Similar Search Results

Schnure, Calvin - Federal Reserve Board (Board of Governors of the … - 1998

Cash holdings of nonfinancial firms range widely, and are related to firm size, industry and access to the public bond market. Cash holdings are positively correlated with agency proxies, suggesting that firms that cannot borrow easily due to agency problems hold greater cash stocks--perhaps as...

Persistent link: https://www.econbiz.de/10005721241

Internal capital markets and investment: do the cash flow constraints really bind?

Schnure, Calvin - Federal Reserve Board (Board of Governors of the … - 1997

Lamont (1997) claims to find evidence of credit market imperfections that distort financing and investment decisions of a sample of oil-dependent firms, as investment by non-oil units fell when oil cash flow dropped. However, a simple test reveals that few of these firms behaved in a fashion...

Persistent link: https://www.econbiz.de/10005393884

Internal funds and the investment functions: exploring the theoretical justification of some empirical results

Stevens, Guy V.G. - Federal Reserve Board (Board of Governors of the … - 1986

Persistent link: https://www.econbiz.de/10005402417

Evidence on the role of cash flow for investment

Gilchrist, Simon; Himmelberg, Charles P. - Federal Reserve Board (Board of Governors of the … - 1993

Persistent link: https://www.econbiz.de/10004965417

Securitization with recourse: an instrument that offers uninsured bank depositors sequential claims

Benveniste, Lawrence M.; Berger, Allen N. - Federal Reserve Board (Board of Governors of the … - 1987

Persistent link: https://www.econbiz.de/10005361181

How consistent are credit ratings? a geographic and sectoral analysis of default risk

Ammer, John; Packer, Frank - Federal Reserve Board (Board of Governors of the … - 2000

We examine differences in default rates by sector and obligor domicile. We find evidence that credit ratings have been imperfectly calibrated across issuer sectors in the past. Controlling for year of issue and rating, default rates appear to be higher for U.S. financial firms than for U.S....

Persistent link: https://www.econbiz.de/10005368242

On risk, rational expectations, and efficient asset markets

Stevens, Guy V.G.; Akbarian, Dara - Federal Reserve Board (Board of Governors of the … - 1994

portfolio size and degree of risk aversion of potential investors, the ability to borrow, and the hedging opportunities provided …

Persistent link: https://www.econbiz.de/10005368265

Pitfalls in tests for changes in correlations

Boyer, Brian H.; Gibson, Michael S.; Loretan, Mico - Federal Reserve Board (Board of Governors of the … - 1997

"correlation breakdown." As a result, risk managers worry that their hedges will be useless when they are most needed, namely …. We make this point analytically, by way of several numerical examples, and via an empirical illustration. ; But, risk …

Persistent link: https://www.econbiz.de/10005368286

Information systems for risk management

Gibson, Michael S. - Federal Reserve Board (Board of Governors of the … - 1997

Risk management information systems are designed to overcome the problem of aggregating data across diverse trading … units. The design of an information system depends on the risk measurement methodology that a firm chooses. Inherent in the … design of both a risk management information system and a risk measurement methodology is a tradeoff between the accuracy of …

Persistent link: https://www.econbiz.de/10005368299

Exchange rate variability and the level of international trade

Gagnon, Joseph E. - Federal Reserve Board (Board of Governors of the … - 1989

There have been numerous theoretical and empirical studies of the effect of exchange rate variability on the level of international trade. Most theoretical studies have concluded that under reasonable assumptions exchange rate variability ought to depress the level of trade. Empirical studies...

Persistent link: https://www.econbiz.de/10005368341

1
2
3
4
5
6
7
8
Next
Last