Debt investments in private firms: Legal institutions and investment performance in 25 countries

Journal of Fixed Income

Volumn 23, Issue 1, 2013, Pages 102-123

  Cumming, Douglas ^a   Fleming, Grant ^b  

^a YORK UNIVERSITY   (Canada)

^b Partner   (Australia)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84884136976     PISSN: 10598596     EISSN: None     Source Type: Journal    
DOI: 10.3905/jfi.2013.23.1.102     Document Type: Article

References (38)

1. Altman, E.I. "Measuring Corporate Bond Mortality and Performance." The Journal of Finance, 44 (1989), pp. 909-922.
2. -. "Defaulted Bonds: Supply, Demand and Investment Performance: 1982-1992." Financial Analysts Journal, 44 (1993), pp. 55-60.
3. Altman, E., and S. Jha. "Market Size and Investment Performance of Defaulted Bonds and Bank Loans: 1987-2002." NYU Working Paper No. S-CDM-03-04, February, 2003.
4. Bae, K.H., and V.K. Goyal. "Creditor Rights, Enforcement, and Bank Loans." The Journal of Finance, 64 (2009), pp. 823-860.
5. Bradford, W., and T. Bates. "Venture Capital Investment in Minority Business." Journal of Money, Credit and Banking, 40 (2008), pp. 489-504.
6. Cao, J., D.J. Cumming, and M. Qian. "Creditor Rights and LBOs." Working paper, SMU, 2010.
7. Coval, J.D., and T.J. Moskowitz. "The Geography of Investment: Informed Trading and Asset Prices." Journal of Political Economy, 109 (2001), pp. 811-841.
8. Cumming, D.J. "Capital Structure in Venture Finance." Journal of Corporate Finance, 11 (2005), pp. 550-585.
9. -. "Contracts and Exits in Venture Capital Finance." Review of Financial Studies, 21 (2008), pp. 1947-1982.
10. Cumming, D.J., and U. Walz. "Private Equity Returns and Disclosure around the World." Journal of International Business Studies, Vol. 41, No. 4 (2010), pp. 727-754.
11. De Bettignies, J.E. "Financing the Entrepreneurial Venture." Management Science, 54 (2008), pp. 1151-1166.
12. De Bondt, W., and W. Xu. "The Expertise of Mutual Fund Managers." Working paper, DePaul University, 2010.
13. Djankov, S., C. McLiesh, and A. Schleifer. "Private Credit in 129 Countries." Journal of Financial Economics, 84 (2007), pp. 299-329.
14. Djankov, S., O. Hart, C. McLiesh, and A. Schleifer. "Debt Enforcement around the World." Journal of Political Economy, 116 (2008), pp. 1105-1149.
15. Ebrahim, M.S., and S. Hussain. "Financial Development and Asset Valuation: The Special Case of Real Estate." Journal of Banking and Finance, 34 (2010), pp. 150-162.
16. Ebrahim, M.S., M.B. Shackleton, and R.M. Wojakowski. "Participating Mortgages and the Efficiency of Financial Intermediation." Journal of Banking and Finance, 35 (2011), pp. 3043-3054.
17. Giesecke, K., F.A. Longstaff, S. Schaefer, and I. Strebulaev. "Corporate Bond Default Risk: A 150-Year Perspective." Journal of Financial Economics, 102 (2011), pp. 233-250.
18. Gilson, R., and D. Schizer. "Venture Capital Structure: A Tax Explanation for Convertible Preferred Stock." Harvard Law Review, 116 (2003), pp. 875-916.
19. Hazaruka, S., R. Nahata, and K. Tandon. "Success in Global Venture Capital Investing: Do Institutional and Cultural Differences Matter?" Working paper, Baruch College, 2009.
20. Jackson III., W.E., T. Bates, and W.D. Bradford. "Does Venture Capital Activism Improve Investment Performance?" Journal of Business Venturing, 27 (2012), pp. 342-354.
21. Jääskeläinen, M., M. Maula, and T. Seppä. "Allocation of Attention to Portfolio Companies and the Performance of Venture Capital Firms." Entrepreneurship Theory and Practice, 30 (2006), pp. 185-206.
22. Kanniainen, V., and C. Keuschnigg. "The Optimal Portfolio of Start-Up Firms in Venture Capital Finance." Journal of Corporate Finance, 9 (2003), pp. 521-534.
23. -. "Start-Up Investment with Scarce Venture Capital Support." Journal of Banking and Finance, 28 (2004), pp. 1935-1959.
24. Keuschnigg, C. "Taxation of a Venture Capitalist with a Portfolio of Firms." Oxford Economic Papers, 56 (2004), pp. 285-306.
25. Knill, A. "Should Venture Capitalists Put All Their Eggs in One Basket? Diversification versus Pure Play Strategies in Venture Capital." Financial Management, Vol. 38, No. 3 (2009), pp. 441-486.
26. La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. "Law and Finance." Journal of Political Economy, 106 (1998), pp. 1113-1155.
27. Mansi, S.A., W.F. Maxwell, and A. Zhang. "Bankruptcy Prediction Models and the Cost of Debt." The Journal of Fixed Income, Vol. 21, No. 4 (2012), pp. 25-42.
28. Nahata, R. "Venture Capital Reputation and Investment Performance." Journal of Financial Economics, 90 (2008), pp. 127-151.
29. Nielsen, K. "Institutional Investors and Private Equity." Review of Finance, Vol. 12, No. 1 (2009), pp. 185-219.
30. Petersen, M.A. "Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches." Review of Financial Studies, 22 (2009), pp. 435-480.
31. Qi, Y., L. Roth, and J. Wald. "State Laws and Debt Covenants." Journal of Law and Economics, Vol. 51, No. 2 (2008), pp. 179-207.
32. -. "Political Rights and the Cost of Debt." Journal of Financial Economics, 95 (2010), pp. 202-226.
33. -. "How Legal Environments Affect the Use of Covenants." Journal of International Business Studies, 42 (2011), pp. 235-262.
34. Qian, J., and P.E. Strahan. "How Laws and Institutions Shape Financial Contracts: The Case of Bank Loans." The Journal of Finance, 62 (2007), pp. 2803-2834.
35. Spamann, H. "The 'Antidirector Rights Index' revisited." Review of Financial Studies, 23 (2010), pp. 467-486.
36. Wald, J., and M.S. Long. "The Effect of State Laws on Capital Structure." Journal of Financial Economics, Vol. 83, No. 2 (2007), pp. 297-320.
37. Wang, W. "Recovery and Returns of Distressed Bonds in Bankruptcy." The Journal of Fixed Income, 21 (2011), pp. 21-31.
38. Yung, C. "Entrepreneurial Financing and Costly Due Diligence." The Financial Review, 44 (2009), pp. 137-149.