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Basel III and CEO compensation in banks : pay structures as a regulatory signal

Eufinger, Christian; Gill, Andrej - 2013

This paper proposes a new regulatory approach that implements capital requirements contingent on managerial compensation. We argue that excessive risk taking in the financial sector originates from the shareholder moral hazard created by government guarantees rather than from corporate...

Persistent link: https://www.econbiz.de/10010226049

Equity capital, bankruptcy risk and the liquidity trap

Levintal, Oren - 2011

This paper explains the emergence of liquidity traps in the aftermath of large-scale financial crises, as happened in the US 1930s, Japan 1990s and recently in the US and Europe. The paper introduces a new balance sheet channel that links equity capital to the risk-free interest rate. When...

Persistent link: https://www.econbiz.de/10010335985

Overinvestment, leverage and financial system liquidity : a challenging approach

López-de-Foronda, Óscar; López-de-Silanes, Florencio; … - In: Business research quarterly : BRQ 22 (2019) 2, pp. 96-104

The aim of this paper is to analyse the influence of financial system liquidity and corporate leverage on a firm …'s overinvestment. We posit that when external funds are easily available, as in expansionary monetary periods, debt loses its … traditional role as a managerial control mechanism. Instead, the supply of systemic liquidity results in corporate leverage …

Persistent link: https://www.econbiz.de/10012015933

Corporate liquidity in normal and crisis times : what is the best yardstick?

Dorsman, A. B.; Westerman, Wim - In: Central European review of economics and management : CEREM 5 (2021) 4, pp. 9-32

other multinational firms. Conclusions / findings: Liquidity measures concentrate on cash ratios, working capital ratios and … in specific the cash conversion cycle (CCC). It appears to matter whether a company is production driven or sales driven …

Persistent link: https://www.econbiz.de/10013202348

External financing, corporate governance and the value of cash holdings

Tut, Daniel - In: International review of economics & finance : IREF 91 (2024), pp. 156-179

Persistent link: https://www.econbiz.de/10014492133

Aßmuth, Pascal - 2015 - Reviewed Version: June 18, 2015

The total output of an economy usually follows cyclical movements which are accompanied by similar movements in stock prices. The common explanation relies on the demand side. It points out that stock market wealth drives consumption which triggers production afterward. This paper focuses on...

Persistent link: https://www.econbiz.de/10010510621

Don't Panic! Defending Cowardly Interventions During and after a Financial Crisis

McDonnell, Brett - 2011

Persistent link: https://www.econbiz.de/10013130640

Did Relational Capital Matter During the Financial Crisis?

Kuminova, Evgeniia - 2013

This paper aims to contribute to the body of empirical studies that address the importance of investments in companies' relationships and the way in which they influence value creation in the global economic crisis. We employ linear panel analysis using the Hausman-Taylor model to analyse panel...

Persistent link: https://www.econbiz.de/10013073178

Assmuth, Pascal - 2015

Persistent link: https://www.econbiz.de/10013024310

Finance or Demand : What drives the Responses of Young and Small Firms to Financial Crises?

Giannoulakis, Stelios; Sakellaris, Plutarchos - 2022

Using a large dataset of Greek firms over the period 1998-2014, we investigate the excess sensitivity of small and young firms to the Greek financial crisis, along with the potential sources and aggregate implications. Controlling for size effects, the decline in sales growth rate during the...

Persistent link: https://www.econbiz.de/10013292027

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