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Covenant Violations, Loan Contracting, and Default Risk of Bank Borrowers

Saunders, Anthony - 2013

includes more financial covenants which are also more restrictive. Switching banks after a violation does not reduce these …

Persistent link: https://www.econbiz.de/10013080012

Technical Trading, Predictability and Learning in Currency Markets

Potì, Valerio - 2013

This paper studies predictability of currency returns over time and the extent to which it is captured by trading rules commonly used in currency markets. We consider the strategies that an investor endowed with rational expectations could have pursued to exploit out-of-sample currency...

Persistent link: https://www.econbiz.de/10013091728

Employment Versus Wage Adjustment and the U.S. Dollar

Campa, José Manuel - 2008

Using two decades of annual data, we explore the links between real exchange rates and employment, wages and overtime activity in specific U.S. manufacturing industries. Across two-digit industry levels of aggregation, exchange rate movements do not have large effects on numbers of jobs or...

Persistent link: https://www.econbiz.de/10012769224

An Options-Based Analysis of Emerging Market Exchange Rate Expectations : Brazil's Real Plan, 1994-1997

Campa, José Manuel - 2008

This paper uses currency option data from the BMF, the Commodities and Futures exchange in Sao Paulo, Brazil, to investigate market expectations on the Brazilian Real-U.S. dollar exchange rate from October 1994 through July 1997. Using options data, we derive implied probability density...

Persistent link: https://www.econbiz.de/10012769225

Risky Investments with Limited Commitment

Cooley, Thomas F. - 2013

Over the last three decades there has been a dramatic increase in the size of the financial sector and in the compensation of financial executives. This increase has been associated with greater risk-taking and the use of more complex financial instruments. Parallel to this trend, the...

Persistent link: https://www.econbiz.de/10013073312

Antitrust and the Financial Sector - with Special Attention to 'Too Big to Fail'

White, Lawrence J. - 2014

Antitrust and the financial sector have traditionally had a wary relationship with each other. However, an analysis of the special features of finance and of financial regulation shows that the pro-competition stance of antitrust is as appropriate for the financial sector as it is for the other...

Persistent link: https://www.econbiz.de/10013056121

Antitrust and the Financial Sector - with Special Attention to 'Too Big to Fail'

White, Lawrence J. - 2016

Persistent link: https://www.econbiz.de/10012993927

Activism's Impact on Diversified Investors and the Market

Katz, Barbara G. - 2013

We model activism as it affects the future distribution of prices in a portfolio context with risk-averse expected utility of end-of-period wealth maximizing investors. We characterize activism as affecting the mean, the variance, and/or the covariance of the target firm’s price with the...

Persistent link: https://www.econbiz.de/10013087873

Does Ambiguity Diversification Pay?

Izhakian, Yehuda (Yud) - 2013

With a focus on risk, classical portfolio theory assumes that probabilities of future outcomes are known. In reality, however, there is ambiguity in these probabilities. This paper studies the nature of the relationship between risk and ambiguity and proves that in most cases ambiguity cannot be...

Persistent link: https://www.econbiz.de/10013090557

Explaining the Diversification Discount

Campa, José Manuel - 2008

observed discount is not per se evidence that diversification destroys value. Firms choose to diversify. Firm characteristics … wrongly attribute the observed discount to diversification. Data from the Compustat Industry Segment File from 1978 to 1996 is … control for the endogeneity of the diversification decision.All three methods suggest the presence of self-selection in the …

Persistent link: https://www.econbiz.de/10012769226