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On the real effects of private equity investment: evidence from new business creation
Popov, Alexander; Roosenboom, Peter - 2009
Using a comprehensive database of European firms, we study how private equity affects the rate of firm entry. We find that private equity investment benefits new business incorporation, especially in industries with naturally higher entry rates and R&D intensity. A two standard deviation...
Persistent link: https://www.econbiz.de/10011605124
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On the Real Effects of Private Equity Investment : Evidence from New Business Creation
Popov, Alexander A. - 2010
Using a comprehensive database of European firms, we study how private equity affects the rate of firm entry. We find that private equity investment benefits new business incorporation, especially in industries with naturally higher entry rates and R&D intensity. A two standard deviation...
Persistent link: https://www.econbiz.de/10013152176
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House prices, home equity and entrepreneurships
Corradin, Stefano; Popov, Alexander - 2013
How does home ownership affect new business creation? We develop a model of career choice in the presence of liquidity constraints in which shocks to the value of real estate affect the propensity of potential entrepreneurs to borrow against the value of their property. Using a large US...
Persistent link: https://www.econbiz.de/10011605589
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House Prices, Home Equity and Entrepreneurships
Corradin, Stefano - 2013
How does home ownership affect new business creation? We develop a model of career choice in the presence of liquidity constraints in which shocks to the value of real estate affect the propensity of potential entrepreneurs to borrow against the value of their property. Using a large US...
Persistent link: https://www.econbiz.de/10013082537
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Are universal banks better underwriters? Evidence from the last days of the Glass-Steagall Act
Focarelli, Dario; Marqués-Ibáñez, David; Pozzolo, … - 2011
It has often been argued during the recent credit crisis that commercial banks’ involvement in investment banking … to the complete revocation of the Glass-Steagall Act in the United States and analyze whether investment banks or … – section 20 subsidiaries of – commercial banks underwrote riskier securities. We compare actual defaults of these deals for an …
Persistent link: https://www.econbiz.de/10011605333
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Short-term determinants of the idiosyncratic sovereign risk premium: a regime-dependent analysis for european credit default swaps
Calice, Giovanni; Miao, RongHui; Štěrba, Filip; … - 2014
This study investigates the dynamics of the sovereign CDS term premium for five European countries. The CDS term premium can be regarded as a forward-looking measure of idiosyncratic sovereign default risk as perceived by financial markets. Using a Markov-switching unobserved component model, we...
Persistent link: https://www.econbiz.de/10011605762
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Advances in multivariate back-testing for credit risk underestimation
Coppens, François; Mayer, Manuel; Millischer, Laurent; … - 2016
When back-testing the calibration quality of rating systems two-sided statistical tests can detect over- and underestimation of credit risk. Some users though, such as risk-averse investors and regulators, are primarily interested in the underestimation of risk only, and thus require one-sided...
Persistent link: https://www.econbiz.de/10011605930
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Risk characteristics of covered bonds: Monitoring beyond ratings
Grothe, Magdalena; Zeyer, Jana - 2020
This paper proposes a set of indicators relevant for the risk characteristics of covered bonds, as based on granular publicly available transparency data. The indicators capture various aspects of cash flow risks related to the issuer, the cover pool and the payment structure. They offer unified...
Persistent link: https://www.econbiz.de/10012422055
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Intensified competition and the impact on credit ratings in the RMBS market
van Breemen, Vivian; Fabozzi, Frank J.; Vink, Dennis - 2022
In this paper, we empirically investigate the impact of intensified competition on rating quality in the credit rating market for residential mortgage-backed securities (RMBS) in the period 2017-2020. We provide evidence that competition between large credit rating agencies (CRAs) (Moody's and...
Persistent link: https://www.econbiz.de/10014278275
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Risk retention in the European securitization market: Skimmed by the skin-in-the-game methods?
van Breemen, Vivian; Schwarz, Claudia; Vink, Dennis - 2023
We empirically investigated the impact of regulatory risk retention methods on credit ratings and pricing at issuance using a sample of European securitization tranches issued in the period 2011-2021. European regulation is based on the assumption that all risk retention methods homogenously...
Persistent link: https://www.econbiz.de/10014374781