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Bank commitment relationships, cash flow constraints, and liquidity management

Morgan, Donald P. (contributor) - 2000 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001512185

Bank commitment relationships, cash flow constraints, and liquidity management

Morgan, Donald P. - Federal Reserve Bank of New York - 2000

Evidence in this paper suggests that a close banking relationship--a loan commitment in particular--relaxes cash flow and cash management constraints on firms. Given firms' prospects (Q), the investment and cash flow correlation is substantially lower when firms have a bank loan commitment. The...

Persistent link: https://www.econbiz.de/10005420518

What moves investment? Cash flows in a forward-looking model of capital expenditures

Wizman, Thierry A. - Federal Reserve Bank of New York - 1992

Persistent link: https://www.econbiz.de/10005512231

Estimating probabilities of default

Schuermann, Til (contributor); Hanson, Samuel G. (contributor) - 2004 - [Elektronische Ressource]

"We conduct a systematic comparison of confidence intervals around estimated probabilities of default (PD), using several analytical approaches from large-sample theory and bootstrapped small-sample confidence intervals. We do so for two different PD estimation methods--cohort and duration...

Persistent link: https://www.econbiz.de/10002521762

One reason countries pay their debts : renegotiation and international trade

Rose, Andrew (contributor) - 2001 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001629624

Forecasting and estimating multiple change-point models with an unknown number of change points

Koop, Gary M. (contributor); Potter, Simon M. (contributor) - 2004 - [Elektronische Ressource]

"This paper develops a new approach to change-point modeling that allows for an unknown number of change points in the observed sample. Our model assumes that regime durations have a Poisson distribution. The model approximately nests the two most common approaches: the time-varying parameter...

Persistent link: https://www.econbiz.de/10002521761

How stable is the predictive power of the yield curve? : Evidence from Germany and the United States

Estrella, Arturo (contributor); … - 2000 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001512206

Insolvency after the 2005 bankruptcy reform

Albanesi, Stefania; Nosal, Jaromir B. - Federal Reserve Bank of New York - 2015

, especially, the financial cost of filing for bankruptcy. We study the effects of the reform on bankruptcy, insolvency, and …. We find that the decline in bankruptcy filings resulted in a rise in the rate and persistence of insolvency as well as an … that insolvency is associated with worse financial outcomes than bankruptcy, as insolvent individuals have less access to …

Persistent link: https://www.econbiz.de/10011254936

Dealer financial conditions and lender-of-last resort facilities

Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren; … - Federal Reserve Bank of New York - 2014

We examine the financial conditions of dealers that participated in two of the Federal Reserve’s lender-of-last-resort (LOLR) facilities--the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF)--that provided liquidity against a range of assets during 2008-09....

Persistent link: https://www.econbiz.de/10010774312