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Legality and venture governance around the world
Cumming, Douglas; Schmidt, Daniel; Walz, Uwe - Center for Financial Studies - 2004
We analyze governance with a dataset on investments of venture capitalists in 3848 portfolio firms in 39 countries from North and South America, Europe and Asia spanning 1971-2003. We find that cross-country differences in Legality have a significant impact on the governance structure of...
Persistent link: https://www.econbiz.de/10010958559
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Legality and Venture Governance Around the World
Cumming, Douglas; Schmidt, Daniel; Walz, Uwe - Center for Financial Studies - 2004
We analyze governance with a dataset on investments of venture capitalists in 3848 portfolio firms in 39 countries from North and South America, Europe and Asia spanning 1971-2003. We find that cross-country differences in Legality have a significant impact on the governance structure of...
Persistent link: https://www.econbiz.de/10005120767
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Disclosure, transparency, and market discipline
Freixas, Xavier; Laux, Christian - Center for Financial Studies - 2011
The aim of this paper is to examine what has been the role of information provision to the market throughout the crisis. We consider two main sources of information to the market, financial statements and information provided by credit rating agencies. We examine how these sources of information...
Persistent link: https://www.econbiz.de/10010958732
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The Basle scuritisation framework explained: The regulatory treatment of asset securitisation
Jobst, Andreas A. - Center for Financial Studies - 2005
The paper provides a comprehensive overview of the gradual evolution of the supervisory policy adopted by the Basle Committee for the regulatory treatment of asset securitisation. We carefully highlight the pathology of the new securitisation framework to facilitate a general understanding of...
Persistent link: https://www.econbiz.de/10010986448
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Tying lending and underwriting: Scope economies, incentives, and reputation
Laux, Christian; Walz, Uwe - Center for Financial Studies - 2006
Informational economies of scope between lending and underwriting are a mixed blessing for universal banks. While they … sword for universal banks. It helps to compete against specialized investment banks, but it can reduce the rent to be earned … in investment banking when universal banks compete against each other. We derive several empirical predictions regarding …
Persistent link: https://www.econbiz.de/10010958604
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Is rated debt arm's length? Evidence from mergers and acquisitions
Gropp, Reint; Hirsch, Christian; Krahnen, Jan Pieter - Center for Financial Studies - 2011
In this paper we challenge the view that corporate bonds are always arm's length debt. We analyze the effect of bond ratings on the stock price return to acquirers in M&A transactions, which tend to have significant effects on creditor wealth. We find acquirers abnormal returns to be higher if...
Persistent link: https://www.econbiz.de/10010958748
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The Basle Securitisation Framework Explained: The Regulatory Treatment of Asset Securitisation
Jobst, Andreas - Center for Financial Studies - 2004
The paper provides a comprehensive overview of the gradual evolution of the supervisory policy adopted by the Basle Committee for the regulatory treatment of asset securitisation. We carefully highlight the pathology of the new “securitisation framework” to facilitate a general understanding...
Persistent link: https://www.econbiz.de/10005022417
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Tying Lending and Underwriting: Scope Economies, Incentives, and Reputation
Laux, Christian; Walz, Uwe - Center for Financial Studies - 2006
Informational economies of scope between lending and underwriting are a mixed blessing for universal banks. While they … sword for universal banks. It helps to compete against specialized investment banks, but it can reduce the rent to be earned … in investment banking when universal banks compete against each other. We derive several empirical predictions regarding …
Persistent link: https://www.econbiz.de/10005176441
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Private equity returns and disclosure around the world
Walz, Uwe; Cumming, Douglas - Center for Financial Studies - 2004
We study the returns the venture capital and private equity investment from 221 venture capital and private equity funds that are part of 72 venture capital and private equity firms, 5040 entrepreneurial firms (3826 venture capital and 1214 private equity), and spanning 32 years (1971 2003) and...
Persistent link: https://www.econbiz.de/10010986361
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Screening and advising by a venture capitalist with a time constraint
Dietz, Martin D. - Center for Financial Studies - 2003
This paper proposes an intertemporal model of venture capital investment with screening and advising where the venture capitalists time endowment is the scarce input factor. Screening improves the selection of firms receiving finance, advising allows firms to develop a marketable product, both...
Persistent link: https://www.econbiz.de/10010986375