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On 5-6 September 2012 SUERF held its 30th Colloquium “States, Banks, and the Financing of the Economy” at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the papers in this publication discuss from different...
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among Chinese listed firms. We first document an asymmetric effect of trade payables and receivables on cash holdings, in … that firms hold an additional $0.71 of cash for every $1 of credit payable but use $1 of receivables as a substitute for … payables while substituting more receivables for cash. A more highly developed financial sector helps firms to better use trade …
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impact on borrowing according to the theory of signalling whereas the negative correlation of profit and debt supports …
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This paper analyses the influence of economic fluctuations on the financing decisions of companies from Indonesia and Malaysia from 1996 to 2005. Our results show that companies with better access to external capital and those that adjust their financial structures faster outperform other...
Persistent link: https://www.econbiz.de/10008538672
This Paper analyses the transmission mechanisms of monetary policy in a general equilibrium model of securities markets and banking with asymmetric information. Banks' optimal asset/liability policy is such that in equilibrium capital adequacy constraints are always binding. Asymmetric...
Persistent link: https://www.econbiz.de/10005136682
This paper proposes a model that links households and firms, as usual, by markets for factors and goods and, additionally, by a banking sector that channels households' funds to firms and eliminates idiosyncratic risk. In equilibrium, agency costs and tax benefits of corporate debt are...
Persistent link: https://www.econbiz.de/10005464696