The Financial Intermediation Premium in the Cross Section of Stock
... on differences in firm balance sheets, such as size, book-to-market, investment, or operating profits factors. In fact, firm fundamentals suggest that firms with high-leverage lenders are less risky than firms with safer, lower-leveraged intermediaries. I investigate the determinants of the risk pr ...
... on differences in firm balance sheets, such as size, book-to-market, investment, or operating profits factors. In fact, firm fundamentals suggest that firms with high-leverage lenders are less risky than firms with safer, lower-leveraged intermediaries. I investigate the determinants of the risk pr ...
Henrekson, Magnus and Tino Sanandaji
... a surprise that there is no consensus on how it should be defined in empirical research. Sometimes entrepreneurship is used to refer to anyone operating a private business, regardless of size and activity. Driven by greater data availability, most empirical studies rely on definitions such as the se ...
... a surprise that there is no consensus on how it should be defined in empirical research. Sometimes entrepreneurship is used to refer to anyone operating a private business, regardless of size and activity. Driven by greater data availability, most empirical studies rely on definitions such as the se ...
Investment Management Regulatory Update
... Ceresney stated that he believed that the SEC adopted Rule 206(4)-7 to both empower the role of the CCO within an organization and to also place certain responsibilities directly on the CCO. Next, Ceresney addressed compliance officer liability generally and began by reiterating SEC Chair White’s re ...
... Ceresney stated that he believed that the SEC adopted Rule 206(4)-7 to both empower the role of the CCO within an organization and to also place certain responsibilities directly on the CCO. Next, Ceresney addressed compliance officer liability generally and began by reiterating SEC Chair White’s re ...
Dynamic Volatility Targeting
... asset falls, but more importantly, the rate of the increase in the price of puts increases as the price of the underlying asset falls. Conversely, the rate of the decrease in the price of puts decreases as the price of the underlying asset rises. This characteristic is unique to a long options posit ...
... asset falls, but more importantly, the rate of the increase in the price of puts increases as the price of the underlying asset falls. Conversely, the rate of the decrease in the price of puts decreases as the price of the underlying asset rises. This characteristic is unique to a long options posit ...
Debt Specialization - Bocconi University
... significant year-to-year change in debt level, but experiences a significant change in debt composition. Further, they find that high-credit-quality firms (BBB and higher) primarily use two tiers of capital: equity and senior unsecured debt. Low-credit-quality firms (BB and lower) tend to use severa ...
... significant year-to-year change in debt level, but experiences a significant change in debt composition. Further, they find that high-credit-quality firms (BBB and higher) primarily use two tiers of capital: equity and senior unsecured debt. Low-credit-quality firms (BB and lower) tend to use severa ...
International Economics
... economy other than that of the investor (‘‘direct investment enterprise’’). The lasting interest implies the existence of a long-term relationship between the direct investor and the enterprise and a significant degree of influence on the management of the enterprise. Direct investment involves both ...
... economy other than that of the investor (‘‘direct investment enterprise’’). The lasting interest implies the existence of a long-term relationship between the direct investor and the enterprise and a significant degree of influence on the management of the enterprise. Direct investment involves both ...
PDF
... a significant variance between the different sectors of the food industry, but a large variance within each sector. However, due to the small sample-size the results have to be handled with caution. Haddock-Fraser et al. (2010) showed that companies selling their goods directly to consumers (close-t ...
... a significant variance between the different sectors of the food industry, but a large variance within each sector. However, due to the small sample-size the results have to be handled with caution. Haddock-Fraser et al. (2010) showed that companies selling their goods directly to consumers (close-t ...
Lally - The dividend growth model
... than the expected GDP growth rate and then converge on a rate lower than that for GDP, so that the resulting MRP estimate approximates that provided by them, is valid in principle but CEG do not supply any analysis in support of this argument. In view of these concerns about CEG’s methodology, I the ...
... than the expected GDP growth rate and then converge on a rate lower than that for GDP, so that the resulting MRP estimate approximates that provided by them, is valid in principle but CEG do not supply any analysis in support of this argument. In view of these concerns about CEG’s methodology, I the ...
Mutual Fund Flows and Fluctuations in Credit and Business Cycles
... important implications for firms’ investment and production. As such, an emerging body of literature studies linkages between credit markets and business cycle fluctuation, 2 which also draw increased interests from regulators following the Great Recession. In this paper we propose an early indicato ...
