Similar Search Results

Is Poland at Risk of a Boom-and-Bust Cycle in the Run-Up to Euro Adoption?

Eichengreen, Barry - 2008

We ask whether Poland is at risk of the boom-bust problem that has afflicted economies around the time of euro adoption …. Our answer, inevitably, is mixed. On the one hand the fact that Poland is an outlier, credit-growth wise, accentuates the … Poland. And it is certainly conceivable that the same policies and country characteristics (not always visible to the …

Persistent link: https://www.econbiz.de/10012769529

Financial Risk Measurement for Financial Risk Management

Andersen, Torben G. - 2012

Current practice largely follows restrictive approaches to market risk measurement, such as historical simulation or RiskMetrics. In contrast, we propose flexible methods that exploit recent developments in financial econometrics and are likely to produce more accurate risk assessments, treating...

Persistent link: https://www.econbiz.de/10013106309

Has the U.S. Finance Industry Become Less Efficient? on the Theory and Measurement of Financial Intermediation

Philippon, Thomas - 2014

I provide a quantitative interpretation of financial intermediation in the U.S. over the past 130 years. Measuring separately the cost of intermediation and the production of financial services, I find that: (i) the quantity of intermediation varies a lot over time; (ii) intermediation is...

Persistent link: https://www.econbiz.de/10013066115

Bailouts, the Incentive to Manage Risk, and Financial Crises

Panageas, Stavros - 2010

A firm's termination leads to bankruptcy costs. This may create an incentive for outside stakeholders or the firm's debtholders to bail out the firm as bankruptcy looms. Because of this implicit guarantee, firm shareholders have an incentive to increase volatility in order to exploit the...

Persistent link: https://www.econbiz.de/10013152555

Market Timing Ability and Volatility Implied in Investment Newletters' Asset Allocation Recommendations

Graham, John R. - 2008

We analyze the advice contained in a sample of 237 investment letters over the 1980-1992 period. Each newsletter recommends a mix of equity and cash. We construct portfolios based on these recommendations and find that only a small number of the newsletters appear to have higher average returns...

Persistent link: https://www.econbiz.de/10012774863

Risk Management in Financial Institutions

Rampini, Adriano A. - 2019

We study risk management in financial institutions using data on hedging of interest rate and foreign exchange risk. We find strong evidence that institutions with higher net worth hedge more, controlling for risk exposures, both across institutions and within institutions over time. For...

Persistent link: https://www.econbiz.de/10012889497

Do Trade Creditors Possess Private Information? Stock Returns Evidence

Hirshleifer, David A. - 2019

Theories of customer supplier relationships hold that the private information of suppliers about buyers explains the use of trade credit even when there is a competitive banking sector. If suppliers possess private information about their buyers, then the buyer's order size and ability to pay on...

Persistent link: https://www.econbiz.de/10012892573

Research and Impacts of Digital Financial Services

Karlan, Dean S. - 2018

A growing body of rigorous research shows that financial services innovations can have important positive impacts on wellbeing, but also that many do not. We first describe the latest evidence on what works in financial inclusion. Second, we summarize research on key financial market failures...

Persistent link: https://www.econbiz.de/10012935529

Relationship Banking and the Pricing of Financial Services

Calomiris, Charles W. - 2010

We investigate how banking relationships that combine lending and underwriting services affect the terms of lending, through both loan supply- and loan demand-side effects, and the underwriting costs of debt and equity issues. We capture and control for firm characteristics, including...

Persistent link: https://www.econbiz.de/10012760608

The Risk-Adjusted Cost of Financial Distress

Almeida, Heitor - 2010

In this paper we argue that risk-adjustment matters for the valuation of financial distress costs, since financial distress is more likely to happen in bad times. Systematic distress risk implies that the risk-adjusted probability of financial distress is larger than the historical probability....

Persistent link: https://www.econbiz.de/10012761946

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