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Delayed Creative Destruction : How Uncertainty Shapes Corporate Assets
Campello, Murillo; Kankanhalli, Gaurav; Kim, Hyunseob - National Bureau of Economic Research - 2021
We show how uncertainty shapes the asset allocation, composition, productivity, and value of capital-intensive firms. We do so using detailed, near-universal data on shipping firms' new orders, secondary-market transactions, and demolition of ships. Firms curtail both the acquisition and...
Persistent link: https://www.econbiz.de/10012585455
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Delayed Creative Destruction : How Uncertainty Shapes Corporate Assets
Campello, Murillo; Kankanhalli, Gaurav; Kim, Hyunseob - 2021
We show how uncertainty shapes the asset allocation, composition, productivity, and value of capital-intensive firms. We do so using detailed, near-universal data on shipping firms' new orders, secondary-market transactions, and demolition of ships. Firms curtail both the acquisition and...
Persistent link: https://www.econbiz.de/10013220683
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Decision-making process in shipping finance : a stochastic approach
Maniati, Marina; Sambracos, Evangelos - In: Cogent economics & finance 5 (2017) 1, pp. 1-13
Shipping markets irregularity due to high-level volatility of freight rates and asset prices increases the risk of banks’ invalid financial strategy. Risk is further increased due to the heterogeneous shipping market, despite the regulations set by the Basel Convention. Consistent with the...
Persistent link: https://www.econbiz.de/10011877727
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Performance-sensitive debt : the intertwined effects of performance measurement and pricing grid asymmetry
Bannier, Christina E.; Wiemann, Markus - 2014 - This version: September 8, 2014
This paper studies the use of performance pricing (PP) provisions in debt contracts and compares accounting-based with rating-based pricing designs. We find that rating-based provisions are used by volatile-growth borrowers and allow for stronger spread increases over the credit period....
Persistent link: https://www.econbiz.de/10010411954
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Burying Libor
Klingler, Sven; Syrstad, Olav - 2019
We argue that the planned transition toward alternative benchmark rates gives reason to mourn Libor. Guided by a model in which banks and non-banks can lend to each other, subject to realistic regulatory constraints, we show empirically that tighter financial regulation increases interbank...
Persistent link: https://www.econbiz.de/10012214298
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Economics of voluntary information sharing
Liberti, José; Sturgess, Jason; Sutherland, Andrew - 2018
We show that lenders join a U.S. commercial credit bureau when information asymmetries between incumbents and entrants create an adverse selection problem that hinders market entry. Lenders also delay joining when information asymmetries protect them from competition in existing markets,...
Persistent link: https://www.econbiz.de/10011960063
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Informationseffizienz von Handelsplattformen für Schiffsfonds
Küster-Simić, André; Prigge, Stefan; Thönnessen, Rasmus - 2008
Geschlossene Fonds sind heutzutage ein wichtiger Bestandteil des Kapitalmarktes. Mehr und mehr haben sich für solche Fonds Handelsplattformen, sog. Zweitmärkte, herausgebildet, auf denen diese Beteiligung nach Erwerb gehandelt werden können. In diesem Artikel wird der...
Persistent link: https://www.econbiz.de/10008696137
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Why do borrowers pledge collateral? : New empirical evidence on the role of asymmetric information
Berger, Allen N.; Espinosa-Vega, Marco A.; Frame, W. Scott - 2007 - Rev.
An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit … incidence of collateral. We exploit exogenous variation in lender information related to the adoption of an information … technology that reduces ex ante private information, and compare collateral outcomes before and after adoption. Our results are …
Persistent link: https://www.econbiz.de/10003730563
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Tranching and rating
Brennan, Michael J. (contributor); Hein, Julia (contributor) - 2008
show that subdividing a bond issued against given collateral into subordinated tranches can yield significant profits under … the hypothesized pricing system. Increasing the systematic risk or reducing the total risk of the bond collateral …
Persistent link: https://www.econbiz.de/10003788754