... important implications for firms’ investment and production. As such, an emerging body of literature studies linkages between credit markets and business cycle fluctuation, 2 which also draw increased interests from regulators following the Great Recession. In this paper we propose an early indicato ...
Do foreign firms crowd out Ukrainian firms?
... between 1979-1989 and found no positive technological spillover from foreignowned to domestically-owned firms. The authors explained such findings by crowding out or “market stealing” effect. This means that even if a positive technology/productivity spillover effect exists, it might be outweighed b ...
... between 1979-1989 and found no positive technological spillover from foreignowned to domestically-owned firms. The authors explained such findings by crowding out or “market stealing” effect. This means that even if a positive technology/productivity spillover effect exists, it might be outweighed b ...
SME Exchanges in Emerging Market Economies
... The average market capitalization of AIM companies is $80 million, although the median is $20–25 million. Experience with SME exchanges in EMCs is on the whole more recent. Although it is still early to measure success for many, several exchanges at the workshop felt that their growth did not match ...
... The average market capitalization of AIM companies is $80 million, although the median is $20–25 million. Experience with SME exchanges in EMCs is on the whole more recent. Although it is still early to measure success for many, several exchanges at the workshop felt that their growth did not match ...
accounting standards and information: inferences from cross
... which may entail a higher degree of financial disclosure than is currently mandated under national accounting standards. A number of European financial firms have previously subjected themselves to additional disclosure by listing their stock on U.S. exchanges, which obligates them to reconcile thei ...
... which may entail a higher degree of financial disclosure than is currently mandated under national accounting standards. A number of European financial firms have previously subjected themselves to additional disclosure by listing their stock on U.S. exchanges, which obligates them to reconcile thei ...
Measuring Brand Equity of Restaurant Chains
... service operations. However, even successful food service operations find it difficult to acquire new investment funds for the purpose of expansion and growth. One reason for this is the problem associated with assessing "added value or intangible assets." It is difficult to assess or evaluate "adde ...
... service operations. However, even successful food service operations find it difficult to acquire new investment funds for the purpose of expansion and growth. One reason for this is the problem associated with assessing "added value or intangible assets." It is difficult to assess or evaluate "adde ...
MARKET INFORMATION AND THE ELITE LAW FIRM
... 8 Transactions falling within each of these three categories currently include mergers and acquisitions, private investment fund agreements, and leveraged debt financings, respectively, though this need not continue to be the case. ...
... 8 Transactions falling within each of these three categories currently include mergers and acquisitions, private investment fund agreements, and leveraged debt financings, respectively, though this need not continue to be the case. ...
Submission 15 attachment - Maritime Super
... beneficial in an open and competitive market. Whilst there is a clear natural link with the provision of lower risk/lower return debt funding, this opportunity has not been realised to any extent. As Australian superannuation members move towards and into the retirement phase, for many there is an a ...
... beneficial in an open and competitive market. Whilst there is a clear natural link with the provision of lower risk/lower return debt funding, this opportunity has not been realised to any extent. As Australian superannuation members move towards and into the retirement phase, for many there is an a ...
Financing Innovation Working Paper
... be venture debt or other non-bank lenders. Similarly Hochberg, Serrano and Ziedonis (2014) find patents are used as collateral for venture debt, and Chava, Chong and Nanda (2012) find firms with significant patent activity and higher-quality patents receive cheaper bank loans than peers. Robb and Ro ...
... be venture debt or other non-bank lenders. Similarly Hochberg, Serrano and Ziedonis (2014) find patents are used as collateral for venture debt, and Chava, Chong and Nanda (2012) find firms with significant patent activity and higher-quality patents receive cheaper bank loans than peers. Robb and Ro ...
eurazeo sells approximately one third of its stake in elis
... This transaction generated net proceeds for Eurazeo of around €234 million, excluding the portion attributable to co-investment vehicle Eurazeo Partners. Eurazeo realized a multiple of about 1.7x its investment. In line with market practice for similar transactions, LH27 and Eurazeo have agreed to a ...
... This transaction generated net proceeds for Eurazeo of around €234 million, excluding the portion attributable to co-investment vehicle Eurazeo Partners. Eurazeo realized a multiple of about 1.7x its investment. In line with market practice for similar transactions, LH27 and Eurazeo have agreed to a ...
