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Exit timing of venture capitalists in the course of an initial public offering

Neus, Werner; Walz, Uwe - Center for Financial Studies - 2002

We analyze the desinvestment decision of venture capitalists in the course of an IPO of their portfolio firms. The … capital market learns of the project quality only in the period following the IPO. Venture capitalists with high-quality firms …

Persistent link: https://www.econbiz.de/10010986431

Measuring euro area monetary policy

Altavilla, Carlo; Brugnolini, Luca; Gürkaynak, Refet S.; … - 2019

We study the information flow from the ECB on policy dates since its inception, using tick data. We show that three factors capture about all of the variation in the yield curve but that these are different factors with different variance shares in the window that contains the policy decision...

Persistent link: https://www.econbiz.de/10012019809

Stock market's assessment of monetary policy transmission: The cash flow effect

Gürkaynak, Refet S.; Karasoy-Can, Hatice Gökçe; Lee, … - 2019

We show that firm liability structure and associated cash flow matter for firm behavior, and that financial market participants price stocks accordingly. Looking at firm level stock price changes around monetary policy announcements, we find that firms that have more cash flow exposure see their...

Persistent link: https://www.econbiz.de/10012113996

Monetary policy surprises and exchange rate behavior

Gürkaynak, Refet S.; Kara, Ali Hakan; Kısacıkoğlu, … - 2020

Central banks unexpectedly tightening policy rates often observe the exchange value of their currency depreciate, rather than appreciate as predicted by standard models. We document this for Fed and ECB policy days using event studies and ask whether an information effect, where the public...

Persistent link: https://www.econbiz.de/10012290996

Is the Behavior of German Venture Capitalists Different? Evidence from the Neuer Mark

Tykvová, Tereza - Center for Financial Studies - 2003

history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can … capitalists is lower, their selling intensity at the IPO is higher and the committed lock-up period is longer. …

Persistent link: https://www.econbiz.de/10010986397

The role of the value added by the venture capitalists in timing and extent of IPOs

Tykvová, Tereza - Center for Financial Studies - 2003

We analyze the venture capitalist's decision on the timing of the IPO, the offer price and the fraction of shares he … sells in the course of the IPO. A venture capitalist may decide to take a company public or to liquidate it after one or two … financing periods. A longer venture capitalist's participation in a firm (later IPO) may increase its value while also …

Persistent link: https://www.econbiz.de/10010986467

IPOs cycle and investment in high-tech industries

Bouis, Romain - Center for Financial Studies - 2003

This paper analyses the effects of the Initial Public Offering (IPO) market on real investment decisions in emerging … industries. We first propose a model of IPO timing based on divergence of opinion among investors and short-sale constraints … returns and IPO volume. Second, we discuss the possibility of real overinvestment in high-tech industries. We claim that …

Persistent link: https://www.econbiz.de/10010958594

The Role of the Value Added by the Venture Capitalists in Timing and Extent of IPOs

Tykvová, Tereza - Center for Financial Studies - 2003

We analyze the venture capitalist's decision on the timing of the IPO, the offer price and the fraction of shares he … sells in the course of the IPO. A venture capitalist may decide to take a company public or to liquidate it after one or two … financing periods. A longer venture capital-ist's participation in a firm (later IPO) may increase its value while also …

Persistent link: https://www.econbiz.de/10005138844

Contagious stablecoins?

van Buggenum, Hugo; Gersbach, Hans; Zelzner, Sebastian - 2024

Can competing stablecoins produce efficient and stable outcomes? We study competition among stablecoins pegged to a stable currency. They are backed by interest-bearing safe assets and can be redeemed with the issuer or traded in a secondary market. If an issuer sticks to an appropriate...

Persistent link: https://www.econbiz.de/10014492831

Money, interest rates and prices in Ireland, 1933-2012

Gerlach, Stefan; Stuart, Rebecca - 2015

In this paper we assemble an annual data set on broad and narrow money, prices, real economic activity and interest rates in Ireland from a variety of sources for the period 1933-2012. We discuss in detail how the data set is constructed and what assumptions we have made to do so. Furthermore,...

Persistent link: https://www.econbiz.de/10011335444