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Capital regulation and tail risk
Perotti, Enrico C.; Ratnovski, Lev; Vlahu, Razvan - 2011
The paper studies risk mitigation associated with capital regulation, in a context when banks may choose tail risk assets. We show that this undermines the traditional result that higher capital reduces excess risk-taking driven by limited liability. When capital raising is costly, poorly...
Persistent link: https://www.econbiz.de/10011383199
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Should Managers Estimate Cost of Equity Using a Two-Factor International CAPM?
Dolde, Walter - 2012
For a large sample of U.S. companies, we compare the cost of equity estimates of a two-factor international CAPM with those of the single-factor domestic CAPM and the single-factor global CAPM. Our purpose is to assess how much difference it makes for U.S. firms to use the two-factor ICAPM...
Persistent link: https://www.econbiz.de/10013115952
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Corporate Post-Retirement Benefit Plans and Real Investment
Bartram, Söhnke M. - 2019
This paper shows that the real investment by non-financial firms is systematically related to the size of their defined-benefit plan. In particular, these plans allow R&D-intensive firms to retain and borrow from their employees, which is attractive since they have high adjustment costs, require...
Persistent link: https://www.econbiz.de/10012905009
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Patented Knowledge Capital and Implied Equity Risk Premium
Hegde, Shantaram P. - 2019
Patented knowledge capital improves transparency of research and development expenditures, converts intangible intellectual property into collateralizable and salable assets, enhances sustained competitive advantage, and lowers future financing risk and growth uncertainties. We conjecture and...
Persistent link: https://www.econbiz.de/10012905038
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The Effects of Derivatives on Firm Risk and Value
Bartram, Söhnke M. - 2019
Using a large sample of non-financial firms from 47 countries, we examine the effect of derivative use on firm risk and value. We control for endogeneity by matching users and nonusers on the basis of their propensity to use derivatives. We also use a new technique to estimate the effect of...
Persistent link: https://www.econbiz.de/10012906123
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Taxes, Capital Structure Choices, and Equity Value
Faccio, Mara - 2017
corporate equity. However, the impact of tax reforms is greatly mitigated by the presence of leverage. The value of debt tax …
Persistent link: https://www.econbiz.de/10012973430
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The Hedge Fund Regulation Dilemma : Direct vs. Indirect Regulation
Nabilou, Hossein - 2015
This article studies the regulatory strategies to address the potential systemic risk of hedge funds operation in financial markets. Due to the implications of the choice of regulatory strategies and instruments in terms of mitigating systemic risk, the article focuses on one critical aspect of...
Persistent link: https://www.econbiz.de/10013035084
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Which Risks Should Firms Hedge and Derivatives Should Be Used? Evidence from the UK
Ahmed, Hany; Azevedo, Alcino; Guney, Yilmaz - 2022
This paper uses a dataset that comprises information on 275 nonfinancial firms listed in the FTSE-All share index over the time period between 2005 and 2012, and reveals interesting features of the UK nonfinancial firms regarding the effect of hedging on firm value and performance. We show that...
Persistent link: https://www.econbiz.de/10014235965
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The Theory of Finance : A Novel Finance Model Being Formed on the Internet
Yandiev, Magomet - 2015
supplement the existing ones (classical finance, corporate finance, and Islamic finance), it is argued that the new model will be …
Persistent link: https://www.econbiz.de/10013028577
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Trust : The Unwritten Contract In Corporate Governance
Larcker, David F. - 2014
Corporate governance systems exist to discourage self-interested behavior. One question that is often overlooked is how … extensive these systems should be. A look at corporate governance today suggests that self-interest is high because companies … discourages self interest and encourages trust?Topics, Issues and Controversies in Corporate Governance and Leadership: The Closer …
Persistent link: https://www.econbiz.de/10013063335