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Consistent valuation of project finance and LBO'susing the flows-to-equity method

Cooper, Ian; Nyborg, Kjell G. - Institut für Schweizerisches Bankwesen <Zürich> - 2010

fixed debt plan;•A yield spread on debt which is fair compensation for default risk;•The part of the yield spread which is …

Persistent link: https://www.econbiz.de/10009354137

Capital Structure, Credit Risk, and Macroeconomic Conditions

Hackbarth, Dirk; Miao, Jianjun; Morellec, Erwan - Institut für Schweizerisches Bankwesen <Zürich> - 2004

This paper develops a quantitative framework for analyzing the impact of macroeconomic conditions on credit risk and …

Persistent link: https://www.econbiz.de/10005858794

Trade credit, collateral liquidation and borrowing constraints

Fabbri, Daniela; Menichini, Anna Maria C. - Institut für Schweizerisches Bankwesen <Zürich> - 2007

The paper investigates the determinants of trade credit and its interactions with borrowing constraints and the input combination of the firm, within an incomplete contract setting in which firms use a two-input technology and collateralised credit contracts. Assuming that the supplier is better...

Persistent link: https://www.econbiz.de/10005858766

Introducing Capital Structure in a Production Economy : Implications for Investment, Debt and Dividends

Alessandrini, Fabio - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

This model adds to the standard neoclassical model of business fluctuations by introducing a more realistic capital structure problem, where firms have to balance the tax benefits of debt with the costs of potential financial distress. Therefore, firms solve a dynamic problem with both an...

Persistent link: https://www.econbiz.de/10005859002

Was bestimmt die finanziellen Reserven spendensammelnder NPOs? - Eine empirische Analyse möglicher Einflußfaktoren

Neubert, Luzius - Institut für Schweizerisches Bankwesen <Zürich> - 2006

Spendensammelnde Non-Profit-Organisationen (NPOs) verfügen verglichen mit gewinnorientierten Unternehmen ähnlicher Größe über relativ hohe finanzielle Reserven in Form eines Finanzvermögens.Deren Höhe hängt von verschiedenen Faktoren ab, die im Rahmen der vorliegenden Studie untersucht...

Persistent link: https://www.econbiz.de/10005856968

Agency Conflicts and Risk Management

Morellec, Erwan; Smith Jr, Clifford W. - Institut für Schweizerisches Bankwesen <Zürich> - 2005

This paper analyzes the relation between agency conflicts and risk management in a contingent claims model of the firm … issued. The paper also examines managers risk-shifting incentives and provides an analysis of the benefits associated with … risk management in different economic enviromnents. …

Persistent link: https://www.econbiz.de/10005858789

The impact of heterogeneous beliefs on trading volume

Bauer, Wolfgang - Institut für Schweizerisches Bankwesen <Zürich>; … - 2004

This paper analyzes the effects that uncertainty about economic fundamentalshas on aggregate trading volume. First, the trading volume of an investor facinga standard consumption portfolio choice problem is derived. It is found that if theparameters describing the investment opportunity set...

Persistent link: https://www.econbiz.de/10005857971

The Disposition Effect in the Lab

Vlcek, Martin; Wang, Mei - Institut für Schweizerisches Bankwesen <Zürich> - 2007

rebalancing, prospect theory with a ﬁxed reference point, or the justiﬁcation hypothesis explain the disposition effect. …

Persistent link: https://www.econbiz.de/10005858051

Strategic Asset Allocation, Asset Price Dynamics, and the Business Cycle

Jaccard, Ivan - Institut für Schweizerisches Bankwesen <Zürich> - 2007

reconcile economic theory with several puzzling contradictions recently pointed out in the literature: (i) the asset allocation …

Persistent link: https://www.econbiz.de/10005858061

Asset Prices with Locally-Constrained Entropy Recursive Multiple Priors Utility

Sbuelz, Alessandro; Trojani, Fabio - Institut für Schweizerisches Bankwesen <Zürich> - 2007

Control problems with Recursive Multiple-Priors Utility (RMPU) are highly non-linear so that RMPU asset prices have been studied in very simple exchange economies only. We identify a continuous-time exchange equilibrium with Locally-Constrained-Entropy RMPU (LCE-RMPU) that is tractable even in...

Persistent link: https://www.econbiz.de/10005858066

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