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Investor relations and IPO performance
(17.04.2020)
Review of Accounting Studies 2 ; June
Review of Accounting Studies 2 ; June
We analyze the value of investor relations (IR) strategies to IPO firms. We find that firms that are less visible and have inexperienced management tend to hire IR consultants prior to the issue date. IR consultants help ...
Political influence and financial flexibility : Evidence from China
(15.02.2019)
Journal of Banking & Finance February
Journal of Banking & Finance February
This paper investigates how political influence affects firms’ financial flexibility and speed of adjustment toward target leverage ratios. We find that at the macro level, firms in environments with high political advantages, ...
Uncertainty shocks and firm creation : Search and monitoring in the credit market
(15.02.2019)
Journal of Economic Dynamics and Control February
Journal of Economic Dynamics and Control February
We develop a business cycle model where endogenous firm creation stems from two credit market frictions. First, entrepreneurs search for a lending relationship with a bank. Second, an optimal debt contract with monitoring ...
The diplomacy discount in global syndicated loans
(06.11.2021)
Journal of International Money and Finance February ; 2022
Journal of International Money and Finance February ; 2022
This paper investigates whether state-to-state political ties with the United States affect the pricing of global syndicated loans. We find that a one-standard-deviation improvement in state political ties between the U.S. ...
Private benefits of control and bank loan contracts
(31.01.2018)
Journal of Corporate Finance April 2018
Journal of Corporate Finance April 2018
This paper investigates whether or not private benefits of control by managers and large shareholders influence the financing cost of firms. Evidence shows that lending banks demand a significantly higher loan spread, ...
Do venture capital firms benefit from a presence on boards of directors of mature public companies?
(29.12.2017)
Journal of Corporate Finance April 2018
Journal of Corporate Finance April 2018
This paper examines the benefits to venture capital firms of their officers holding directorships in mature public companies in terms of fundraising and investment performance. Our empirical results show that venture capital ...
Social Capital and Debt Contracting : Evidence from Bank Loans and Public Bonds
(03.05.2017)
Journal of Financial and Quantitative Analysis 3; June
Journal of Financial and Quantitative Analysis 3; June
We find that firms headquartered in U.S. counties with higher levels of social capital incur lower bank loan spreads. This finding is robust to using organ donation as an alternative social capital measure and incremental ...