Showing 1 - 10 of 22
We provide evidence that existing studies relating financial condition to product market cooperation produce mixed results because of unique features of the industries examined. In particular, all evidence suggesting that poor financial condition decreases cooperation comes from the airline...
Persistent link: https://www.econbiz.de/10010892303
We describe a recent innovation in the corporate lending business whereby banks tie the interest rate during the life of the loan to the borrowers’ credit default swap spreads or to a CDS index. We also discuss the potential impact this innovation may have on bank lending and more generally on...
Persistent link: https://www.econbiz.de/10010840127
This research project seeks to address two critical problems in the theory of international bond pricing: 1) how can exchange rate risk be formally incorporated into standard bond valuation models?, and 2) how must strategies to “immunize†bonds against interest rate and inflation risk...
Persistent link: https://www.econbiz.de/10004977153
In the present paper an analysis of the neo-classical optimization model with linear constraints is proposed. By introducing the dual problem it is shown that the solution to the maximization problem is also a solution to the minimization problem. The purely theoretical model proposes a...
Persistent link: https://www.econbiz.de/10008800064
Enzymatic fuel cells convert the chemical energy of biofuels into electrical energy. Unlike traditional fuel cell types, which are mainly based on metal catalysts, the enzymatic fuel cells employ enzymes as catalysts. This fuel cell type can be used as an implantable power source for a variety...
Persistent link: https://www.econbiz.de/10011031120
The financing of R&D provides a potentially important channel to link finance and economic growth, but there is no direct evidence that financial effects are large enough to impact aggregate R&D. U.S. firms finance R&D from volatile sources: cash flow and stock issues. We estimate dynamic R&D...
Persistent link: https://www.econbiz.de/10005302268
The study of the investment-cash flow (ICF) sensitivity constitutes one of the largest literatures in corporate finance, yet little is known about changes in the ICF relationship over time, and the literature has largely ignored how rising R&D investment and developments in equity markets have...
Persistent link: https://www.econbiz.de/10005201434
Persistent link: https://www.econbiz.de/10010722087
Does auditor independence increase the quality of financial disclosures, and is regulation necessary to realize such improvements? Conventional wisdom answers "yes!," but lacks support from scholarly studies. We thus investigate whether auditor independence affects earnings quality in ways that...
Persistent link: https://www.econbiz.de/10008469971
We explore the importance of new public firms and public equity finance for R&D and creative destruction in the US high-tech sector. Over 1900 new public firms enter high-tech manufacturing between 1970 and 2004; they are increasingly R&D intensive and rely extensively on public equity finance in...
Persistent link: https://www.econbiz.de/10008522827