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Economics x Investment Banking x Corporate Governance x clear all

Analyst Hype in IPOs: Explaining the Popularity of Bookbuilding

François Degeorge, François Derrien and Kent L. Womack.

in The Review of Financial Studies

July 2007; p ublished online January 2007 .

Journal Article. Subjects: Investment Banking; Corporate Governance. 16153 words.

The bookbuilding IPO procedure has captured significant market share from auction alternatives recently, despite the significantly lower costs related to the auction mechanism. In France,...

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Banking and Trading

Arnoud W. A. Boot and Lev Ratnovski.

in Review of Finance

October 2016; p ublished online January 2016 .

Journal Article. Subjects: Banking; Investment Banking; Financial Regulation; Corporate Governance. 12376 words.

We study the interaction between relationship banking and short-term arm’s length activities of banks, called trading. We show that a bank can use the franchise value of its relationships...

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Bargaining with Venture Capitalists: When Should Entrepreneurs Show their Financial Muscle?

Antoine Renucci.

in Review of Finance

October 2014; p ublished online December 2013 .

Journal Article. Subjects: Investment Banking; Corporate Governance. 6093 words.

In this article, I model bargaining between an entrepreneur and a venture capitalist over the profits from an investment project. I show that, conditional on venture capital being...

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Building Relationships Early: Banks in Venture Capital

Thomas Hellmann, Laura Lindsey and Manju Puri.

in The Review of Financial Studies

April 2008; p ublished online December 2007 .

Journal Article. Subjects: Banking; Investment Banking; Corporate Governance. 14734 words.

This paper examines bank behavior in venture capital. It considers the relation between a bank's venture capital investments and its subsequent lending, which can be thought of as...

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Business Creation and the Stock Market

Claudio Michelacci and Javier Suarez.

in The Review of Economic Studies

April 2004; p ublished online April 2004 .

Journal Article. Subjects: Intertemporal Choice and Growth; Investment Banking; Business and Management; Corporate Governance. 11594 words.

We claim that the stock market encourages business creation, innovation, and growth by allowing the recycling of “informed capital”. Due to incentive and information problems, start-ups...

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Can VCs Time the Market? An Analysis of Exit Choice for Venture-backed Firms

Eric Ball, Hsin Hui Chiu and Richard Smith.

in The Review of Financial Studies

September 2011; p ublished online July 2011 .

Journal Article. Subjects: Economics; Investment Banking; Corporate Governance; Mergers and Acquisitions. 16225 words.

We use a sample of 8,163 venture-backed companies over three decades to test the competing hypotheses that levels and relative shares of IPO (initial public offering) and M&A (mergers and...

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The Capital Structure Decisions of New Firms

Alicia M. Robb and David T. Robinson.

in The Review of Financial Studies

January 2014; p ublished online July 2012 .

Journal Article. Subjects: Banking; Investment Banking; Corporate Governance. 11990 words.

We study capital structure choices that entrepreneurs make in their firms' initial year of operation, using restricted-access data from the Kauffman Firm Survey. Firms in our data rely...

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Capital Supply Uncertainty, Cash Holdings, and Investment

Julien Hugonnier, Semyon Malamud and Erwan Morellec.

in The Review of Financial Studies

February 2015; p ublished online December 2014 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Investment Banking; Corporate Governance. 32387 words.

We develop a dynamic model of investment, financing, and cash management decisions in which investment is lumpy and firms face capital supply uncertainty. We characterize optimal policies...

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Contracts and Exits in Venture Capital Finance

Douglas Cumming.

in The Review of Financial Studies

September 2008; p ublished online August 2008 .

Journal Article. Subjects: Investment Banking; Corporate Governance; Bankruptcy; Mergers and Acquisitions. 17069 words.

Using a sample of European venture capital (VC) investments, I study the relation between VC contracts and exits. The data indicate that ex ante, stronger VC control rights increase the...

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Corporate Governance and Value Creation: Evidence from Private Equity

Viral V. Acharya, Oliver F. Gottschalg, Moritz Hahn and Conor Kehoe.

in The Review of Financial Studies

February 2013; p ublished online December 2012 .

Journal Article. Subjects: Corporate Governance; Mergers and Acquisitions; Financial Institutions and Services; Investment Banking. 17755 words.

Using deal-level data from transactions initiated by large private equity houses, we find that the abnormal performance of deals is positive on average, after controlling for leverage and...

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