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You are looking at 1-10 of 11 items for:

Economics x Investment Banking x Mergers and Acquisitions x clear all

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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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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Do Investment Banks Matter for M&A Returns?

Jack Bao and Alex Edmans.

in The Review of Financial Studies

July 2011; p ublished online May 2011 .

Journal Article. Subjects: Investment Banking; Mergers and Acquisitions. 13771 words.

We document a significant investment bank fixed effect in the announcement returns of M&A deals. The interquartile range of bank fixed effects is 1.26%, compared with a full-sample average...

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The Dynamics of Venture Capital Contracts

Carsten Bienz and Julia Hirsch.

in Review of Finance

January 2012; p ublished online March 2011 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Mergers and Acquisitions; Investment Banking; Corporate Governance. 14624 words.

Using a detailed German data set on venture capital contracts, the authors document that contracts between venture capitalists (VC) and their portfolio firms specify more complete...

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Identifying the Valuation Effects and Agency Costs of Corporate Diversification: Evidence from the Geographic Diversification of U.S. Banks

Martin R. Goetz, Luc Laeven and Ross Levine.

in The Review of Financial Studies

July 2013; p ublished online April 2013 .

Journal Article. Subjects: Mergers and Acquisitions; Firm Objectives, Organization, and Behaviour; Banking; Investment Banking. 15949 words.

This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuations. Using two new identification...

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Managerial Incentives and the Role of Advisors in the Continuous-Time Agency Model

Keiichi Hori and Hiroshi Osano.

in The Review of Financial Studies

October 2013; p ublished online June 2013 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Investment Banking; Mergers and Acquisitions; Human Resource Management; Economics. 15215 words.

We explore a continuous-time agency model with double moral hazard. Using a venture capitalist (VC)–entrepreneur relationship where the VC both supplies costly effort and chooses the...

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Private Equity Fund Size, Investment Size, and Value Creation

Mark Humphery-Jenner.

in Review of Finance

July 2012; p ublished online May 2011 .

Journal Article. Subjects: Mergers and Acquisitions; Investment Banking; Economics. 11595 words.

This paper examines why large private equity (PE) funds earn lower returns. The article argues that large PE funds are suited to making large investments and small PE funds are suited to...

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Structure and Determinants of Financial Covenants in Leveraged Buyouts

Ann-Kristin Achleitner, Reiner Braun, Bastian Hinterramskogler and Florian Tappeiner.

in Review of Finance

July 2012; p ublished online March 2011 .

Journal Article. Subjects: Mergers and Acquisitions; Investment Banking; Banking; Corporate Governance. 13414 words.

The authors use proprietary loan contracts and financial information negotiated between banks and private equity sponsors to explore the financial covenant structure and the determinants of...

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Tolerance for Failure and Corporate Innovation

Xuan Tian and Tracy Yue Wang.

in The Review of Financial Studies

January 2014; p ublished online December 2011 .

Journal Article. Subjects: Technological Change; Research and Development; Investment Banking; Mergers and Acquisitions. 20264 words.

Based on a sample of venture capital (VC)-backed IPO firms, we examine whether tolerance for failure spurs corporate innovation. We develop a novel measure of VC investors' failure...

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