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We provide an empirical support for theories of lender specialization using the recently developed market for Debtor-in-Possession
(DIP) financing. The legal environment in which DIP financing operates represents a natural laboratory for testing determinants
of lending specialization (e.g. lender choice). We find that the choice of lender is not driven by credit risk, but by information
considerations and that this lending specialization has loan pricing effects. In short, banks (non-bank lenders) lend to more
(less) transparent firms and at lower (higher) loan spreads. Our results are consistent with the interpretation that banks
provide important and useful services.
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Gabriel G. Ramirez (Corresponding author)Email: |
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《Journal of Financial Intermediation》2002,11(3):297-319
This paper investigates the once and future role of listing fees. We consider the theory of listing fees and why such a pricing structure initially evolved. We show how capital market developments have changed the desirability, and even viability, of this pricing structure. We then analyze the economics of listing fees. While providing revenue to the exchange, listing fees impose large (opportunity) costs, and we analyze this trade-off, presenting evidence from the New York Stock Exchange. We also discuss what types of listing requirements make economics sense for exchanges (or perhaps regulators) to impose on companies. Finally we consider whether listing fees will continue to survive. Journal of Economic Literature Classification Numbers: G10, G18, K22, K23. 相似文献
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国内玻纤的老大巨石集团开始坐不住了,因为近期国内玻纤制造企业排名前三位之一的重庆国际复合材料有限公司(后简称为重庆复合)私募融资9500万美元.其中包括美国凯雷投资集团的6500万美元投资。由于竞争对手受到了海外基金的青睐.所以巨石集团也开始进行海外私募融资。巨石集团是国内上市公司中国玻纤(SH600176)的控股子公司.和重庆复合形似神不似。重庆复合作为云天化(SH600096)的控股子公司.云天化下属三大产业包括化肥、有机化工和玻纤,玻纤只是云天化产业发展的“三架马车“之一。玻纤产业只占云天化销售收入和利润的30%左右.根据中国证监会相关政策.重庆复合很容易在未来实现海外分拆上市。而巨石集团就大不同.其玻纤产业占中国玻纤营业收入和净利润的80%以上,未来分拆无望。因此国内玻纤龙头巨石集团海外私募遇到难题。[编者按] 相似文献
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This study examines the pattern of stock price behavior for a sample of 71 firms that moved from NASDAQ and NASDAQ/NMS to the American Stock Exchange (AMEX) between 1982 and 1987. The study tests the liquidity gains hypothesis, which states that investors expect liquidity gains for the less liquid over-the-counter stocks but not for their more liquid counterparts after their listing on the AMEX. The results support the hypothesis by showing a significant difference between the two groups of stocks on the day the AMEX announced approval of the listing. Thus, companies with low liquidity are the largest beneficiaries of listing. The evidence provides little support for the anomalous negative pattern of returns during the post-listing period reported in previous studies. 相似文献
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This paper examines debt structure using a new and comprehensive database on types of debt employed by public U.S. firms. We find that 85% of the sample firms borrow predominantly with one type of debt, and the degree of debt specialization varies widely across different subsamples—large rated firms tend to diversify across multiple debt types, while small unrated firms specialize in fewer types. We suggest several explanations for why debt specialization takes place, and show that firms employing few types of debt have higher bankruptcy costs, are more opaque, and lack access to some segments of the debt markets. 相似文献
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中国加入WTO,外资银行纷纷进入中国大陆的同时,中共十六大报告也鼓励中国金融业走向海外。海外上市固然可以扩大中国金融业的影响,增强中国金融机构竞争力,但是也必须保持清醒,目前我国金融业要真正走出去还面临着巨大的挑战。 相似文献
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进入新世纪,伴随着我国经济强有力的增长,国内企业融资需求也极为迫切,海外上市掀起一个又一个的高潮。为了迎合这一趋势,海外很多交易所(包括纽约证券交易所、伦敦证券交易所,甚至韩国、日本等国家的证券交易所)都纷纷到中国推销其融资制度和融资环境。海外上市,并不简单意味着融资渠道的拓宽,更是企业国际化的基础。国际大型企业的发展经验表明,经营的国际化,与融资渠道的国际化是密不可分的。然而,与一般工业企业相比,海外上市对于我国银行业而言更具有现实意义。 相似文献
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We find that stocks with higher levels of prelisting short activity have a greater probability of option listing. These results are driven by the prelisting short activity of market makers, which suggests that exchanges believe that stocks with greater short selling will provide option market makers a better opportunity to hedge with short sales in the spot market. We also confirm that after options are listed, stocks with more prelisting short activity have more option trading activity. These results indicate that option exchanges strategically list options for stocks they believe with generate high trading volume thereby maximizing the profits of exchange members. 相似文献
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In recent years, many European companies have listed on the New York Stock Exchange (NYSE), and companies from emerging market countries such as Israel, China, and India have listed not only on the NYSE, but on various other American and European exchanges such as the Nasdaq and the London Stock Exchange (LSE). At the same time, growing competition among exchanges has led to consolidation of the industry through mergers and alliances. In this article, the authors explore the main factors in corporate listing decisions as well as the expected effects on listing standards of both the growing competition and the recent wave of alliances and mergers among exchanges. When choosing an exchange, corporate issuers are likely to consider the listing requirements and reputations of the exchanges, as well as the sophistication of investors who trade on those exchanges and the extent of their knowledge of the firm's industry and business. As a general rule, value‐maximizing companies can be expected to list on the most reputable exchange they can, but may also choose listings (in some cases, dual or multiple listings) on less reputable (typically local) exchanges with more investors who are familiar with the issuer's industry or products. When setting their listing standards, publicly traded exchanges devote considerable attention to finding the optimal listing and disclosure standards, and may consider adjusting them to changes in circumstances. The setting and enforcement of the appropriate listing standards are the main determinant of an exchange's reputation, which in turn determines the kinds of companies that will choose to list on it. Exchanges with the highest listing standards and reputations are likely to work hard to maintain them, while exchanges with lesser reputations will seek to carve out niches by making opportunistic use of lower (though not too low) listing standards while possibly seeking alliances or mergers. But if less reputable exchanges use their lower listing standards (and fees) as a means of competing for listings with other exchanges, this will not necessarily lead to a “race to the bottom” in listing standards. Moreover, a merger between two exchanges is likely to result in a higher listing standard for the combined exchange than for (at least one of) the pre‐merger exchanges. 相似文献
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Randy I. Anderson Raymond T. Brastow Geoffrey K. Turnbull Bennie D. Waller 《The Journal of Real Estate Finance and Economics》2014,49(3):434-450
This paper examines how seller pricing decisions influence listing contract length and how these decisions affect price and liquidity in housing markets. Because list price affects broker effort required to sell the property, brokers respond to seller overpricing by increasing the negotiated listing contract length. At the same time, sellers respond to longer listing contracts by adjusting their list price strategy. Both list price and length of marketing time affect broker sales effort and therefore a property’s realized selling price and liquidity. Analysis of house transaction data from Virginia indicates that greater over-pricing by sellers prompts brokers to pursue longer listing contracts, which subsequently lengthen marketing time but increase selling price. The results reveal a novel transmission mechanism from higher list price (which induces longer contracts) to selling price and liquidity. 相似文献