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Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK

Mayer, Colin; Schoors, Koen; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2002

in Germany, Israel, Japan and the UK. Sources of VC funds differ significantly across countries, eg banks are …

Persistent link: https://www.econbiz.de/10005504226

Generational Accounting, Solidarity and Pension Losses

Vries, Casper G de; Teulings, Coen N - C.E.P.R. Discussion Papers - 2004

The creeping stock market collapse eroded the wealth of funded pension systems. This led to political tensions between generations due to the fuzzy definition of property rights on the pension funds wealth. We argue that this problem can best be resolved by the introduction of generational...

Persistent link: https://www.econbiz.de/10005498139

Competition for traders and risk

Bijlsma, Michiel; Boone, Jan; Zwart, Gijsbert - C.E.P.R. Discussion Papers - 2012

The financial crisis has been attributed partly to perverse incentives for traders at banks and has led policy makers … to propose regulation of banks' remuneration packages. We explain why poor incentives for traders cannot be fully … the labour market for traders intensifies, banks optimally offer top traders contracts inducing them to take more risk …

Persistent link: https://www.econbiz.de/10011084687

Optimal Capital Allocation Using RAROC(tm) and EVA

Stoughton, Neal; Zechner, Josef - C.E.P.R. Discussion Papers - 2004

This Paper analyses firms’ capital allocation decisions when optimal capital structure is linked to the risk of underlying assets and when equity capital is costly and cannot be raised instantaneously. In the model, division managers receive private information and authority is delegated to...

Persistent link: https://www.econbiz.de/10005662320

Financial Innovation and Endogenous Growth

Laeven, Luc; Levine, Ross; Michalopoulos, Stelios - C.E.P.R. Discussion Papers - 2009

We model technological and financial innovation as reflecting the decisions of profit maximizing agents and explore the implications for economic growth. We start with a Schumpeterian endogenous growth model where entrepreneurs earn monopoly profits by inventing better goods and financiers arise...

Persistent link: https://www.econbiz.de/10008528522

Limits of Arbitrage: The State of the Theory

Gromb, Denis; Vayanos, Dimitri - C.E.P.R. Discussion Papers - 2010

We survey theoretical developments in the literature on the limits of arbitrage. This literature investigates how costs faced by arbitrageurs can prevent them from eliminating mispricings and providing liquidity to other investors. Research in this area is currently evolving into a broader...

Persistent link: https://www.econbiz.de/10008530340

Financial Institutions and the Wealth of Nations: Tales of Development

Tong, Jian; Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2004

Interactions between economic development and financial development are studied by looking at the roles of financial institutions in selecting R&D projects (including both imitation and innovation). Financial development is regarded as the evolution of the financing regimes. The effectiveness of...

Persistent link: https://www.econbiz.de/10005124401

Agency Costs in the Process of Development

Acemoglu, Daron; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 1996

information production role of banks. Because the amount of available information increases with development, our model predicts … the pattern of financial development observed in practice; banks first and stock markets later. …

Persistent link: https://www.econbiz.de/10005136536

Privatization in Hungary, Poland and Czechoslovakia

Grosfeld, Irena; Hare, Paul G - C.E.P.R. Discussion Papers - 1991

Several East European countries are embarking on major programmes both to expand their private sectors by encouraging new firm formation, and to transfer much of the existing state sector into private ownership. This paper studies the early experience of Hungary, Poland and Czechoslovakia in...

Persistent link: https://www.econbiz.de/10005281407

Banking and Development

Sussman, Oren; Zeira, Joseph - C.E.P.R. Discussion Papers - 1995

paper describes how specialization of banks can lead to such feedback effects, which work through the cost of financial … intermediation. In the empirical part of the paper we use US cross-state data from banks' income statements to show that the cost of …

Persistent link: https://www.econbiz.de/10005498084