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Leverage shocks : firm-level evidence on debt overhang and investment
Cevik, Serhan; Miryugin, Fedor - 2020
-pronged approach to investigate the relationship between corporate leverage and fixed investment spending. The empirical analysis …
Persistent link: https://www.econbiz.de/10012486107
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Financial Liberalization, Credit Constraints, and Collateral : Investment in the Mexican Manufacturing Sector
Gelos, Gaston - 1999
This paper examines the impact of financial liberalization on fixed investment in Mexico, using establishment …
Persistent link: https://www.econbiz.de/10014400298
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Did the Euro crisis affect non-financial firm stock prices through a financial or trade channel?
Claessens, Stijn; Tong, Hui; Zuccardi, Igor - 2011
Persistent link: https://www.econbiz.de/10009422595
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Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel?
Claessens, Stijn - 2011
This paper analyzes through what channels the euro crisis has affected firm valuations globally. It examines stock price responses over the past year for 3045 non-financial firms in 16 countries to three key crisis events. Using pre-crisis benchmarks, it separates effects arising from changes in...
Persistent link: https://www.econbiz.de/10014412174
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Complex Ownership Structures and Corporate Valuations
Laeven, Luc - 2007
The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact,...
Persistent link: https://www.econbiz.de/10014401077
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Valuation of Unlisted Direct Investment Equity
Elkjaer, Thomas - 2009
This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted … IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available … estimation technique can have a highly significant impact on the international investment position, pointing to the need for …
Persistent link: https://www.econbiz.de/10014402233
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Valuation of Menu items in Debt Restructuring
International Monetary Fund - 1989
This paper outlines a procedure for calculating the cash value of “menu items” in debt restructuring proposals, including par and non-par exchanges, with enhancements consisting of either interest or principal guarantees. It is argued that under certain plausible assumptions interest and...
Persistent link: https://www.econbiz.de/10014396239
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Demographics, pension systems and the saving-investment balance
Chai, Hua; Kim, Jun-il - 2018
This paper studies the effect of demographic change on national saving, global interest rates, and international capital flows, focusing on the role of the public pension system. We develop a small open economy overlapping generations model to illustrate the channels through which demographic...
Persistent link: https://www.econbiz.de/10011978553
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Trade uncertainty and investment in the euro area
Ebeke, Christian; Siminitz, Jesse - 2018
We analyze the impact of trade policy uncertainty on investment in the euro area. Our identification strategy assumes … that countries that are relatively more dependent on global trade networks exhibit a higher sensitivity of investment with … respect to trade uncertainty. We find that the investment-to-GDP ratio is on average 0.8 percentage points lower for five …
Persistent link: https://www.econbiz.de/10011978678
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Accounting Challenges for Semi-Autonomous Revenue Agencies (SARAs) in Developing Countries
Terkper, Seth E. - 2008
fiscal and financial accounting obligations. SARAs are legal entities, such as a service or a department, which are required … to prepare accrual records that may diverge from a treasury''s cash accounting records. Their records reflect revenues … generated; budget funds for generating the revenues; and material programs administered for other agencies. The accounting …
Persistent link: https://www.econbiz.de/10014401680