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The Unicorn Puzzle
Davydova, Daria; Fahlenbrach, Rüdiger; Sanz, Leandro; … - National Bureau of Economic Research - 2022
From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We investigate why there are so many unicorns and why controlling shareholders give investors privileges to obtain unicorn status. We show that unicorns rely more than other VC-funded firms on organizational capital as well as...
Persistent link: https://www.econbiz.de/10013435166
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What is the impact of successful cyberattacks on target firms?
Kamiya, Shinichi; Kang, Jun-koo; Kim, Jungmin; … - 2018
We develop a model where a firm has an optimal exposure to cyber risk. With rational, fully informed agents and with no hysteresis, a successful cyberattack should have no impact on a financially unconstrained target's reputation and post-attack policies. In contrast, when a successful attack...
Persistent link: https://www.econbiz.de/10011969119
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Is There Information in Corporate Acquisition Plans?
Gokkaya, Sinan; Liu, Xi; Stulz, René M. - National Bureau of Economic Research - 2024
For many firms, the acquisition process begins with the development of an acquisition plan that is communicated to investors. We construct a comprehensive sample of acquisition plans to provide novel perspectives on the acquisition process and find that acquisition plans are informative to...
Persistent link: https://www.econbiz.de/10014512055
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Do firms with specialized M&A staff make better acquisitions?
Gokkaya, Sinan; Liu, Xi; Stulz, René M. - 2021
We open the black box of the M&A decision process by constructing a comprehensive sample of US firms with specialized M&A staff. We investigate whether specialized M&A staff improves acquisition performance or facilitates managerial empire building instead. We find that firms with specialized...
Persistent link: https://www.econbiz.de/10012584268
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The U.S. Listing Gap
Doidge, Craig - 2015
The U.S. had 14% fewer exchange-listed firms in 2012 than in 1975. Relative to other countries, the U.S. now has abnormally few listed firms given its level of development and the quality of its institutions. We call this the “U.S. listing gap” and investigate possible explanations for it....
Persistent link: https://www.econbiz.de/10013022772
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Do firms with specialized M&A staff make better acquisitions?
Gokkaya, Sinan; Liu, Xi; Stulz, René M. - 2021
We open the black box of the M&A decision process by constructing a comprehensive sample of US firms with specialized M&A staff. We investigate whether specialized M&A staff improves acquisition performance or facilitates managerial empire building instead. We find that firms with specialized...
Persistent link: https://www.econbiz.de/10013216373
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The Unicorn Puzzle
Davydova, Daria; Fahlenbrach, Rüdiger; Sanz, Leandro; … - 2023
From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We investigate why there are so many unicorns and why controlling shareholders give investors privileges to obtain unicorn status. We show that unicorns rely more than other VC-funded firms on organizational capital as well as...
Persistent link: https://www.econbiz.de/10014236270
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How valuable is financial flexibility when revenue stops? : evidence from the COVID-19 crisis
Fahlenbrach, Rüdiger; Rageth, Kevin; Stulz, René M. - 2020 - Revised May 17, 2020
leverage effect …
Persistent link: https://www.econbiz.de/10012216704
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How important is moral hazard for distressed banks?
Ben-David, Itzhak; Palvia, Ajay; Stulz, René M. - 2020
The moral hazard incentives of the bank safety net predict that distressed banks take on more risk and higher leverage … reduce their leverage and decrease observable measures of riskiness, which is inconsistent with the view that, on average …, moral hazard incentives dominate distressed bank leverage and risk-taking policies …
Persistent link: https://www.econbiz.de/10012216705
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What is the impact of successful cyberattacks on target firms?
Kamiya, Shinichi; Kang, Jun-koo; Kim, Jungmin; … - 2018
Persistent link: https://www.econbiz.de/10011822274