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Bacterial DNA gyrase is a well-established and validated target for the development of novel antibacterials. Starting from the available structural information about the binding of the natural product inhibitor, clorobiocin, we identified a novel series of 4'-methyl-N(2)-phenyl-[4,5'-bithiazole]-2,2'-diamine inhibitors of gyrase B with a low micromolar inhibitory activity by implementing a two-...
We examine the causal impact of financial analysts on firms’ socially responsible activities. Relying on brokerage closures and mergers as natural experiments which generate exogenous changes in analyst coverage, our Difference-in-Differences estimator indicates that a reduction in analyst coverage causes firms to engage more aggressively in irresponsible behavior, especially in the dimensions ...
We ask whether a firm’s choice of IPO price is informative in the sense that it relates systematically to the firm’s other choices and characteristics. We find that both institutional ownership and underwriter reputation increases monotonically with the chosen IPO price level. We also find that the relationship between IPO price and underpricing is U-shaped. In contrast, post-IPO turnover displ...
Market share objectives are prominent in many industries, especially where managers pay much attention to league table rankings. This paper explores the strategic rationale for giving managers incentives based on market share, motivated by evidence from executive compensation practice in the automotive and investment banking industries. Strategic incentives for market share dominate the well-kn...
This paper analyses the factors impacting partnering decisions in Venture Capital syndicates using a unique dataset of 2,373 VC transactions in Germany. By including time varying information about industry experience and cooperation patterns we explicitly take into account not only the changing social context for partner selection but also the dynamic nature of financial and managerial resource...
Article history: Received 6 April 2007 Received in revised form 19 September 2008 Accepted 19 September 2008 Available online 11 October 2008 We examine investment banks' networking function in capital markets, using a sample of Private Investments in Public Equity (PIPEs). We argue that investment banks develop relationships with investors through repeat dealings, and that investment banks' ne...
Credit rating agencies (CRAs) very often have been criticized for announcing inaccurate credit ratings and are suspected of being exposed to conicts of interest. Despite these objections CRAs remained largely unregulated. Based on Pagano & Immordino (2007), we study the optimal regulation of CRAs in a model where rating quality is unobservable and enforcing regulation is costly. The model show...
This article shows that individuals’ product market choices influence their investment decisions. Using microdata from the brokerage and automotive industries, we find a strong positive relation between customer relationship, ownership of a company, and size of the ownership stake. Investors are also more likely to purchase and less likely to sell shares of companies they frequent as customers....
When a company goes public it is standard practice that more shares are allocated than issued. The resulting short position that the offering syndicate holds is commonly filled either by aftermarket trading or by the execution of the so-called overallotment option, a standard feature of IPO arrangements. We propose a simple theoretical model to study the implications of this combination of shor...
ROC and CAP analysis are alternative methods for evaluating a wide range of diagnostic systems, including assessments of credit risk. ROC analysis is widely used in many fields, but in finance CAP analysis is more common. We compare the two methods, using as an illustration the ability of the OECD’s country risk ratings to predict whether a country will have a program with the IMF (an indicator...
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