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Credit Lines as Monitored Liquidity Insurance : Theory and Evidence
Ippolito, Filippo - 2012
We propose and test a theory of corporate liquidity management in which credit lines provided by banks to firms are a …
Persistent link: https://www.econbiz.de/10013105297
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Credit Lines as Monitored Liquidity Insurance : Theory and Evidence
Acharya, Viral V. - 2013
We propose and test a theory of corporate liquidity management in which credit lines provided by banks to firms are a …
Persistent link: https://www.econbiz.de/10013091385
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Economic Capital for Market Risk
Ebnöther, Silvan - 2015
The interaction of capital and risk for trading and treasury units is of primary interest in the corporate governance of banks as it links operational profitability and strategic risk management. During the financial crisis, several banks' trading units suffered significantly higher losses than...
Persistent link: https://www.econbiz.de/10013019606
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Business uncertainty in developing and emerging economies
Avalos, Edgar; Barrero, Jose Maria; Davies, Elwyn; … - 2024
We study business uncertainty in high- versus low-volatility environments by surveying over 31,000 managers across 41 countries. We elicit subjective probability distributions for future own-firm sales and measure firm-level uncertainty with their mean absolute deviations. Analogously, we...
Persistent link: https://www.econbiz.de/10015071152
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CoCo Bonds with Extension Risk
De Spiegeleer, Jan - 2014
as additional Tier 1 and their step-up feature reduced the probability that the bank skipped the call and kept the bond …
Persistent link: https://www.econbiz.de/10013059528
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The correlation puzzle : the interaction of bond and risk correlation
Bethke, Sebastian; Kempf, Alexander; Gehde-Trapp, Monika - 2013 - This version: August 7, 2013
is most needed. We examine bond correlation using a broad sample of US corporate bonds. We find bond correlation to be … higher during the financial crisis in 2008. Increased bond correlation results from higher correlation between corporate bond … risk factors. Risk factor correlation increases when investor sentiment worsens. This suggests that corporate bond …
Persistent link: https://www.econbiz.de/10009777926
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Strategic Growth Options, Uncertainty and R&D Investment
Vo, Lai Van - 2017
support the theory of strategic growth option in which firms under competition follow preemptive strategy when they face high …
Persistent link: https://www.econbiz.de/10012973970
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Uncertainty, Investment Spikes, and Leverage Adjustments
Im, Hyun Joong - 2020
We study the effects of uncertainty on corporate leverage adjustments with respect to investment spikes and find that overlevered and underlevered firms behave very differently in response to the combination of uncertainty and investment spikes. Overlevered firms facing high uncertainty converge...
Persistent link: https://www.econbiz.de/10012855716
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Investment, Idiosyncratic Risk, and Growth Options
Liu, Clark; Wang, Shujing - 2021
We provide evidence that growth options play an important role in determining the negative relation between corporate investment and idiosyncratic risk in the absence of agency problem. A simple real options model predicts that the negative relation between corporate investment and idiosyncratic...
Persistent link: https://www.econbiz.de/10013245421
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The Effect of Mean Reversion on Entry and Exit Decisions Under Uncertainty
Tsekrekos, Andrianos E. - 2010
Many economic variables of interest exhibit a tendency to revert to predictable long-run levels. However, mean reverting processes are rarely used in investment models in the literature. In most models, geometric Brownian motion processes are used for tractability. In this paper, a firm's entry...
Persistent link: https://www.econbiz.de/10013150516