Similar Search Results

Optimal Capital Allocation Using RAROC And EVA

Stoughton, Neal; Zechner, Josef - C.E.P.R. Discussion Papers - 1999

This paper analyzes financial institutions' capital allocation decisions when their required equity capital depends on the risk of their projects chosen. We discuss the relevance of strict position limits against discretionary trading through the use of an optimal compensation function. We show...

Persistent link: https://www.econbiz.de/10005661956

Loan Pricing Under Basel Capital Requirements

Repullo, Rafael; Suarez, Javier - C.E.P.R. Discussion Papers - 2003

We analyse the implications for the pricing of bank loans of the reform of capital regulation known as Basel II. We consider a perfectly competitive market for business loans where, as in the model underlying the internal ratings based (IRB) approach of Basel II, a single risk factor explains...

Persistent link: https://www.econbiz.de/10005792161

Credit Risk and Dynamic Capital Structure Choice

Dangl, Thomas; Zechner, Josef - C.E.P.R. Discussion Papers - 2003

This Paper analyses the effect of dynamic capital structure adjustments on credit risk. Firms may optimally adjust their leverage in response to stochastic changes in firm value. It is shown that capital structure dynamics lower optimal initial leverage ratios but increase both fair credit...

Persistent link: https://www.econbiz.de/10005123682

Economic and Regulatory Capital: What is the Difference?

Elizalde, Abel; Repullo, Rafael - C.E.P.R. Discussion Papers - 2004

This Paper analyses the determinants of regulatory capital (the minimum required by regulation) and economic capital (the capital that shareholders would choose in absence of regulation) in the context of the single risk factor model that underlies the New Basel Capital Accord (Basel II). The...

Persistent link: https://www.econbiz.de/10005123827

Demand learning and firm dynamics: evidence from exporters

Berman, Nicolas; Rebeyrol, Vincent; Vicard, Vincent - C.E.P.R. Discussion Papers - 2015

This paper provides evidence that learning about demand is an important driver of firms' dynamics. We present a simple model with Bayesian learning in which firms are uncertain about their idiosyncratic demand parameter in each of the markets they serve, and update their beliefs as noisy...

Persistent link: https://www.econbiz.de/10011213311

A Second Look at the Pesticides Initiative Program: Evidence from Senegal

Cadot, Olivier; Jaud, Mélise - C.E.P.R. Discussion Papers - 2011

This paper investigates whether the Pesticides Initiative Program has significantly affected the export performance of Senegal's horticulture industry. We apply two main microeconometric techniques, difference-in-difference and matching difference-in-differences to identify the effect of the...

Persistent link: https://www.econbiz.de/10009493562

Impact Evaluation of Trade Interventions: Paving the Way

Cadot, Olivier; Fernandes, Ana; Gourdon, Julien; … - C.E.P.R. Discussion Papers - 2011

impact-evaluation is needed to justify these interventions and to improve their design. On the other hand, rigorous … evaluation is feasible because unlike traditional trade policy, these interventions tend to be targeted and so it is possible to … techniques, such as randomized control trials, may not be feasible but meaningful evaluation may still be possible. We discuss …

Persistent link: https://www.econbiz.de/10009367433

The Quality of Entrepreneurs

Hvide, Hans K - C.E.P.R. Discussion Papers - 2005

What determines the quality of entrepreneurs? To address this question, the paper proposes a simple model of the interaction between individual workers’ decision to become entrepreneurs and established firms’ effort to keep their best workers and ideas. The main prediction from the model is...

Persistent link: https://www.econbiz.de/10005792326

Product and Process Innovation and Firms’ decision to Export

Vanbeveren, Ilke; Vandenbussche, Hylke - C.E.P.R. Discussion Papers - 2010

We analyze the relationship between firm-level innovation activities and firms’ propensity to start exporting for firms in a small open economy. We measure innovation by innovative effort (R&D) as well as by innovative output (product and process innovation). After carefully correcting for...

Persistent link: https://www.econbiz.de/10008468704

An Anatomy of International Trade: Evidence from French Firms

Eaton, Jonathan; Kortum, Samuel S; Kramarz, Francis - C.E.P.R. Discussion Papers - 2009

We examine the sales of French manufacturing firms in 113 destinations, including France itself. Several regularities stand out: (1) the number of French firms selling to a market, relative to French market share, increases systematically with market size; (2) sales distributions are very similar...

Persistent link: https://www.econbiz.de/10005124187

1
2
3
4
5
6
7
8
9
10
Next
Last