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Mergers during the first and second phase of globalization: Success, insider trading, and the role of regulation

Kling, Gerhard - 2004

The merger wave that took place during the first phase of globalization, which lasted from 1895 to 1914, changed the … merger announcements; thereby, a higher market value is the recipe for success and not firm size. Encouraged by the results … values stemming from a merger announcement, another question would arise. Which type of shareholder gains from higher market …

Persistent link: https://www.econbiz.de/10009475337

Bioentrepreneurship in Germany

Patzelt, Holger - 2005

. Problems that may occur during post-merger integration include the incompatibility of the partners? technologies and the … Unternehmen nicht den richtigen Partner findet oder keine Unterst?tzung von seinen Investoren erh?lt. W?hrend der Post-Merger …

Persistent link: https://www.econbiz.de/10009481003

For The Many of The Few?

Wong, Wai Kin - 2011

Recent studies [Bebchuk and Fried (2002)] have shown that managerial power and negotiations play important roles in the design of executive pay arrangements, suggesting that some CEOs may extract greater economic rent from shareholders when provided with the opportunity. This paper seeks to...

Persistent link: https://www.econbiz.de/10009466153

Development and structuring of commercial mortgage-backed securities in Australia

Chikolwa, Bwembya - 2008

According to the Reserve Bank of Australia (2006) the increased supply of Commercial Mortgage-Backed Securities (CMBS), with a range of subordination, has broadened the investor base in real estate debt markets and reduced the commercial property sector’s dependence on bank financing The CMBS...

Persistent link: https://www.econbiz.de/10009437644

Preferred Stock and the Debt-Equity Hybrid Puzzle: An Analysis Using Credit Ratings

Tse, Senyo (contributor); McAnally, Mary L. (contributor) - 2011

This study investigates the effect of preferred stock on the credit ratings assessed by professional credit analysts. Preferred stock inherently contains both features of debt and equity financing. Hence, the nature of preferred stock has presented a puzzle to the efforts of accounting...

Persistent link: https://www.econbiz.de/10009465160

Paskolos gavėjo kreditingumo įvertinimas

Aleknevičienė, Vilijatestas; Jatkūnaitė, Dalia - 2005

Bankai, išduodami paskolas juridiniams asmenims, jas apdraudžia. Tačiau tai yra tik vienas paskolos gavėjo kreditingumo įvertinimo proceso elementų. Norint sumažinti paskolų išdavimo riziką bei probleminių paskolų skaičių banko paskolų portfelyje, būtina atlikti išsamią...

Persistent link: https://www.econbiz.de/10009478970

Bank credit rating dynamics

Ford, Guy; Sundmacher, Maike - Macquarie University; University of Western Sydney; … - 2007

An increase in the credit rating on an organisation?s debt is generally perceived positively, as higher credit ratings are, in the main, associated with lower perceived volatility in the market value of the assets of the entity that has issued the debt. If banks price their assets to realise a...

Persistent link: https://www.econbiz.de/10009481958

Economic capital, loan pricing and 'ratings arbitrage'

Sundmacher, Maike; Ellis, Craig - University of Western Sydney; University of Western Sydney; … - 2008

The role of economic capital has grown significantly in recent years. Although not a regulatory requirement, an increasing number of financial institutions use economic capital for such purposes as measuring and managing the performance of people, products, risk exposures, and to manage and...

Persistent link: https://www.econbiz.de/10009482154

Intergrating governance and risk-preference in banking insitutions

Ford, Guy; Sundmacher, Maike; Daly, Kevin James; … - Macquarie University; University of Western Sydney; … - 2005

All banks must hold capital equal to the minimum regulatory requirement. However, in many cases the level of regulatory capital diverges from the actual (economic) capital held by banks. A bank's actual capital is typically linked to a target credit rating, which is in turn determined by the...

Persistent link: https://www.econbiz.de/10009482211

The impact of economic capital on the optimal funding equation for a bank

Ford, Guy; Sundmacher, Maike - Macquarie University; University of Western Sydney; … - 2004

This paper develops a framework for examining the impact of changes in the solvency standard of a bank (target credit rating) on the pricing of bank assets. We show that the decision of a bank to increase its solvency standard increases the price of bank assets to the extent that a bank prices...

Persistent link: https://www.econbiz.de/10009482237