Uncertainty, Capital Flows, and Maturity Mismatch
... a share of GDP, as a proxy for maturity mismatch. I find that the negative impact of capital flow volatility is greater where financial markets are less developed. Finally, I make use of industry-level data on the level of investment and the average duration of investment projects to examine whether ...
... a share of GDP, as a proxy for maturity mismatch. I find that the negative impact of capital flow volatility is greater where financial markets are less developed. Finally, I make use of industry-level data on the level of investment and the average duration of investment projects to examine whether ...
The effect of working capital management on
... Working capital management involves the management of the most liquid resources of the firm which includes cash and cash equivalents, Inventories and trade and other receivables. Most firms do not hold the correct amount of working capital and this has been a major obstacle to their overall profitab ...
... Working capital management involves the management of the most liquid resources of the firm which includes cash and cash equivalents, Inventories and trade and other receivables. Most firms do not hold the correct amount of working capital and this has been a major obstacle to their overall profitab ...
Confidence Risk and Asset Prices
... less salient data such as long-term averages. Such overweighing patterns are precluded in the standard optimal learning settings as agents optimally put less weight on recent information when its quality is low. Our specification of recency bias specification captures the intuition that as the infor ...
... less salient data such as long-term averages. Such overweighing patterns are precluded in the standard optimal learning settings as agents optimally put less weight on recent information when its quality is low. Our specification of recency bias specification captures the intuition that as the infor ...
for an offer of 50000000 shares at an issue price
... These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this Prospectus, are expected to take place. Such forward-looking statements are not guarantees of future performance a ...
... These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this Prospectus, are expected to take place. Such forward-looking statements are not guarantees of future performance a ...
Complete Financial Statements (IFRS) - 1Q2017
... income, changes in stockholders' equity and cash flows for the three-month period then ended, and a summary of significant accounting policies and other explanatory information. Management is responsible for the preparation and fair presentation of these consolidated interim financial statements in ...
... income, changes in stockholders' equity and cash flows for the three-month period then ended, and a summary of significant accounting policies and other explanatory information. Management is responsible for the preparation and fair presentation of these consolidated interim financial statements in ...
Debt Refinancing and Equity Returns∗
... Once we add size and book-to-market to these regressions, the coefficient on leverage becomes insignificant but the estimate for the debt refinancing intensity remains significantly positive. We employ several empirical proxies for leverage and refinancing intensities and show that our conclusions r ...
... Once we add size and book-to-market to these regressions, the coefficient on leverage becomes insignificant but the estimate for the debt refinancing intensity remains significantly positive. We employ several empirical proxies for leverage and refinancing intensities and show that our conclusions r ...
The Optimal Level of International Reserves For Emerging Market
... observed surge in reserves in emerging market countries.3 Alfaro and Kanczuk (2009) present a model in which a small open economy can insure itself by defaulting on its external debt rather than holding reserves, and …nd that the optimal level of reserves is zero. The model presented here is one of ...
... observed surge in reserves in emerging market countries.3 Alfaro and Kanczuk (2009) present a model in which a small open economy can insure itself by defaulting on its external debt rather than holding reserves, and …nd that the optimal level of reserves is zero. The model presented here is one of ...
A Market-led Revolution
... and most recently, helped the organisation prepare for change in recruiting and training a new layer of management. John had been the Father figure/mzee 3 for all the staff in the bank and had acted as a valuable counter-complement to the energy and drive of the Finance Director, James Mwangi. Durin ...
... and most recently, helped the organisation prepare for change in recruiting and training a new layer of management. John had been the Father figure/mzee 3 for all the staff in the bank and had acted as a valuable counter-complement to the energy and drive of the Finance Director, James Mwangi. Durin ...
The Risky Capital of Emerging Markets – A Long-Run
... a number of explanations, including domestic financial sector frictions, a mechanism explored in detail in Buera and Shin (2009). Reinhart and Rogoff (2004) point to the effects of serial default in developing countries and Kraay et al. (2005) to sovereign risk. Gourio et al. (2014) link capital fl ...
