Intangible-intensive firms in the U.S. hold an enormous amount of liquid assets that are in fact short-term debts issued by financial intermediaries. This paper builds a macro-finance model that captures this structure. A self-perpetuating savings glut emerges in equilibrium. As intangibles...

The study investigates the role of financial development in boosting the investment efficiency of firms' investments in China. Using a large sample of firm-level financial data and country level economic data over the period 2004-2015, present study creates a link between financial and real...

Government bailouts undermine the core principles of capitalism. They are also expensive, unjust, unpopular, and usually represent dramatic deviations from the rule of law. However, they are also, in some cases, necessary. The “problem of bailouts,” then, is that they are almost always...

This paper examines that the object function of each insider of IPO firms differs by examining the relationship between the sources of secondary shares and withdrawal decision. Findings reveal that portion of secondary share sold by the venture capitalists is positively related to the withdrawal...

This paper examines whether forward-looking disclosure requirements impact firm business patterns. We rely on the implementation of the Comprehensive Capital Analysis Review (CCAR) stress test on U.S. bank holding companies as our identification strategy. Using a regression discontinuity design...

This document provides a summary of the more detailed cross pricing paper, see "https://ssrn.com/abstract=3278907" https://ssrn.com/abstract=3278907.We present a PowerPoint overview of cross currency swaps (Xccy Swaps) and the pricing formula as seen from a trading perspective. Firstly we...

According to the International Monetary Fund, emerging markets now represent more than a third of global GDP — and are expected to grow at a faster rate than advanced economies. With such explosive growth, investors often assume that an investment strategy focused on growth would yield better...

“In this world nothing can be said to be certain, except death and taxes.” — Benjamin FranklinThe Brandes Institute has added a third inevitability to Ben Franklin's famous quip about life's certainties: short-term underperformance among active managers. Over the years, Institute research...

Global micro-cap stocks have provided greater diversification benefits and a more robust long-term value premium than small- and mid- to large-cap stocks. Among the features contributing to these benefits for micro caps worldwide:• a large, diverse universe with little sell-side research...