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Asymmetric Effects of the Financial Crisis : Collateral-Based Investment-Cash Flow Sensitivity Analysis
Khramov, Vadim - 2012
This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment … investment-cash flow sensitivity, which decreased substantially after the crisis when banks changed their expectations about the … value of assets on firms'' balance sheets. This paper deepens our understanding of firms'' investment behavior …
Persistent link: https://www.econbiz.de/10014396632
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Financial Liberalization and Real Investment : Evidence From Turkish Firms
Sancak, Cemile - 2002
There is increasing emphasis on the importance of efficient financial markets for sustained real investment and …''s investment decisions. The purpose of this paper is to model the impact of financial reforms on borrowing constraints faced by … firms and to test the impact of financial reforms on the investment decisions of firms in Turkey. To do so, the paper builds …
Persistent link: https://www.econbiz.de/10014399580
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Asymmetric effects of the financial crisis : collateral-based investment-cash flow sensitivity analysis
Khramov, Vadim - 2012
This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment … investment-cash flow sensitivity, which decreased substantially after the crisis when banks changed their expectations about the … value of assets on firms' balance sheets. This paper deepens our understanding of firms' investment behavior …
Persistent link: https://www.econbiz.de/10009614528
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Macroprudential liquidity stress testing in FSAPs for systemically important financial systems
Jobst, Andreas A.; Ong, Li Lian; Schmieder, Christian - 2017
Bank liquidity stress testing, which has become de rigueur following the costly lessons of the global financial crisis, remains underdeveloped compared to solvency stress testing. The ability to adequately identify, model and assess the impact of liquidity shocks, which are infrequent but can...
Persistent link: https://www.econbiz.de/10011704407
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Demographic changes in Latin America : the good, the bad and …
Acosta-Ormaechea, Santiago; Espinosa-Vega, Marco A.; … - 2017
The paper develops a simple, integrated methodology to project public pension cash flows and healthcare spending over the long term. We illustrate its features by applying it to the LAC5 (Argentina, Brazil, Chile, Colombia and Mexico), where public spending pressures are expected to increase...
Persistent link: https://www.econbiz.de/10011671097
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Revenue implications of destination-based cash-flow taxation
Hebous, Shafik; Klemm, Alexander; Stausholm, Saila - 2019
We estimate the revenue implications of a Destination Based Cash Flow Tax (DBCFT) for 80 countries. On a global average, DBCFT revenues under unchanged tax rates would remain similar to the existing corporate income tax (CIT) revenue, but with sizable redistribution of revenue across countries....
Persistent link: https://www.econbiz.de/10012001493
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Corporate tax reform : from income to cash flow taxes
Carton, Benjamin; Fernandez-Corugedo, Emilio; Hunt, … - 2019
boost afforded by the tax and maintain domestic investment-saving equilibrium. The paper demonstrates that spillover effects … from the tax reform are positive in the long run as other countries' exports benefit from additional investment in the …
Persistent link: https://www.econbiz.de/10012001561
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Foreign Direct Investment in Emerging Markets : Income, Repatriations and Financial Vulnerabillities
Lehmann, Alexander - 2002
Based on U.S. data, the returns on foreign direct investment in emerging markets are shown to be substantially higher …
Persistent link: https://www.econbiz.de/10014399589
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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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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