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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

Bank exposures and sovereign stress transmission

Altavilla, Carlo; Pagano, Marco; Simonelli, Saverio - 2016

Using novel monthly data for 226 euro-area banks from 2007 to 2015, we investigate the determinants of changes in banks' sovereign exposures and their effects during and after the crisis. First, public, bailed out and poorly capitalized banks responded to sovereign stress by purchasing domestic...

Persistent link: https://www.econbiz.de/10011541793

Multiple lenders and corporate distress: Evidence on debt restructuring

Brunner, Antje; Krahnen, Jan Pieter - Center for Financial Studies - 2006

In the recent theoretical literature on lending risk, the coordination problem in multi-creditor relationships have been analyzed extensively. We address this topic empirically, relying on a unique panel data set that includes detailed credit-file information on distressed lending relationships...

Persistent link: https://www.econbiz.de/10010958807

Loan guarantees, bank lending and credit risk reallocation

Altavilla, Carlo; Ellul, Andrew; Pagano, Marco; Polo, Andrea - 2021

We investigate whether government credit guarantee schemes, extensively used at the onset of the Covid-19 pandemic, led to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study this issue using a unique euro-area credit register data,...

Persistent link: https://www.econbiz.de/10012705618

Who gains from credit granted between firms? Evidence from inter-corporate loan announcements made in China

He, Qing; Lu, Liping; Ongena, Steven - 2016

Who gains from inter-corporate credit? To answer this question we measure the impact of the announcements of inter-corporate loans in China on the stock prices of the firms involved. We find that the average abnormal return for the issuers of inter-corporate loans is significantly negative,...

Persistent link: https://www.econbiz.de/10011431882

A greenium for the next generation EU green bonds: Analysis of a potential green bond premium and its drivers

Hinsche, Isabelle Cathérine - 2021

As part of the Next Generation EU (NGEU) program, the European Commission has pledged to issue up to EUR 250 billion of the NGEU bonds as green bonds, in order to confirm their commitment to sustainable finance and to support the transition towards a greener Europe. Thereby, the EU is not only...

Persistent link: https://www.econbiz.de/10012669299

The future of securitization

Franke, Günter; Krahnen, Jan Pieter - Center for Financial Studies - 2008

Securitization is a financial innovation that experiences a boom-bust cycle, as many other innovations before. This paper analyzes possible reasons for the breakdown of primary and secondary securitization markets, and argues that misaligned incentives along the value chain are the primary cause...

Persistent link: https://www.econbiz.de/10010986376

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