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How public information affects asymmetrically informed lenders: evidence from credit registry reform
Choudhary, M. Ali; Jain, Anil - Volkswirtschaftliche Fakultät, … - 2014
We exploit exogenous variation in the amount of public information available to banks about a firm to empirically evaluate the importance of adverse selection in the credit market. A 2006 reform introduced by the State Bank of Pakistan (SBP) reduced the amount of public information available to...
Persistent link: https://www.econbiz.de/10011108966
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Accruals and Aggregate Stock Market Returns
Hirshleifer, David; Hou, Kewei; Teoh, Siew Hong - Volkswirtschaftliche Fakultät, … - 2007
Past research has shown that the level of operating accruals is a negative cross-sectional predictor of stock returns. This paper examines whether the accrual anomaly extends to the aggregate stock market. In contrast with cross-sectional findings, there is no indication that aggregate operating...
Persistent link: https://www.econbiz.de/10005836004
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The Cost of Capital in Markets with Opaque Intermediaries and the Risk-Structure of Interest Rates
Mierzejewski, Fernando - 2009
The demand for cash balances of financial intermediaries that establish contractual liabilities with credit-sensitive customers is characterized. As stated by Merton, the success of the business activities of such firms crucially depends on their credit quality, and hence, they are obliged to...
Persistent link: https://www.econbiz.de/10013160192
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Performance Measurement and Management Promotion through Non-Financial Measures : A Management Accounting Perspective
Eisenberg, Paul - 2018
accounting function of business organisations. The study is important because it shows how organisational focus on non … management accounting research over the last three decades is presented. The development in the academia is then contrasted with … the management accounting techniques used in practice. Among different techniques available, the Budgeting technique and …
Persistent link: https://www.econbiz.de/10012935122
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Valuation of 2G spectrum in India- A real option approach
Sinha, Pankaj; Sathiyanarayanan, Nataraj - Volkswirtschaftliche Fakultät, … - 2012
The phenomenal growth of telecommunication sector in India has largely been possible due to the contributory factors such as the efforts made by private and public telecom service providers to make services affordable to the mass market, reduction in entry barrier due to drastically lowered...
Persistent link: https://www.econbiz.de/10011260356
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The aftermarket pricing performance of initial public offers: Insights from India
Reddy, K. Srinivasa - Volkswirtschaftliche Fakultät, … - 2011
Purpose: The purpose of this paper is to examine the underpricing of initial public offers (IPOs), which were announced by Indian firms for the period 2007 through 2009. It is motivated by the fact that a well-developed capital market is a function of economic growth and a reflection of the...
Persistent link: https://www.econbiz.de/10011210490
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Growth Effects of Financial Integration and Financial Deepening in Selected Sub-Saharan African Economies: a Panel-Data Approach
Evans, Olaniyi - Volkswirtschaftliche Fakultät, … - 2013
This paper investigates the growth effects of financial integration and financial deepening in selected SSA economies, using a panel dataset of 10 SSA countries from 1970-2012. We use ratio of net FDI inflow to GDP (proxy for financial integration), ratio of gross capital formation to GDP (proxy...
Persistent link: https://www.econbiz.de/10011259904
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Securities transaction tax and the stock market– an Indian experience
Sinha, Pankaj; Mathur, Kritika - Volkswirtschaftliche Fakultät, … - 2012
This paper studies the effect of Securities Transaction Tax (STT) on the behavior of the returns on the Indian stock market using a switching first order autocorrelation model. It is found that an increase in STT doesn’t influence the return on American Depository Receipts (ADRs) which are...
Persistent link: https://www.econbiz.de/10011259967
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Why Do Financial Intermediaries Buy Put Options from Companies?
Gyoshev, Stanley; Kaplan, Todd R.; Szewczyk, Samuel; … - Volkswirtschaftliche Fakultät, … - 2012
In the 1990s, companies collected billions in premiums from peculiarly structured put options written on their own stock while almost all of these puts expired worthless. Buyers of these options, primarily �nancial intermediaries, lost money as a result. Although these losses might seem...
Persistent link: https://www.econbiz.de/10011260748
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2008 SEC short selling ban: impacts on the credit default swap market
Courtney, Samuel - Volkswirtschaftliche Fakultät, … - 2010
On September 17, 2008, the Securities and Exchange Commission (SEC) issued an emergency order banning the shorting of 797 financial stocks. This paper studies the impact of the short selling ban on the credit derivatives market by investigating credit default swap (CDS) prices during the period...
Persistent link: https://www.econbiz.de/10009386711