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Chapter 1. Introduction -- Chapter 2. The Value of the Firm and its Securities -- Chapter 3. Borrowing Constraints, Debt Dynamics and Investment Decisions -- Chapter 4. Imperfect Competition, Working Capital and Tobin’s Q -- Chapter 5. Continuous Time Models, Unsecured Debt and Commitment --...
Persistent link: https://www.econbiz.de/10012596877
We model the learning process of market traders during the unprecedented COVID-19 event. We introduce a behavioral heterogeneous agents' model with bounded rationality by including a correction mechanism through representativeness (Gennaioli et al., 2015). To inspect the market crash induced by...
Persistent link: https://www.econbiz.de/10012654147
This study investigates whether domestic managers and their foreign counterparts differ in terms of return patterns over time, and where such difference originates. Reasons of financial sophistication of mutual fund markets lead to the assumption that money managers may behave differently from...
Persistent link: https://www.econbiz.de/10012768195
We construct a unique and comprehensive data set of 19 real-time daily macroeconomic indicators for 11 Eurozone countries, for the 5/11/2009{4/25/2013 period. We use this new data set to characterize the time-varying dependence of the cross-section of sovereign credit default swap (CDS) spreads...
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In this paper we develop a flexible and analytically tractable framework to compute the Credit Expected Shortfall in an explit if form through Kumaraswamy (1980) distribution with both default rate and recovery rate time-varying. The default rate is assumed to follow a square root process, and...
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A major gap exists between the conceptual suggestion of how much a nation should invest in science, innovation, and technology, and the practical implementation of what is done. We identify 4 critical challenges that must be address in order to develop an environment conducive to collaboration...
Persistent link: https://www.econbiz.de/10014562978