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How do Financial Contracts Evolve for New Ventures?
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Leveraged Loans, Systemic Risk and Network Interconnectedness
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Same Bank, Same Client but Different Costs: How do Flat-fees for Mutual Funds affect Retail Investor Portfolios?
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Optimal Currency Exposure Under Risk and Ambiguity Aversion
1、How do Financial Contracts Evolve for New Ventures?
Working Paper
,
2
019
Danying Fu
,
University of Oxford
Tim Jenkinson
,
University of Oxford
Christian Rauch
,
Goethe University Frankfurt
Little is known about how financing terms evolve over the life of a start-up business. Little evidence on how often renegotiation happens and what are the changes in equity contracts upon renegotiation. The study of the evolution of difference in terms offered to common stock and that to the most recent stock has great implication on the valuation of start-up businesses.
原文链接：
https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=AFAPS2020&paper_id=244
2、Leveraged Loans, Systemic Risk and Network Interconnectedness
Working Paper
,
2
019
Monica Billio
,
Università Ca' Foscari Venezia
Alfonso Dufour
,
University of Reading
Ana Sina
,
University of Reading
Simone Varotto
,
University of Reading
We study the U.S. syndicated market and make the following contributions: First, by analyzing the leveraged loans we show that they have already exceeded the pre-financial crisis level, which may pose financial stability concerns. We illustrate to which industrial sectors and regions the leveraged borrowers belong to. Second, we gauge the leveraged interconnectedness of the lead arrangers and study its relationship with their systemic risk. To achieve this result we disentangle the leveraged loans from all the other loans. Finally, we graphically illustrate how the lead arrangers’ interconnectedness has increased over the last two decades. We propose novel measures of risk and investigate possible implications for the future.
原文链接：
https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=AFAPS2020&paper_id=248
3、Same Bank, Same Client but Different Costs: How do Flat-fees for Mutual Funds affect Retail Investor Portfolios?
Working Paper
,
2
019
Benjamin Loos
,
University of Mannheim
Steffen Meyer
,
University of Southern Denmark & DMI
Charline Uhr,
Goethe University Frankfurt
Andreas Hackethal,
Goethe University Frankfurt
What happens when retail investment clients can select between a flat-fee and an inducement-based pricing model that both come with the same professional financial advisory services at no extra costs? In a field experiment with a German online bank we document that only 1.8% of all clients switch to the flat-fee scheme. Those improve portfolio efficiency and risk-adjusted portfolio returns by taking and following financial advice more. Our evidence suggests that flat fees enhance the perceived quality of advice and we rule out alternative explanations such as simple cost advantages, sunk-cost fallacy, novelty effects or advisor fixed effects.
原文链接：
https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=AFAPS2020&paper_id=250
4、Optimal Currency Exposure Under Risk and Ambiguity Aversion
Working Paper
