11 research outputs found

    Is There a Term Structure? Empirical Evidence from Shanghai Office Rental Market

    Get PDF
    This paper mainly conducts an empirical study of the term structure of the Shanghai office rental market. Based on 555 executed contracts in the Shanghai office rental market from 2005 to 2008, the building quality and micro location are controlled, which are generally omitted in previous studies, through ranking of buildings and dividing the sample into 11 small central business districts (CBDs). The empirical results show that there is a downward term structure in the Shanghai market, but it is not very consistent during the studied years.Term structure; Lease, Shanghai; Office rental

    Essays on Financial Intermediaries

    Get PDF
    Ph.DDOCTOR OF PHILOSOPH

    Do Banks Monitor Corporate Decisions? Evidence from Bank Financing of Mergers and Acquisitions

    Get PDF
    Also presented at 25th Australasian Finance and Banking Conference, Sydney, 16-18 December 2012</p

    Bank Dependence and Bank Financing in Corporate M&amp;A

    No full text

    Bank Dependence and Bank Financing in Corporate M&amp;A (CEIBS Working Paper, No. 019/2020/FIN, 2020)

    Get PDF
    We examine the valuation impact of bank-financed M&As and the loan contracts used to finance M&A transactions, focusing on the difference between bank-dependent acquirers and other acquirers. We find that bank-financed deals have higher acquirer’s CARs relative to other cash M&A deals, but this certification effect exists only for bank-dependent acquirers. Despite bank-dependent acquirers being more susceptible to hold-up, banks do not impose higher loan pricing or more stringent non-price terms on them. After completion of the acquisition, bank-dependent acquirers retain the M&A financing banks for a much larger share of their borrowing needs, suggesting the importance of repeat business for lack of hold-up. Our findings highlight the positive aspects of bank dependence and the importance of implicit contracting for the lack of hold-up in lending markets

    Subjective or Objective? Nonparametric Estimation of Misreporting and Mis-Assessment in Corporate Credit Rating

    No full text
    ∗Comments and suggestions are welcomed

    Relationship Bank Behavior during Borrower Distress

    No full text
    corecore