a broad set ofSwiss IPOs from 1983 to 2000. The average market adjusted initial return is34.97%. Our results support the ex ante uncertainty hypothesis, the signallinghypothesis and, to some extent, the market cyclicality hypothesis...

Persistent link: https://www.econbiz.de/10005863001