Contenu du sommaire : Finance
| Revue |
Finance  |
|---|---|
| Numéro | volume 43, no 3, 2022 |
| Titre du numéro | Finance |
| Texte intégral en ligne | Accès réservé |
- The Benefit of Cross-Border Investments in the Chinese Emerging Venture Capital and Private Equity Market - Fabio Bertoni, Alexander Peter Groh p. 3-36
We compare the success rates of cross-border and domestic venture capital (VC) and private equity (PE) investments to determine whether foreign investors improve the development of an emerging VC/PE market. We examine a sample of 22,602 VC and PE investments made in 14,618 privately held Chinese companies between 2007 and 2016, analyzing the impact of sourcing capital abroad on the transaction outcome. We apply various empirical techniques to provide evidence that cross-border investments significantly increase the likelihood of a successful exit. Our results are robust with respect to syndication, reverse causality, and competing exit routes. This suggests that foreign investors can use their deep, international transaction experience, gained in mature markets, to support their investees and the development of emerging VC/PE markets. JEL Codes: G24, G32, G34 - Mergers and Acquisitions Across Cultures - Muhammad Farooq Ahmad, Eric De Bodt, Helen Bollaert p. 37-117 We examine the effect of acquirer country culture on the cross-cultural (as opposed to cross-border) acquisition decision, the influence of social integration on this cross-cultural decision and the effect of the acquirer's culture on bid premium and probability of deal completion. We classify acquirer and target countries into GLOBE culture clusters. Sedulity-oriented and tradition-oriented cultures are less likely to acquire outside their home culture cluster, and greater social integration between acquirer and target countries mitigates this reluctance. Sedulity (tradition) oriented cultures pay lower (higher) bid premiums in cross-cultural transactions and are more (less) likely to complete them. JEL Classification: G34, M14, Z1
- The rise of fast trading: Curse or blessing for liquidity? - Christophe Desagre, Catherine D'Hondt, Mikael Petitjean p. 119-158 We study how market liquidity on Euronext has evolved with the rise of fast trading. We identify fast traders by directly measuring message traffic and the lifetime of orders for every individual market member on Euronext using their identification codes. We observe an overall improvement in terms of liquidity between 2002 and 2006. However, the most exposed stocks to fast trading exhibit the weakest increase in liquidity and lose the liquidity advantage they had before the rise of fast trading.
- Bankruptcy Reform, Credit Availability, and Financial Distress - Hamid Boustanifar p. 159-220
Cet article montre que la réforme de la faillite personnelle pro-créanciers de 2005 aux États-Unis a mené à une augmentation significative de l'accès au crédit et du volume de crédit pour les ménages. L'article démontre les effets hétérogènes d'une augmentation de l'accès au crédit en fonction des caractéristiques des ménages. Alors que les foyers à l'accès limité au crédit ont bénéficié de la réforme, les ménages peu éduqués et ceux ayant des problèmes de matrise de soi semblent être négativement affectés suite à du surendettement. Ces derniers ont connu une détérioration plus significative de leur santé financière dans les années qui ont suivi. D'une manière générale, les résultats mettent en évidence le coût réel de la disponibilité du crédit pour un sous-groupe de ménages vulnérables et ont des implications pour la conception des lois sur la faillite personnelle.This paper shows that in the United States the pro-creditor personal bankruptcy reform of 2005 led to a significant increase in access to, and volume of, credit for households. The paper documents the heterogeneous effects of increased credit access depending on household characteristics. While credit-constrained households were better off following the reform, households with low education and those with self-control problems appear to be negatively affected as a result of over-borrowing. The latter group experienced a significantly larger deterioration in financial health in the following years. Overall, the results highlight the real cost of credit availability for a subgroup of vulnerable households and has implications for the design of personal bankruptcy laws.
