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Currency Substitution and Currency Crises

Sun, Yu-Fong; Tsaur, Tien-Wang - In: Journal of Economics and Management 3 (2007) 2, pp. 177-199

This paper investigates the relationship between the collapse timing of exchange rate regime and degree of substitutability of foreign currency for domestic currency as a medium of exchange. According to the spirit of Chen et al. (1981), Tsaur (1987), Chang et al. (1991), we set up a...

Persistent link: https://www.econbiz.de/10008555941

Real Exchange Rate Variation and Export Revenue: Asian Evidence

Fang, Wen-Shwo; Chang, Tsang-Yao; Lai, YiHao - In: Journal of Economics and Management 3 (2007) 1, pp. 67-96

Exchange rate movements affect exports through depreciation (appreciation) and risk. Depreciation may raise exports but exchange rate risk could offset the positive effect. This paper investigates the net effect for eight Asian countries using a dynamic conditional correlation bivariate GARCH-M...

Persistent link: https://www.econbiz.de/10008555966

The Determinants of Corporate Debt Financing Strategies

Wang, Han-Min; Tsaur, Shiow-Huey - In: Journal of Economics and Management 2 (2006) 1, pp. 53-70

This paper employs an incremental approach to explore the determinants of corporate debt financing strategies such as the factors of the issuing costs, information asymmetry, growth opportunity, credit quality and managerial ownership. Addition to univariate analysis model, we use multiple logit...

Persistent link: https://www.econbiz.de/10008555953

The Motivations of Issuing Convertible Bonds - An Inquiry regarding the Sequential-Financing Hypothesis

Chen, Chun-Da; Hung, Fu-Pin; Chen, Dar-Hsin; Lin, Hsin-Ho - In: Journal of Economics and Management 4 (2008) 2, pp. 229-250

The aim of this paper is to re-examine the sequential-financing hypothesis in the context of convertible bond issuances from firms listed on the Taiwan Stock Exchange from 1994 to 2003. The results contend that announcements of convertible debt offerings are, on average, associated with...

Persistent link: https://www.econbiz.de/10008541454

MM 命题 : 重新思考 (MM Proposition: Re-think)

Chen, Deng-Ta - 2020

Chinese Abstract: MM 命题的最大贡献是提出完美市场假设和使用套利证明方法。本文回顾了完美市场假设和无套利原理,然后对 MM...

Persistent link: https://www.econbiz.de/10012854798

未来现金流ABS风险分析：国外评级方法比较与借鉴 (Risk Analysis of Future Flow Securitization : A Comparative Study of International Rating Methodologies)

Zhang, Haiyun - 2020

Chinese Abstract:...

Persistent link: https://www.econbiz.de/10012847239

持有成本与期货最优套期保值 (The Cost of Carry and the Optimal Hedge in Futures Market)

Chen, Deng-Ta - 2018

statistical games back to its original financial nature of derivatives pricing. Thus the estimation of hedge ratio is simplified … futures are not treated as financial derivatives, naïve hedge outperforms complex models. If the futures pricing theory is … taking account when hedging, computing hedge ratio by way of forecasting cost of carry, the hedge effectiveness is higher …

Persistent link: https://www.econbiz.de/10012930120