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Market timing of long-term debt issuance

Witmer, Jonathan - 2009

The literature on market timing of long-term debt issuance yields mixed evidence that managers can successfully time … their debt-maturity issuance. The early results that are indicative of debt-maturity timing are not robust to accounting for … structural breaks or to other measures of debt maturity from firm-level data that account for call and put provisions in debt …

Persistent link: https://www.econbiz.de/10003933249

The deep-pocket effect of internal capital markets

Boutin, Xavier; Cestone, Giacinta; Fumagalli, Chiara; … - 2009

We provide evidence suggesting that incumbents' access to group deep pockets has a negative impact on entry in product markets. Relying on a unique French data set on business groups, our paper presents three major findings. First, the amount of cash holdings owned by incumbent-affiliated groups...

Persistent link: https://www.econbiz.de/10008824490

Endogenous debt maturity : liquidity risk vs. default risk

Manuelli, Rodolfo E.; Sanchez, Juan M. - 2018

Persistent link: https://www.econbiz.de/10011950510

Lessons from international central counterparties : benchmarking and analysis

Lazarow, Alexandre - 2011

Since the financial crisis, attention has focused on central counterparties (CCPs) as a solution to systemic risk for a variety of financial markets, ranging from repurchase agreements and options to swaps. However, internationally accepted standards and the academic literature have left...

Persistent link: https://www.econbiz.de/10009130555

A framework in search of an optimal margining policy for official institutions : the Canadian experience

Nakashima, Tomo; Cosma, Mihai; Plong, Boran - 2016

One of the main outcomes of the global financial crisis has been a series of new regulations imposed on the financial system and specifically on banks. As a result of the changing regulations, bank dealers introduced various "credit" and "liquidity" charges for uncollateralized over-the-counter...

Persistent link: https://www.econbiz.de/10011439879

Financial distress and hedging : evidence from Canadian oil firms

Mo, Kun; Suvankulov, Farrukh; Griffiths, Sophie - 2019

firms with higher short-term and long-term debt tend to hedge more. Furthermore, an increase in the Altman bankruptcy score …

Persistent link: https://www.econbiz.de/10011999674

Multilateral development bank credit rating methodology : overcoming the challenges in assessing relative credit risk in highly rated institutions based on public data

Chen, David; Muller, Philippe; Wagué, Hawa - 2017

The investment of foreign exchange reserves or other asset portfolios requires an assessment of the credit quality of counterparties. Traditionally, foreign exchange reserve managers and other investors have relied on credit rating agencies (CRAs) as the main source for credit assessments. The...

Persistent link: https://www.econbiz.de/10011647655

Methodology for assigning credit ratings to sovereigns

Muller, Philippe; Bourque, Jérôme - 2017

The investment of foreign exchange reserves or other asset portfolios requires an assessment of the credit quality of investment counterparties. Traditionally, foreign exchange reserve and asset managers have relied on credit rating agencies (CRAs) as the main source for credit assessments. The...

Persistent link: https://www.econbiz.de/10011647656

Economics of voluntary information sharing

Liberti, José; Sturgess, Jason; Sutherland, Andrew - 2018

We show that lenders join a U.S. commercial credit bureau when information asymmetries between incumbents and entrants create an adverse selection problem that hinders market entry. Lenders also delay joining when information asymmetries protect them from competition in existing markets,...

Persistent link: https://www.econbiz.de/10011960063

Financial constraints and the cash-holding behaviour of Canadian firms

McVanel, Darcey (contributor); Perevalov, Nikita (contributor) - 2008

The proportion of assets held by the average Canadian firm in the form of cash has increased steadily since the early 1990s, and is now roughly twice as large as in 1990. The literature has established that the cash-holding behaviour of firms is highly correlated with financial constraints and...

Persistent link: https://www.econbiz.de/10003775805