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Central counterparty clearing: constructing a framework for evaluation of risks and benefits

Ripatti, Kirsi - EconWPA - 2005

Counterparty Clearing has become increasingly popular in Europe, not just in derivatives markets, where, due to the high risk … the increased sophistication in clearing arrangements is the ongoing process of European economic integration, ie the euro … pan-European financial infrastructure for payments and securities clearing and settlement. Central counterparty clearing …

Persistent link: https://www.econbiz.de/10005134670

The intraday price of money: evidence from the e-MID market

Baglioni, Angelo; Monticini, Andrea - EconWPA - 2005

We present a simple model, where intraday and overnight interest rates are linked by a no-arbitrage argument. The hourly interest rate is shown to be a function of the intraday term structure of the overnight rate. This property holds under both assumptions, where an explicit intraday market for...

Persistent link: https://www.econbiz.de/10005413053

How Ownership Structure Affects Capital Structure and Firm Performance? Recent Evidence from East Asia

Driffield, Nigel; Mahambare, Vidya; Pal, Sarmistha - EconWPA - 2005

Despite the seminal work of Claessens et al. (2002), who highlighted the role of ownership structure on firm performance in East Asia, the relationship between capital structure and ownership remains much unexplored. This is important, given recent empirical and theoretical work linking capital...

Persistent link: https://www.econbiz.de/10005076974

How Ownership Structure Affects Capital Structure and Firm Performance? Recent Evidence from East Asia

Driffield, Nigel; Mahambare, Vidya; Pal, Sarmistha - EconWPA - 2005

Despite the seminal work of Claessens et al. (2002), role of ownership structure on capital structure and firm performance in East Asian corporattions remains much unexplored. Within the framework of Bajaj et al. (1998), the present paper empirically examines the effects of a controlling manager...

Persistent link: https://www.econbiz.de/10005076997

Testing Static Tradeoff against Pecking Order Models of Capital Structure in Brazilian Firms

Medeiros, Otavio Ribeiro De; Daher, Cecilio Elias - EconWPA - 2004

We test two models with the purpose of finding the best empirical explanation for the capital structure of Brazilian firms. The models tested were developed to represent the Static Tradeoff Theory and the Pecking Order Theory. The sample consists of firms listed in the Sao Paulo (Brazil) stock...

Persistent link: https://www.econbiz.de/10005134823

Corporate Governance Mechanisms and Firm Financing in India

Kumar, Jayesh - EconWPA - 2005

This study investigates the firm financing patterns in India and the role of corporate governance mechanisms. We use firm-level time series data of nearly 2000 listed companies from 1994 through 2000, to analyze the firm’s corporate financing behavior in connection with its corporate...

Persistent link: https://www.econbiz.de/10005134838

Inflation and Capital Structure

Noguera, Jose - EconWPA - 2001

This essay is a contribution to the empirical literature on the effect of inflation tax on capital structure. A simple empirical model considering the main results of the current theoretical development is studied, using microdata from a number of American corporations.

Persistent link: https://www.econbiz.de/10005134880

The dynamics of capital structure in transition economies

Nivorozhkin, Eugene - EconWPA - 2003

This paper uses a dynamic unrestricted capital structure model to examine the determinants of the private companies’ target financial leverage and the speed of adjustment to it in two transition economies, the Czech Republic and Bulgaria. We explicitly model the adjustment of companies’...

Persistent link: https://www.econbiz.de/10005412747

Corporate Finance in Europe from 1986 to 1996

DELBREIL, Michel; ESTEBAN, Ana; FRIDERICHS, Hans; … - EconWPA - 2000

After publishing its first report in September 1997, the Own Funds Working Group, in agreement with the European Committee of Central Balance Sheet Offices, decided to continue its work in order to gain a better understanding of the differences in financing structures between countries. To this...

Persistent link: https://www.econbiz.de/10005413207

A Compositional Statistical Analysis of Capital per Worker

Larrosa, Juan Manuel - EconWPA - 2003

Most of economic literature has presented its analysis under the assumption of homogeneous capital stock composition. However, capital composition differs across countries. What has been the pattern of capital composition associated with World economies? I make an exploratory statistical...

Persistent link: https://www.econbiz.de/10005561304