Advances in Corporate Finance and Asset Pricing (Hardcover)--by L. Renneboog [2006 Edition] ISBN: 9780444527233

The past decade was remarkable: it is characterized by an unprecedented number of corporate restructurings in terms of mergers and acquisitions, initial public offerings, public-to-private transactions, spin-offs and divestitures, bank sector consolidation and leveraged recapitalizations. There have also been many changes in corporate governance regulation, triggered by a host of corporate scandals. This book also deals with the effectiveness of specific corporate governance devices like shareholder lock-in agreements and managerial stock options. The focus is also on the changes in and the determinants of capital structure and risk management. The contents of this book include: Introduction (L. Renneboog) - Part 1: Corporate restructuring; mergers and acquisitions in Europe (M. Martynova, L. Renneboog); the performance of acquisitive companies in the US (K. Cools, M. V. D. Laar); The announcement effects and long-run stock market performance of corporate spin-offs: The international evidence (C. veld, Y. Veld-Merkoulova); the competitive challenge in banking (A. Boot, A. Schmeits); Consolidation of the European banking sector: Impact on innovation (H. Degryse, S. Ongena, M.F. Penas) - Part II: Corporate governance; transatlantic corporate governance reform (J. McCahery, A. Khachaturyan); The role of self-regulation in corporate governance: evidence and implications from the Netherlands (A. De Jong, D. Dejong, G. Mertens, C. Wasley); and Shareholder lock-in contracts: Share price and trading volume effects at the lock-in expiry (P. P. Angenendt, M. Goergen, L. Renneboog). It also features: The grant and exercise of stock options in IPO firms: Evidence from the Netherlands (T. V. D. Groot, G. Mertens, P. Roosenboom); Institutions, corporate governance and firm performance (J. Grazell) - Part III: Capital structure and valuation; Why do companies issue convertible bonds? A review of the theory and empirical evidence (I. Loncarski, J. Ter Horst, C. Veld); The financing of Dutch firms: a historical perspective (A. De Jong, A. Roell); Corporate financing in the Netherlands (R. Kabir); Syndicated loans: Developments, characteristics and benefits (G. Van Roij); The bank's choice of financing and the correlation structure of loan returns: loans sales versus equity (V. Ioannidou, Y. Pierides); and shareholder value and growth in sales and earnings (L. Soenen) - Part IV: Asset pricing and monetary economics. This book includes: The term structure of interest rates: An overview (P. De Goeii); incorporating estimation risk in portfolio choice (F. De Roon, J. Ter Horst, B. Werker); a risk measure for retail investment products (T. Nijman, B. Werker); understanding and exploiting momentum in stock returns (J. C. Rodriguez, A. Sbuelz); and Relating risks to asset types: A new challenge for central banks (J. Sijben). Advances in Corporate Finance and Asset Pricing......Page 4 Dedication of the book to Piet Duffhues......Page 6 Contents......Page 8 Contributors......Page 12 List of Figures......Page 22 List of Tables......Page 26 Introduction: Corporate Restructuring and Governance, Valuation and Asset Pricing......Page 32 Part 1 Corporate Restructuring......Page 44 Mergers and Acquisitions in Europe......Page 46 The Performance of Acquisitive Companies......Page 108 The Announcement Effects and Long-run Stock Market Performance of Corporate Spin-offs: International Evidence......Page 136 The Competitive Challenge in Banking......Page 164 Consolidation of the European Banking Sector: Impact on Innovation1......Page 192 Part 2 Corporate Governance......Page 218 Transatlantic Corporate Governance Reform......Page 220 The Role of Self-Regulation in Corporate Governance: Evidence and Implications from the Netherlands......Page 230 Shareholder Lock-in Contracts: Share Price and Trading Volume Effects at the Lock-in Expiry......Page 266 The Grant and Exercise of Stock Options in IPO Firms: Evidence from the Netherlands......Page 308 Institutions, Corporate Governance and Firm Performance......Page 324 Part 3 Capital Structure and Valuation......Page 340 Why Do Companies Issue Convertible Bonds? A Review of the Theory and Empirical Evidence......Page 342 The Financing of Dutch Firms: A Historical Perspective1......Page 372 Corporate Financing in the Netherlands......Page 396 Syndicated Loans: Developments, Characteristics and Benefits......Page 412 The Bank’s Choice of Financing and the Correlation Structure of Loan Returns: Loans Sales versus Equity......Page 424 Shareholder Value and Growth in Sales and Earnings......Page 442 Part 4 Asset Pricing and Monetary Economics......Page 452 The Term Structure of Interest Rates: An Overview......Page 454 Incorporating Estimation Risk in Portfolio Choice......Page 480 A Risk Measure for Retail Investment Products1......Page 504 Understanding and Exploiting Momentum in Stock Returns......Page 516 Relating Risks to Asset Types: A New Challenge for Central Banks......Page 536 Author Index......Page 550 Subject Index......Page 562 From a financial perspective, the 1990s were a remarkable decade.