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Financial Market Imperfections and Investment: an Overview
Calmès, Christian - EconWPA - 2004
The paper examines the interpretation of firms' investment-cash flow sensitivity as an artifact of financial market imperfection. Two alternative explanations of the financial constraints are compared. One is based on informational problems (asymmetric information). The other focuses on limited...
Persistent link: https://www.econbiz.de/10005077038
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Three Financing Constraint Hypotheses and Inventory Investment: New Tests With Time and Sectoral Heterogeneity
Carpenter, Robert E.; Fazzari, Steven M.; Petersen, Bruce C. - EconWPA - 1995
Over the last decade, research has shown that financing constraints have an important impact on many aspects of firm behavior and aggregate fluctuations. This paper undertakes a critical comparison of the three main financing constraint hypotheses- -the bank lending, collateral, and internal...
Persistent link: https://www.econbiz.de/10005126449
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Does Cash Flow Cause Investment and R&D: An Exploration Using Panel Data for French, Japanese, and United States Scientific Firms
Hall, Bronwyn H.; Mairesse, Jacques; Branstetter, Lee; … - EconWPA - 1999
The role of financial institutions and corporate governance in the conduct and performance of industrial firms, especially in the area of technological innovation and international competition has been hotly debated in the recent past. The results presented here are a contribution to the...
Persistent link: https://www.econbiz.de/10005413030
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Chinese Poverty: Assessing the Impact of Alternative Assumptions
Reddy, Sanjay G.; Minoiu, Camelia - EconWPA - 2005
This paper investigates how estimates of the extent and trend of income poverty in China between 1990 and 2001 vary as … within a reasonable range, a remarkable reduction in consumption poverty occurred in China during the 1990s. However …, estimates of the extent of Chinese poverty in any year are greatly influenced by the assumptions made. China’s record of …
Persistent link: https://www.econbiz.de/10005135025
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Has world poverty really fallen during the 1990s?
Reddy, Sanjay G.; Minoiu, Camelia - EconWPA - 2005
about the extent of initial poverty and the rate of subsequent poverty reduction in China, India, and the rest of the … the extent and trend of poverty in China, India, and the rest of the developing world, world poverty may or may not have …
Persistent link: https://www.econbiz.de/10005062424
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The impact of the 1988 Basel Accord on banks' capital ratios and credit risk-taking: an international study
Roy, Patrick Van - EconWPA - 2005
The purpose of this paper is to see whether and how G-10 banks have complied with the 1988 Basel Accord. The interest of this study lies in the fact that the standardized approach to credit risk in the New Basel Accord is conceptually similar to the 1988 agreement. However, very little is known...
Persistent link: https://www.econbiz.de/10005134754
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Credit ratings and the standardised approach to credit risk in Basel II
Roy, Patrick Van - EconWPA - 2005
This paper focuses on the standardised approach to credit risk in Basel II. The minimum capital requirements for the corporate, interbank and sovereign loan portfolios of a representative bank in each EMU country are evaluated by means of Monte-Carlo simulations depending on the credit rating...
Persistent link: https://www.econbiz.de/10005134903
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CORPORATE CREDIT RISK MODELING: QUANTITATIVE RATING SYSTEM AND PROBABILITY OF DEFAULT ESTIMATION
Fernandes, João - EconWPA - 2005
The literature on corporate credit risk modeling for privately-held firms is scarce. Although firms with unlisted equity or debt represent a significant fraction of the corporate sector worldwide, research in this area has been hampered by the unavailability of public data. This study is an...
Persistent link: https://www.econbiz.de/10005413176
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Asset Prices and Banking Distress: A Macroeconomic Approach
Peter, Goetz von - EconWPA - 2004
This paper links banking with asset prices in a monetary macroeconomic model. The main innovation is to consider how falling asset prices affect the banking system through wide-spread borrower default, while deriving explicit solutions and balance sheet effects even far from the steady state. We...
Persistent link: https://www.econbiz.de/10005413177
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Basel II's New Standardized Approach: Possible Effects of Implementation
Wyatt, Katherine - EconWPA - 2003
Basel II’s New Standardized Approach: Possible Effects of Implementation Katherine Wyatt New York State Banking Department Abstract The New York State Banking Department surveyed 33 institutions in 2001 and 2002 for a study of the possible effects of the Standardized Approach of the proposed...
Persistent link: https://www.econbiz.de/10005413198