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New Paradigms in Banking, Financial Markets and Regulation?
Ayadi, Rym; masciandaro, donato; Quintyn, Marc G.; … - SUERF - The European Money and Finance Forum
On May 11-12, 2011, SUERF, the Belgian Financial Forum, the Brussels Finance Institute and the Centre for European Policy Studies (CEPS) jointly organised the 29th SUERF Colloquium New paradigms in money and finance? The papers included in this SUERF Study are based on contributions to the...
Persistent link: https://www.econbiz.de/10011070913
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SPACs with focus on China
Shachmurove, Yochanan; Vulanovic, Milos - Volkswirtschaftliche Fakultät, … - 2014
for companies from China in period 2004-2011. We offer the evidence that, similarly to evidence from studies on reverse … mergers focusing on China, SPACs that focus on China are not different in their characteristics from other SPACs. We test for … the performance of the SPACs focused on China and show that their performance is not inferior to the performance of other …
Persistent link: https://www.econbiz.de/10011113827
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Balance sheet capacity and endogenous risk
Danielsson, Jon; Song Shin, Hyun; Zigrand, Jean-Pierre - London School of Economics (LSE) - 2011
Banks operating under Value-at-Risk constraints give rise to a welldefined aggregate balance sheet capacity for the banking sector as a whole that depends on total bank capital. Equilibrium risk and market risk premiums can be solved in closed form as functions of aggregate bank capital. We...
Persistent link: https://www.econbiz.de/10010884614
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Security Issuances in Hot and Cold Markets
Maung, Min - In: Review of Pacific Basin Financial Markets and Policies … 17 (2014) 03, pp. 1450020-1
Overwhelming evidence indicates that firms time market conditions to issue equity. I investigate the motivations for security issuances in hot and cold markets. While it is commonly believed that firms tend to exploit overvaluations to issue equity and overinvest in so-called 'hot' markets,...
Persistent link: https://www.econbiz.de/10010887053
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Corporate Bankruptcy, Soft Budget Constraints, and Business Group Affiliation: Evidence from Indian Firms
Komera, Surenderrao; Jijo Lukose P. J. - In: Review of Pacific Basin Financial Markets and Policies … 17 (2014) 03, pp. 1450016-1
We examine the ex-ante performance of 1185 firms that filed for bankruptcy between 1992 and 2009. Evidence suggests that firm specific poor operating performance and industry wide distress are the principal causes (contributing 42% each for cash flow shortfall) of corporate distress. We observe...
Persistent link: https://www.econbiz.de/10010887056
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A Review of Merton’s Model of the Firm’s Capital Structure with Its Wide Applications
Sundaresan, Suresh - In: Annual Review of Financial Economics 5 (2013) 1, pp. 21-41
Since its publication, the seminal structural model of default by <xref ref-type="bibr" rid="B45">Merton (1974) has become the workhorse for gaining insights about how firms choose their capital structure, a “bread and butter” topic for financial economists. Capital structure theory is inevitably linked to several...</xref>
Persistent link: https://www.econbiz.de/10011004681
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Do Economic Growth, Human Development and Political Stability favour sovereign Creditworthiness of a Country? A Cross Country Survey on Developed and Developing Countries
Bundala, Ntogwa - Volkswirtschaftliche Fakultät, … - 2012
One of the challenges face a country or firm when deciding to lend a foreign country or firm is how to appraise the creditworthiness of that firm or country? It is experienced and commonly use of credit ratings established by Credit Rating Agencies (Moody’s, Standard and Poor’s and Pitch) as...
Persistent link: https://www.econbiz.de/10011259511
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Regulatory capital determination and Its implications for internal ratings-based credit risk model development and validation
Cao, Honggao - Volkswirtschaftliche Fakultät, … - 2012
Focusing on the interconnections between the Basel regulatory capital formula and several well-specified statistical models, this working paper seeks to understand some of the important issues embedded in the Basel Accord. These include: Where does this formula come from? What risks does it try...
Persistent link: https://www.econbiz.de/10011260179
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The performance of commercial banks and the determinants of profitability: Evidence from Kosovo
Govori, Fadil - Volkswirtschaftliche Fakultät, … - 2013
Financial intermediaries perform indirect financing, and in this context, commercial banks are very important participants. They carry out the bulk of indirect financing transactions. On the other hand, the implementation mechanism of monetary policy is closely linked to the functioning of the...
Persistent link: https://www.econbiz.de/10011260910
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Market liquidity risk and its incorporation into value at risk
Strnad, Petr - In: Acta Oeconomica Pragensia 2009 (2009) 2, pp. 21-37
Over the past few years, the Value at Risk indicator (VaR) has evolved, without doubt, into the most frequently used comprehensive tool for assessment of potential losses caused by adverse changes in market rates. However, the common models used for VaR assessment are based only on mid prices...
Persistent link: https://www.econbiz.de/10005079050