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The distortionary effects of central bank direct lending on firm quality dynamics
Li, Wenhao; Li, Ye - 2020
-quality firms. Public liquidity support preserves the overall production capacity. However, by dampening the cleansing effects, it … the expectations of liquidity support that motivate low-quality firms to overinvest pre-crisis. Finally, the size of … on savings discourage firms from self-insurance against crises through internal liquidity accumulation …
Persistent link: https://www.econbiz.de/10012388390
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Procyclical finance : the money view
Li, Ye - 2017
, holding intermediaries' debt as cash. This paper shows that intermediaries' liquidity creation stimulates growth -- firms hold …. Introducing government debt as a competing source of liquidity is a double-edged sword: firms hold more liquidity in every state … of the world, but by squeezing intermediaries' profits and amplifying their leverage cycle, public liquidity increases …
Persistent link: https://www.econbiz.de/10011968932
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The Dollar ahead of FOMC target rate changes
Karnaukh, Nina - 2018
I find that the U.S. dollar appreciates before contractionary monetary policy decisions at scheduled Federal Open Market Committee meetings and depreciates before expansionary decisions. The federal funds futures rate forecasts these dollar movements with a 22% R2. A high federal funds futures...
Persistent link: https://www.econbiz.de/10011976094
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Determinants of the choice of bankruptcy procedure in Japan
Helwege, Jean (contributor); Packer, Frank (contributor) - 2001 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001631162
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Is there a global liquidity factor?
Stahel, Christof W. (contributor) - 2003 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001905393
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Clawback provisions and firm risk
Babenko, Ilona; Bennett, Benjamin; Bizjak, John M.; … - 2019
Panel OLS and GMM-IV estimates indicate that executives respond to the adoption of a compensation clawback provision by decreasing firm risk. The mechanisms that transmit incentives to decisions and decisions to risk appear to be more conservative investment and financial policies and preemptive...
Persistent link: https://www.econbiz.de/10012107693
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The structure of banker's pay
Bennett, Benjamin; Gopalan, Radhakrishnan; Vorkink, Keith; … - 2016
While executive compensation is often blamed for the excessive risk taking by banks, little is known about the operating performance incentives used in the finance industry both prior to and subsequent to the recent crisis. We provide a comprehensive analysis of incentive design -- the link of...
Persistent link: https://www.econbiz.de/10011962226
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How much for a haircut? : illiquidity, secondary markets, and the value of private equity
Bollen, Nicolas P. B.; Sensoy, Berk A. - 2016
Limited partners (LPs) of private equity funds commit to invest with extreme levels of illiquidity and significant uncertainty regarding the timing of capital flows. Secondary markets have emerged which alleviate some of the associated cost. This paper develops a subjective valuation model...
Persistent link: https://www.econbiz.de/10011772208
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Do funds need governance? : Evidence from variable annuity-mutual fund twins
Evans, Richard (contributor);  … - 2007
Persistent link: https://www.econbiz.de/10003639543
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Shareholder rights, boards, and CEO compensation
Fahlenbrach, Rüdiger (contributor) - 2008 - This draft: February 12, 2008
Persistent link: https://www.econbiz.de/10003730068