Capital

Using Basel II to Facilitate Access to Finance: The Disclosure of Internal Credit Ratings

What Role of Legal Systems in Financial Intermediation? Theory and Evidence

We develop a theory and empirical test of how the legal system affects the relationship between venture capitalists and entrepreneurs. The theory uses a double moral hazard framework to show how optimal contracts and investor actions...

Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital

Financial intermediaries can choose the extent to which they want to be active investors, providing valuable services like advice, support and corporate governance. We examine the determinants of the decision to become an active...

Cost of Capital Effects and Changes in Growth Expectations around U.S. Cross-Listings

The choice between rights-preserving issue methods. Regulatory and financial aspects of issuing seasoned equity in the UK

Modern Company and Capital Market Problems: Improving European Corporate Governance after Enron

Equity Prices and the Risk of Expropriation: an Analysis of the Italian Stock Market

The Rise and Fall of the European New Markets: on the Short and Long-run Performance of High-tech Initial Public Offerings

International Differences in Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter?

Revealed Preferences for Corporate Leverage

The Costs and Benefits of Financial Market Regulation

This paper revisits the controversy on regulation and applies its insights to the debate on corporate governance and mutual funds. The general result of this exercise is that a strong case can be made in favor of more mandatory...

International Evidence on Cash Holdings and Expected Managerial Agency Problems

This paper uses managerial control rights data for over 5000 firms from 31 countries to examine the net costs and benefits of cash holdings. We find that when external country-level shareholder protection is weak, firm values are lower...