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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,...

Assessing the Costs and Benefits of Brokers in the Mutual Fund Industry

Daniel Bergstresser, John M. R. Chalmers and Peter Tufano.

in The Review of Financial Studies

October 2009; p ublished online May 2009 .

Journal Article. Subjects: Financial Institutions and Services; Economics; Investment Banking. 11562 words.

Many investors purchase mutual funds through intermediated channels, paying brokers or financial advisors for fund selection and advice. This article attempts to quantify the benefits that...

Back-office intricacy: the description of financial objects in an investment bank

Fabian Muniesa, Dominique Chabert, Marceline Ducrocq-Grondin and Susan V. Scott.

in Industrial and Corporate Change

August 2011; p ublished online May 2011 .

Journal Article. Subjects: Investment Banking; Economic Sociology; Firm Objectives, Organization, and Behaviour; Information and Communication Technologies. 10547 words.

The complexity of contemporary finance translates into what we call the problem of “description”: the problem of constructing robust, flexible, portable, and mutually compatible depictions...

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Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades

Manuel Adelino and Miguel A. Ferreira.

in The Review of Financial Studies

July 2016; p ublished online January 2016 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; Banking; Investment Banking; Financial Regulation; National Budget, Deficit, and Debt. 16940 words.

We study the causal effect of bank credit rating downgrades on the supply of bank lending. The identification strategy exploits the asymmetric impact of sovereign downgrades on the ratings...

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...

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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Bayesian Inference for a Structural Credit Risk Model with Stochastic Volatility and Stochastic Interest Rates

Abel Rodríguez, Enrique ter Horst and Samuel Malone.

in Journal of Financial Econometrics

September 2015; p ublished online June 2014 .

Journal Article. Subjects: Investment Banking; Econometrics and Mathematical Economics. 7109 words.

We develop a novel structural credit risk model that extends the original Merton model by allowing for stochastic interest rates and stochastic volatility. The model is estimated using...

Beyond Aid: How Much Should African Countries Pay to Borrow?

Cheikh A. Gueye and Amadou N. R. Sy.

in Journal of African Economies

June 2015; p ublished online November 2014 .

Journal Article. Subjects: Investment Banking; International Finance. 6261 words.

Post debt relief, the number of African countries considering accessing international capital markets, often to fund large infrastructure projects, is increasing. Potential risks of capital...

Brokerage Commissions and Institutional Trading Patterns

Michael A. Goldstein, Paul Irvine, Eugene Kandel and Zvi Wiener.

in The Review of Financial Studies

December 2009; p ublished online October 2009 .

Journal Article. Subjects: Financial Institutions and Services; Investment Banking. 16337 words.

The institutional brokerage industry faces an ever-increasing pressure to lower trading costs, which has already driven down average commissions and shifted volume toward low-cost execution...

Broker-Dealer Risk Appetite and Commodity Returns

Erkko Etula.

in Journal of Financial Econometrics

June 2013; p ublished online January 2013 .

Journal Article. Subjects: Investment Banking; Economics. 10129 words.

This article shows that the risk-bearing capacity of U.S. securities broker-dealers is an important determinant of risk premia in commodity derivatives markets where broker-dealers serve as...

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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...

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...

Capital constraints and the performance of entrepreneurial firms in Vietnam

Hien Thu Tran and Enrico Santarelli.

in Industrial and Corporate Change

June 2014; p ublished online August 2013 .

Journal Article. Subjects: Firm Objectives, Organization, and Behaviour; Entrepreneurship; Investment Banking; Market Structure, Firm Strategy, and Market Performance. 13747 words.

Entrepreneurship has been among the key driving forces of the emergence of a dynamic private sector during the recent decades in Vietnam. This article addresses for Vietnam the questions...

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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...

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...

Combining Banking with Private Equity Investing

Lily Fang, Victoria Ivashina and Josh Lerner.

in The Review of Financial Studies

September 2013; p ublished online June 2013 .

Journal Article. Subjects: Banking; Investment Banking. 16152 words.

Bank-affiliated private equity groups account for 30% of all private equity investments. Their market share is highest during peaks of the private equity market, when the parent banks...

Conflicts of Interest and Stock Recommendations: The Effects of the Global Settlement and Related Regulations

Ohad Kadan, Leonardo Madureira, Rong Wang and Tzachi Zach.

in The Review of Financial Studies

October 2009; p ublished online January 2009 .

Journal Article. Subjects: Economics; Investment Banking; Financial Regulation. 13198 words.

We study the effect of the Global Analyst Research Settlement and related regulations on sell-side research. These regulations attempted to mitigate the interdependence between research and...

The Consequences of Entrepreneurial Finance: Evidence from Angel Financings

William R. Kerr, Josh Lerner and Antoinette Schoar.

in The Review of Financial Studies

January 2014; p ublished online October 2011 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Investment Banking; Entrepreneurship; Business and Management; Technological Change; Research and Development. 15205 words.

This article documents the fact that ventures funded by two successful angel groups experience superior outcomes to rejected ventures: They have improved survival, exits, employment,...

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...