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Do Mandatory Disclosure Requirements for Private Firms Increase the Propensity of Going Public?

Aghamolla, Cyrus; Thakor, Richard T. - 2022

This paper investigates the effect of mandatory disclosure requirements for private firms on their decision to go public. Using detailed project-level data for biopharmaceutical firms, we explore the effects of a legal reform that exogenously required firms to publicly disclose information...

Persistent link: https://www.econbiz.de/10014239136

Investor Protection and Choice of Share Issuance Mechanism

McLean, R. David - 2013

Legal investor protection is associated with how firms choose to issue shares. The likelihood of private placements relative to rights offerings increases with investor protection, as does the likelihood of public offerings relative to both private placements and rights offerings. These findings...

Persistent link: https://www.econbiz.de/10013094630

Cash Holdings and Leverage of German Listed Firms – Evidence from 1992 to 2011

Rapp, Marc Steffen - 2015

We examine cash holdings and leverage levels of German listed (non-financial and non-utility) firms. We document a secular increase in cash ratios over the last twenty years (1992–2011), reducing the net debt book leverage ratio for the average sample firm close to zero. Using pre-diction...

Persistent link: https://www.econbiz.de/10013033638

Financial Flexibility and Corporate Cash Policy

Chen, Tao - 2013

Using variations in local real estate prices as exogenous shocks to corporate financing capacity, we investigate the causal effects of financial flexibility on cash policies of US firms. Building on this natural experiment, we find strong evidence that increases in real estate values lead to...

Persistent link: https://www.econbiz.de/10013078621

Corporate Governance, IPO Underpricing and Long-Term Performance of Listed Firms in China

Li, Lary - 2009

This is an empirical study that examines the underpricing and aftermarket long-term performance of IPOs in China and IPO underpricing. Corporate governance aspects that may play a role in IPOs, such as ownership structure and external directors, are studied.The study show that firms with higher...

Persistent link: https://www.econbiz.de/10013156611

Does stock market listing boost or impede corporate investment?

Yarba, Ibrahim; Yassa, Ahmet Duhan - In: Borsa Istanbul Review 22 (2022) 2, pp. 285-294

This paper investigates investment behavior across public and privately held firms using a novel firm-level dataset. We use coarsened exact matching to construct a control group of firms with which we compare listed firms before and after listing in a difference-in-differences framework. The...

Persistent link: https://www.econbiz.de/10013184083

Corporate takeovers : modern empirical developments

Eckbo, B. Espen - 2011

a review of actual takeover premiums and their determinants. It then showcases recent empirical contributions on topics … auctions cause fire-sales?), effects of deal protection devices (do termination agreements and poison pills affect takeover … premiums?), large shareholder voting on takeover outcomes (does institutional activism matter?), deal financing issues (does it …

Persistent link: https://www.econbiz.de/10008906523

Consistent valuation of project finance and LBO's using the flows-to-equity method

Cooper, Ian; Nyborg, Kjell G. - 2010

A common method of valuing the equity in highly leveraged transactions is the flows-to-equity method. When applying this method various formulas can be used to calculate the time-varying cost of equity. In this paper we show that some commonly used formulas are inconsistent with the assumptions...

Persistent link: https://www.econbiz.de/10008797682

The political economy of dominant investors

Perotti, Enrico C.; Thadden, Ernst-Ludwig von - 2005

We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...

Persistent link: https://www.econbiz.de/10011337975

Coinvestment and risk taking in private equity funds

Bienz, Carsten; Thorburn, Karin; Walz, Uwe - 2016

Private equity fund managers are typically required to invest their own money alongside the fund. We examine how this coinvestment affects the acquisition strategy of leveraged buyout funds. In a simple model, where the investment and capital structure decisions are made simultaneously, we show...

Persistent link: https://www.econbiz.de/10011436066