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Reallocation of corporate resources and managerial incentives in internal capital markets
Brusco, Sandro; Panunzi, Fausto - 2002
Diversified firms often trade at a discount with respect to their focused counterparts. The literature has tried to explain the apparent misallocation of resources with lobbying activities or power struggles. We show that diversification can destroy value even when resources are efficiently...
Persistent link: https://www.econbiz.de/10011410226
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Topics in Finance, Part V - Capital Structure
Laux, Judith A. - 2010
Continuing this series on the theory of financial management, the current article investigates capital structure, offering insight into the roles of stockholder wealth maximization, the risk-return trade-off, and agency conflicts. Much literature addresses this topic, and some of the most recent...
Persistent link: https://www.econbiz.de/10013136319
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Foreign currency loans and systemic risk in Europe
Yeşin, Pınar - 2013
Foreign currency loans to the unhedged non-banking sector are remarkably prevalent in Europe and create a significant … exchange-rate-induced credit risk to European banking sectors. In particular, Swiss franc (CHF)-denominated loans, popular in … that banks in Europe have continuously held more foreign-currency-denominated assets than liabilities, indicating their …
Persistent link: https://www.econbiz.de/10010221680
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Corporate debt covenants in Australia
Nguyen, Kim - In: Bulletin / Reserve Bank of Australia (2021), pp. 57-64
Persistent link: https://www.econbiz.de/10012804587
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Financing investment: the choice between bonds and bank loans
Morellec, Erwan; Valta, Philip; Zhdanov, Alexei - 2014
bargaining power in default, operating in more competitive product markets, and facing lower credit supply are more likely to …
Persistent link: https://www.econbiz.de/10010258730
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Financing investment : the choice between bonds and bank loans
Morellec, Erwan; Valta, Philip; Zhdanov, Alexei - In: Management science : journal of the Institute for … 61 (2015) 11, pp. 2580-2602
Persistent link: https://www.econbiz.de/10011409076
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Debt market trends and predictors of specialization : an analysis of Pakistani corporate sector
Khan, Kanwal Iqbal; Qadeer, Faisal; Mata, Mário Nuno; … - In: Journal of risk and financial management : JRFM 14 (2021) 5, pp. 1-16
-affiliated, and low-leverage companies incline more towards this strategy. Credit rating, debt maturity, financial and interest …
Persistent link: https://www.econbiz.de/10012587447
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The Determinants of Long-Term Debt Issuance by European Banks : Evidence of Two Crises
Rixtel, Adrian Van - 2015
This paper is one of the first to investigate the determinants of bond issuance by European banks. We use a unique database of around 50,000 bonds issued by 63 banks from 14 European countries, allowing us to differentiate between different types of long-term debt securities. By investigating at...
Persistent link: https://www.econbiz.de/10013014489
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Improving the Role of Equity Crowdfunding in Europe's Capital Markets
Wilson, Karen E. - 2014
. Despite the hype, equity crowdfunding is still the smallest. Due to exemptions in legislations, Europe has been at the … start-ups can play job creation and economic growth in Europe. In this paper, we assess the potential role of equity …
Persistent link: https://www.econbiz.de/10013046686
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The Determinants of Long-Term Debt Issuance by European Banks : Evidence of Two Crises
Rixtel, Adrian Van - 2016
This paper is one of the first to investigate the determinants of bond issuance by European banks. We use a unique database of around 50,000 bonds issued by 63 banks from 14 European countries to test explicitly a broad set of hypotheses on the drivers of bond issuance. The sample covers the two...
Persistent link: https://www.econbiz.de/10012981753