... a number of explanations, including domestic financial sector frictions, a mechanism explored in detail in Buera and Shin (2009). Reinhart and Rogoff (2004) point to the effects of serial default in developing countries and Kraay et al. (2005) to sovereign risk. Gourio et al. (2014) link capital fl ...
What caused the collapse of Lehman Brothers?
... Several authors have described the demise of Lehman as a consequence of the abolishment of the Glass-Steagall Act of 1933. The Glass-Steagall Act was enacted to separate the activities of commercial and investment banking (Tabarrok, n.d.). The U.S. has historically maintained a separation between co ...
... Several authors have described the demise of Lehman as a consequence of the abolishment of the Glass-Steagall Act of 1933. The Glass-Steagall Act was enacted to separate the activities of commercial and investment banking (Tabarrok, n.d.). The U.S. has historically maintained a separation between co ...
Introduction to Credit Risk Modeling, An
... company is asking its house bank for a loan in the size of ten billion Euro. Somewhere in the bank’s credit department a senior analyst has the difficult job to decide if the loan will be given to the customer or if the credit request will be rejected. Let us further assume that the analyst knows th ...
... company is asking its house bank for a loan in the size of ten billion Euro. Somewhere in the bank’s credit department a senior analyst has the difficult job to decide if the loan will be given to the customer or if the credit request will be rejected. Let us further assume that the analyst knows th ...
Hedging With Futures Contract
... hedge ratio is dependent on the hedgers’ objective in the hedging position, this will be different for various participants in the carbon market. For example, investors not only desire to protect the investment portfolio from carbon price risk but also need to ensure their returns at the same time. ...
... hedge ratio is dependent on the hedgers’ objective in the hedging position, this will be different for various participants in the carbon market. For example, investors not only desire to protect the investment portfolio from carbon price risk but also need to ensure their returns at the same time. ...
Corporate Bond Markets: A Global Perspective
... Corporate bond markets can be considered an important ingredient in economic growth, financial stability and economic recovery, particularly in the wake of the crisis. 2 They provide a key capital funding flow to firms allowing them to expand, innovate, offer employment, and provide the goods and se ...
... Corporate bond markets can be considered an important ingredient in economic growth, financial stability and economic recovery, particularly in the wake of the crisis. 2 They provide a key capital funding flow to firms allowing them to expand, innovate, offer employment, and provide the goods and se ...
Determinants of Microinsurance Demand: Evidence from a Micro
... Table 3: Education, financial literacy, and product knowledge of respondents ............. 53 Table 4: Occupations in sample households................................................................... 54 Table 5: Asset endowment of sample households ................................................ ...
... Table 3: Education, financial literacy, and product knowledge of respondents ............. 53 Table 4: Occupations in sample households................................................................... 54 Table 5: Asset endowment of sample households ................................................ ...
Climate Change Scenarios – Implications for Strategic Asset
... “VicSuper has taken an active position in integrating sustainability into its investment strategy. This has involved investing in low-carbon equity funds such as the Vanguard Carbon Aware International Shares Fund, as well as in venture capital clean technology which in turn invests in technology an ...
... “VicSuper has taken an active position in integrating sustainability into its investment strategy. This has involved investing in low-carbon equity funds such as the Vanguard Carbon Aware International Shares Fund, as well as in venture capital clean technology which in turn invests in technology an ...
The Credit Spread Puzzle - Myth or Reality?
... that standard structural models underpredict spreads are misleading. A similar bias occurs when calculating default probabilities based on average firm variables. As we show this bias is also most severe at short maturities for high-quality issues, so the finding in Leland (2004) and McQuade (2013) ...
... that standard structural models underpredict spreads are misleading. A similar bias occurs when calculating default probabilities based on average firm variables. As we show this bias is also most severe at short maturities for high-quality issues, so the finding in Leland (2004) and McQuade (2013) ...