Corporate Investment and Financing Constraints: Evidence from Nepalese Capital Market

In this paper, we provide a theoretical and empirical framework that allows us to synthesize and assess the burgeoning literature on CEO overconfidence. We also provide novel empirical evidence that overconfidence matters for corporate investment decisions in a framework that explicitly addresses the endogeneity of firms' financing constraints.

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Financing Constraints and Corporate Investment: Response to Kaplan and Zingales

10.3386/w5462 ◽

1996 ◽

Cited By ~ 28

Author(s):

Steven Fazzari ◽

R. Glenn Hubbard ◽

Bruce Petersen

Keyword(s):

Corporate Investment ◽

Financing Constraints ◽

Investment Response

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The Risk of Reverse Convertible Bonds: German Capital Market Law and Investor Protection

German Law Journal ◽

10.1017/s2071832200015686 ◽

2002 ◽

Vol 3 (12) ◽

Author(s):

Sung-Kee Kim ◽

Peer Zumbansen

Keyword(s):

Capital Market ◽

National Policy ◽

Federal Court ◽

Convertible Bonds ◽

Financial Instruments ◽

Investment Funds ◽

Legal Rules ◽

German Capital ◽

Federal Court Of Justice ◽

Investment And Financing

In times of a continuously expanding proliferation of investment and financing possibilities in the hands of banks, investment funds and individual capital investors, particular attention should be paid to the effects that new financial instruments are likely to have not only on concrete financing and investing modes but also on the further development of legal rules in this field. As the German capital market has been considered unable - at least until the widely marketed Deutsche Telekom IPO - to get rid of its persisting prejudice of being structurally lagging behind other countries’ systems, the legal treatment of emerging financial instruments deserves greatest attention. The rocket science of new financial instruments challenges law's aim to rightly assess the real quality of these instruments and to strike an adequate balance between the interests involved against a national policy background and EU demands. While the past few years have been a time of great legislative activity in the field of company and capital market law in Germany, only a closer look at court decisions reveals the true pressure resulting from a fast moving capital market on traditional legal perceptions. The so-called Aktienanleihe-Decision by the Federal Court of Justice, [FCJ] (Bundesgerichtshof - BGH) of 12 March 2002 marks an important step in the ongoing process of Germany's developing capital market law.

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