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We study the cyclical fluctuations of leverage and assets of financial intermediaries and GDP in the United States. Leverage and assets are several times more volatile than GDP, and experience larger fluctuations for unregulated (‘shadow’) intermediaries than for regulated ones. While the...
Persistent link: https://www.econbiz.de/10012530385
synergy). We show that the existence of positive synergies implies declining expected prices. When synergies are negative … simultaneously as a bundle or sequentially when synergies are positive. Second, when synergies are negative, the expected revenue … addition, in the presence of positive synergies, an option to buy the additional object at the price of the first object is …
Persistent link: https://www.econbiz.de/10009448603
The thesis investigates the impact of endogenous financial synergies on the product market behavior of merging firms …. Examining a diversifying merger of risk-neutral firms in unrelated product markets, it finds that purely financial synergies … aspects of mergers and acquisitions that cause financial synergies are therefore important for the assessment of unilateral …
Persistent link: https://www.econbiz.de/10009449718
demand side policies, and the potential synergies between them, in an asymmetric monetary union that faces a liquidity trap … rates produces positive synergies between the three policies: forward guidance reinforces the expansionary effects of …
Persistent link: https://www.econbiz.de/10012530499
We study the impacts of bankruptcy risk on the performance of market-based pollution control policies. In chapter one, we concentrate on emissions trading markets. We find that firms that risk bankruptcy demand more permits than if they were financially secure. Thus, bankruptcy risk in a...
Persistent link: https://www.econbiz.de/10009468112
In this article we have discussed several aspects as companies are concerned. Thus, we will focus in particular on the limited liability company, which can either be single-person or multi-person. We consider it appropriate to highlight the facilities granted to those students who wish to set up...
Persistent link: https://www.econbiz.de/10012244709
Im Fahrzeugbau und im Verkehrswesen hat die praktische Umsetzung von Ubiquitous Computing Technologien einen hohen Grad erreicht. Unter diesem Begriff ist die Ausstattung unterschiedlicher Gegenst?nde mit Prozessoren und Sensoren zu verstehen, welche in der Lage sind, Daten ?ber ihren eigenen...
Persistent link: https://www.econbiz.de/10009482327
Medicare has recently experienced the largest expansion of benefits since its in- ception: the inclusion of prescription drug coverage under the Medicare Prescription Drug, Improvement and Modernization Act of 2003. The policy debate has mainly focused on estimating the cost of implementing the...
Persistent link: https://www.econbiz.de/10009438528
Over the last two decades, bank credit has evolved from the traditional relationship banking model to an originate-to-distribute model where banks can originate loans, earn their fee, and then sell them off to investors who desire such exposures. We show that the borrowers whose loans are sold...
Persistent link: https://www.econbiz.de/10009441128
Two complementary sources of information are studied in a multiperiod agency model. One is an accounting source which partially but credibly conveys the agent’s private information through accounting recognition. The other is an unverified communication by the agent (i.e., a self-report). In a...
Persistent link: https://www.econbiz.de/10009441137