Evaluating the quality of credit portfolio risk models is an important issue for both banks and regulators. Lopez and Saidenberg (2000) suggest cross-sectional resampling techniques in order to make efficient use of available data. We show that their proposal disregards cross-sectional...

Does BPO pay off at the firm-level? Although there are several studies which analyze the potential benefits of BPO, there is a virtual absence of research papers on BPO outcomes. Based on an analysis of 137 Business process outsourcing (BPO) ventures at 254 German banks in a period between 1994...

The paper explores factors that influence the design of financing contracts between venture capital investors and European venture capital funds. 122 Private Placement Memoranda and 46 Partnership Agreements are investigated in respect to the use of covenant restrictions and compensation...

This paper assesses biases in credit ratings and lead-lag relationships for near-to-default issuers with multiple ratings by Moody's and Samp;P. Based on defaults from 1997 to 2004, we find evidence that Moody's seems to adjust its ratings to increasing default risk in a timelier manner than...

We study the valuation behaviour of private equity fund managers using a European private equity fund investor's database. We had not only complete cash flow information from all 2,500 indirect company investments of their funds, but most importantly all its 15,000 valuations by the fund...

In this paper, we seek empirical evidence for information rents in loan spreads by analyzing a sample of UK syndicated loan contracts for the period from 1996 to 2005. We use various measures for borrower opaqueness and control for bank, borrower and loan characteristics and we find that...