This article focuses on the investment practices and contract behavior of venture capitalists in relation to their portfolio companies. Using a unique self-collected data set, we provide new evidence on the venture capital industry in Europe and the United States. Important differences are...

We examine various aspects of the IPO market in China—the policy history, IPO pricing, bids and allocation, and aftermarket trading under two lenses: IPO theories and the unique regulatory environment in China. We show that heavy-handed regulations cause inefficient IPO offer prices and high...

Wrong way risk (WWR) phenomena in counterparty credit risk value adjustment (CVA) and capital is well understood. It arises from level correlation or cointegration of counterparty default and exposure. There is very limited trading available in CVA space and therefore different banks take quite...

It is now common to use dynamic initial margins (DIM) to offset counterparty credit risk in listed, cleared and OTC derivative markets as well as prime brokerages. Typically those initial margins are designed to cover counterparty portfolio value move during margin period of risk (MPOR) period...

The existing replication policies at top finance journals are far weaker than the policies at top economics journals. This paper explores both the costs and benefits of having a stronger replication policy in the context of my failed 2010 initiative to develop a unified policy across all top...

The purpose of this study is to assess whether the analysts' activity is valuable for investors, i. e., whether the managers follow the analysts' forecasts and whether those who follow are able to achieve higher returns. We analyzed the behavior of investment fund managers in the Brazilian...

Polish Abstract: Koncepcja inteligentnej bety (ang. smart beta) odzwierciedla ewolucję procesu zarządzania aktywami, jaka dokonała się w ślad za ostatnimi kryzysami ekonomicznymi – na czele z globalnym kryzysem finansowym lat 2007-2008. Odnoszenie wyników inwestycyjnych do tradycyjnych...

By studying the only mandatory pre-IPO market in the world – Taiwan's Emerging Stock Market (ESM), we document that pre-market prices are very informative about post-market prices and that the informativeness increases with a stock's liquidity. The ESM price-earnings ratio shortly before the...

Accurate Value at Risk (VaR) estimations are crucial for the robustness and stability of a financial system. Even though significant advances have been made in the field of risk modelling, many crises have emerged during the same period, and an explanation for this is that the advanced models...