Advances in Corporate Finance and Asset Pricing by L. Renneboog

By L. Renneboog

Offers with the effectiveness of particular company governance units and alterations in capital constitution and probability administration.

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This part also includes two chapters on the capital structure of banks: Chapter 15 is on the market of syndicated loans and Chapter 16 explains theoretically why interbank loans exist. This part concludes with a chapter that relates corporate growth to share price performance (Chapter 17). Loncarski, ter Horst and Veld argue in Chapter 12 that the evidence on the motives for the issuance of convertible debt is far from conclusive. As convertible debt is a source of Introduction: Corporate Restructuring and Governance, Valuation and Asset Pricing 7 financing in between debt and equity, the stock market reacts negatively on the announcement of a convertible debt issue.

5: Descending order of preferences when ρ ϭ Ϫ1. 6: Descending order of preferences when ρ ϭ 1. 1: Company characteristics by sales and earnings. 1: Descriptive statistics of US yields. 2: Descriptive statistics of US discount bond returns. 3: Regression results for expectation hypothesis equations. 4: Chow test results for expectation hypothesis equations. 5: Parameter restrictions of alternative models for the short-term interest rate. 6: Descriptive statistics for the 1-month discount bond yield.

As a consequence, more opportunities have arisen for risk diversification, market integration and market liquidity. The capital structure of banks is analysed by Ioannidou and Pierides in Chapter 16. The authors show that financial institutions have been selling loans to other banks for over a century and that this market has recently expanded more rapidly. These loans sales are either a cheaper source of finance or a way to diversify a bank’s portfolio as it is a cheaper source of finance than issuing equity or raising deposits.

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