Based on theoretical rationales of an equilibrium model, we use macroeconomic and financial variables as proxies to empirically model their influence on the performance of risk capital in the U.S. The results show that venture capital investments are positively related to industrial production,...

Research summary. This study analyzes whether and how the disruption of top management turnovers can affect not only turnover firms but also their intra-industry rivals. It thus adds to the literature on both leader life cycles and competitive dynamics. Using a U.S. sample of 857 CEO turnovers,...

This paper presents a first empirical examination of all available German mini-bond offerings between 2010 and 2015. We compare the default probability according to a mini-bond's initial rating with that implied by credit risk models, and show that rating agencies can create ratings inflation by...

Seasoned equity offerings (SEOs) typically provide investors with information, or signals, that are stock price relevant. This information, however, is generally intangible, meaning market participants have incomplete knowledge about its quality. Investors thus tend to regard it as ambiguous. To...