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Credit is highly demanded in different parts of the world, mainly for capital requirement to improve land, purchase of … study was to examine the farmers’ access to credit: does collateral matter or cash flow matter?—evidence from Sindh province …-to-face interview. To find the important factors affecting access to credit in Sindh province of Pakistan, we performed descriptive …
Persistent link: https://www.econbiz.de/10011886094
This paper aims to shed light on the characteristics and particularly the determinants of credit-less recoveries. After … building a dataset and documenting some stylised facts of credit-less recoveries in emerging market economies, this paper uses … panel probit models to analyse key determinants of credit-less recoveries. Our main findings are the following. First, our …
Persistent link: https://www.econbiz.de/10013123785
Access to formal credit remains critical for business operations, particularly for firms unable to generate sufficient …. The results show that the preferred credit provider matters, with the sensitivity level varying among the three … credit facility correlate positively with the outcome variable. There is an inverse relationship between the largest …
Persistent link: https://www.econbiz.de/10013163684
This paper investigates investment strategies that exploit the low-beta anomaly. Although the notion of buying low-beta stocks and selling high-beta stocks is natural, a choice is necessary with respect to the relative weighting of high-beta stocks and low-beta stocks in the investment...
Persistent link: https://www.econbiz.de/10011446594
Debt ownership by equity-holding managers aligns their incentives more closely with those of creditors, thereby reducing agency costs of debt. We test this hypothesis by examining how terms of bank loans are related to executive pension and deferred compensation, i.e., inside debt held by...
Persistent link: https://www.econbiz.de/10013132581
This study examines whether the flow volatility experienced by institutional investors affects firms' financing costs. Using Greenwood and Thesmar's (2011) stock price fragility, a proxy for firm exposure to its institutional investors' flow volatility, we find that firms with high stock price...
Persistent link: https://www.econbiz.de/10012838891
Agency theory predicts that the incentives for insiders to extract private benefits at the expense of creditors are negatively related to the level of ownership retained by insiders. However, the ability of insiders to effectively control the resources of the firm and engage in such activities...
Persistent link: https://www.econbiz.de/10012973139
further. Our findings indicate that existing regulations may amplify shocks to credit quality during periods of generalized …
Persistent link: https://www.econbiz.de/10012602665
Persistent link: https://www.econbiz.de/10012816264
in term loans without financial covenants--so-called covenant-lite loans--borrowing firms' revolving lines of credit …
Persistent link: https://www.econbiz.de/10012197760