Like milk or wine: Does firm performance improve with age? by Alex
... firms overpass their adolescence period (3‐4 years old). Similarly, Reid (2003) tracks small businesses in their first few years after inception and observes that the debt ratio decreases over time. We complement this body of research on the financial structure of very young firms ...
... firms overpass their adolescence period (3‐4 years old). Similarly, Reid (2003) tracks small businesses in their first few years after inception and observes that the debt ratio decreases over time. We complement this body of research on the financial structure of very young firms ...
why doesn`t capital flow from rich to poor countries?
... stability and lower corruption levels tilted the balance in favor of the country. As noted by Spar (1998), Mexico’s offer to make “exceptions” to the existing rules only for Intel, in contrast to Costa Rica’s approach of making any concession made to Intel available to all other investors, was an im ...
... stability and lower corruption levels tilted the balance in favor of the country. As noted by Spar (1998), Mexico’s offer to make “exceptions” to the existing rules only for Intel, in contrast to Costa Rica’s approach of making any concession made to Intel available to all other investors, was an im ...
Private banking
... Tiriac presents portfolios based on risk profiles and expectations of customers because some investors are active on the stock market, some are conservative and for them a portfolio mainly consists of bonds and long-term deposits and government securities and very few stocks. The clients of Raiffeis ...
... Tiriac presents portfolios based on risk profiles and expectations of customers because some investors are active on the stock market, some are conservative and for them a portfolio mainly consists of bonds and long-term deposits and government securities and very few stocks. The clients of Raiffeis ...
The Impact of Product Market Competition on Private Benefits of
... exploit the panel dimension of our data. Using within firm variation, we find that competition is consistently negatively correlated with our measure of PBC, even after controlling for timeinvariant characteristics. Having shown that product market competition does indeed reduce the estimated privat ...
... exploit the panel dimension of our data. Using within firm variation, we find that competition is consistently negatively correlated with our measure of PBC, even after controlling for timeinvariant characteristics. Having shown that product market competition does indeed reduce the estimated privat ...
Corporate Sustainability: First Evidence on Materiality
... before the adoption of such policies became widespread, and find that these firms outperform their peers in the future in terms of stock market and accounting performance. Borgers et al. (2013) find that firms with better sustainability performance have higher risk-adjusted returns in the future (b ...
... before the adoption of such policies became widespread, and find that these firms outperform their peers in the future in terms of stock market and accounting performance. Borgers et al. (2013) find that firms with better sustainability performance have higher risk-adjusted returns in the future (b ...
Investment Policy - Rochester Area Community Foundation
... 6. International bonds including developed and emerging market debt. C. In order to enhance investment results, the Community Foundation may elect to invest in alternative investment strategies including, but not limited to multi-strategy hedge funds, long/short equity hedge funds, private equity, r ...
... 6. International bonds including developed and emerging market debt. C. In order to enhance investment results, the Community Foundation may elect to invest in alternative investment strategies including, but not limited to multi-strategy hedge funds, long/short equity hedge funds, private equity, r ...
press release
... toezicht), Sweco has notified the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) that it has acquired a substantial holding of 8.98% in the shares in Grontmij. Sweco might purchase additional ordinary shares in Grontmij. Sweco will announce such additional ...
... toezicht), Sweco has notified the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) that it has acquired a substantial holding of 8.98% in the shares in Grontmij. Sweco might purchase additional ordinary shares in Grontmij. Sweco will announce such additional ...
Corporate Performance and Military Production in
... and 1997 the South African defence budget was cut by more than 50% in real terms, with most of the cuts coming from the procurement budget, which was cut by nearly 70% in real terms during the same period. These cuts have had a significant impact on the country’s defence industrial base. However, th ...
... and 1997 the South African defence budget was cut by more than 50% in real terms, with most of the cuts coming from the procurement budget, which was cut by nearly 70% in real terms during the same period. These cuts have had a significant impact on the country’s defence industrial base. However, th ...
Private equity in the 1980s
Private equity in the 1980s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks.The development of the private equity and venture capital asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. The 1980s saw the first major boom and bust cycle in private equity. The cycle which is typically marked by the 1982 acquisition of Gibson Greetings and ending just over a decade later was characterized by a dramatic surge in leveraged buyout (LBO) activity financed by junk bonds. The period culminated in the massive buyout of RJR Nabisco before the near collapse of the leveraged buyout industry in the late 1980s and early 1990s marked by the collapse of Drexel Burnham Lambert and the high-yield debt market.