• Publications
  • Influence
IPO Pricing with Bookbuilding and a When-Issued Market
We study IPO pricing in Germany to determine whether when-issued trading provides information that is useful for setting IPO offer prices, and whether such trading supplants bookbuilding as a sourceExpand
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Snow and Leverage
This paper examines whether reducing a debt overhang improves borrowers' operating performance using a sample of distressed and highly overleveraged Austrian ski hotels undergoing debtExpand
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Sticky prices: IPO pricing on Nasdaq and the Neuer Markt
This paper examines the IPO pricing processes of two different markets, each of which employs bookbuilding methods for marketing the IPO shares. For each market we investigate two questions: DoesExpand
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Why Leverage Affects Pricing
We explain and provide evidence for effects of leverage on pricing. Our model identifies two effects that either counteract or reinforce each other, depending on the debt maturity structure: (i)Expand
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A Theory of Banks' Industry Expertise, Market Power, and Credit Risk
  • Alex Stomper
  • Economics, Computer Science
  • Manag. Sci.
  • 1 October 2006
TLDR
The author analyzes banks' incentives to acquire expertise in judging the creditworthiness of borrowers in an industry with uncertain business conditions. Expand
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Capital Structure, Information Acquisition and Investment Decisions in an Industry Framework
This paper analyzes the relationship between a firm's capital structure and its information acquisition prior to capital budgeting decisions. It is found that low-growth industries can sustain aExpand
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Training the Doubtful and Timid ∗
We analyze the effect of human capital on insurance within the firm. In our model human capital creates rents that are split between workers and firms. These rents are lost when employment at aExpand
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A Theory of Banks' Industry Expertise, Market Power, and Credit Risk
I analyze banks' incentives to acquire expertise in judging the credit-worthiness of borrowers in an industry with uncertain business conditions. The optimal industrial organization of bank lendingExpand
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Primary Market Design: Direct Mechanisms and Markets
We develop a model that allows for the coexistence of bookbuilding and when-issued trading. We show that, due to interactions between these two processes, allowing for when-issued trading is for theExpand
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