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Liquidity Risk, Leverage and Long-Run IPO Returns
Eckbo, B Espen; Norli, Øyvind - C.E.P.R. Discussion Papers - 2005
constructed ‘low minus high’ (LMH) stock turnover portfolio as a liquidity risk factor. The LMH factor produces significant betas …
Persistent link: https://www.econbiz.de/10005124287
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Liquidity and Capital Structure
Anderson, Ronald W.; Carverhill, Andrew - C.E.P.R. Discussion Papers - 2007
consistent with recent explorations of pecking order theory. We calculate the agency costs generated by the conflict of interest … between shareholders and creditors regarding the firm's liquidity policy and show that bond covenants that establish an …
Persistent link: https://www.econbiz.de/10005662034
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Exchange Rates and Policy Coordination in an Asymmetric Model
Kenen, Peter B - C.E.P.R. Discussion Papers - 1988
This paper extends earlier work (Kenen, 1987a, 1987b) on the ranking of exchange rate regimes. Using a two-country portfolio-balance model, it asks how pegged and floating exchange rates affect each country's ability to achieve its domestic policy objectives independently, without having to...
Persistent link: https://www.econbiz.de/10005281328
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Wage Rigidity and Capital Mobility in an Optimizing Model of a Small Open Economy
de Klundert, Theo C N J van; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1987
-state effects of afiscal contraction, monetary disinflation, a worsening of thesupply side, an increase in the world interest rate …
Persistent link: https://www.econbiz.de/10005792502
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Back to Keynes?
van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2005
After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by JM Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...
Persistent link: https://www.econbiz.de/10005504355
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The Impact of Liquidity Regulation on Bank Intermediation
Bonner, Clemens; Eijffinger, Sylvester C W - C.E.P.R. Discussion Papers - 2012
We analyze the impact of non-compliance with a requirement similar to the Basel III Liquidity Coverage Ratio and its … non-compliance with a liquidity requirement causes banks to pay and charge higher interest rates as well as to increase … be affected by the requirement. While non-compliance with a liquidity requirement does not seem to directly affect …
Persistent link: https://www.econbiz.de/10011084639
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Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2009
The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...
Persistent link: https://www.econbiz.de/10008636377
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Two Monetary Tools: Interest Rates and Haircuts
Ashcraft, Adam; Garleanu, Nicolae Bogdan; Pedersen, … - C.E.P.R. Discussion Papers - 2010
We study a production economy with multiple sectors financed by issuing securities to agents who face capital constraints. Binding capital constraints propagate business cycles, and a reduction of the interest rate can increase the required return of high-haircut assets since it can increase the...
Persistent link: https://www.econbiz.de/10008642875
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Credit Risk and Dynamic Capital Structure Choice
Dangl, Thomas; Zechner, Josef - C.E.P.R. Discussion Papers - 2003
This Paper analyses the effect of dynamic capital structure adjustments on credit risk. Firms may optimally adjust their leverage in response to stochastic changes in firm value. It is shown that capital structure dynamics lower optimal initial leverage ratios but increase both fair credit...
Persistent link: https://www.econbiz.de/10005123682
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A New Test of Capital Structure
Mayer, Colin; Sussman, Oren - C.E.P.R. Discussion Papers - 2004
This Paper reports a new test of capital structure theories. It uses a filtering technique to identify large investment spikes. We find that the spikes are predominantly financed with debt by large firms and by new equity by small loss-making firms. In the process, firms move significantly away...
Persistent link: https://www.econbiz.de/10005067393