Similar Search Results

Systemic Liquidity Crisis with Dynamic Haircuts

Sever, Can - Volkswirtschaftliche Fakultät, … - 2014

In this paper, using network tools, I analyse systemic impacts of liquidity shocks in interbank market in case of endogenous haircuts. Gai, Haldane and Kapadia (2011) introduce a benchmark for liquidity crisis following haircut shocks, and Gorton and Metrick (2010) reveal the evidence from...

Persistent link: https://www.econbiz.de/10011111629

Industry Shocks, Operating Risk, and Corporate Financial Policies around the World

Makaew, Tanakorn; Maksimovic, Vojislav - Volkswirtschaftliche Fakultät, … - 2013

Although developing economies are more volatile, firms in developed countries hold more cash and less debt. We show that despite greater aggregate and industry stability, the performance and balance sheets of individual firms in developed countries are more volatile. In developing countries,...

Persistent link: https://www.econbiz.de/10011113771

SPACs with focus on China

Shachmurove, Yochanan; Vulanovic, Milos - Volkswirtschaftliche Fakultät, … - 2014

In this study, we examine characteristics of Specified Purpose Acquisition Companies (SPACs) used as a financing tool for companies from China in period 2004-2011. We offer the evidence that, similarly to evidence from studies on reverse mergers focusing on China, SPACs that focus on China are...

Persistent link: https://www.econbiz.de/10011113827

The effect of firm size on the leverage–performance relationship during the financial crisis of 2007–2009

Vithessonthi, Chaiporn; Tongurai, Jittima - In: Journal of Multinational Financial Management 29 (2015) C, pp. 1-29

We draw on a comprehensive set of data of all registered firms in Thailand to examine whether firm size affects the relation between leverage and operating performance during the global financial crisis of 2007–2009. From a data set of 496,430 firm-year observations of a sample of 170,013...

Persistent link: https://www.econbiz.de/10011189776

Does Corporate Hedging Enhance Shareholder Value? A Meta-Analysis

Bessler, Wolfgang - 2019

reasons why hedging should lead to enhanced shareholder value, but empirical evidence in support of a substantial value … increase from hedging is, at best, mixed. In this paper, we synthesize the empirical evidence for value enhancement in firms …' hedging with derivatives using a statistical meta-analysis combining data from 47 different studies. Our findings indicate …

Persistent link: https://www.econbiz.de/10012897147

Input Hedging, Output Hedging, and Market Power

De Angelis, David - 2016

We argue that commodity input hedging is different from commodity output hedging. Output hedging can be detrimental to … prices. In rational markets such hedging will be expensive and we expect to see a negative relationship between hedging and … currency hedging. Finally, our empirical framework, which differentiates between hedging inputs and hedging outputs, can also …

Persistent link: https://www.econbiz.de/10013008765

Longevity Hedge Effectiveness : A Decomposition

Cairns, Andrew J. G. - 2020

We use a case study of a pension plan wishing to hedge the longevity risk in its pension liabilities at a future date. The plan has the choice of using either a customised hedge or an index hedge, with the degree of hedge effectiveness being closely related to the correlation between the value...

Persistent link: https://www.econbiz.de/10012832832

Currency Exposure and Hedging Practices among Indian Non-financial Firms

Praveen Bhagawan M.; Lukose, P.J. Jijo - In: Foreign Trade Review 49 (2014) 3, pp. 247-262

evaluate the impact of hedging strategies adopted by our sample firms on the exchange-rate exposure. Our evidence suggests that … currency derivatives for hedging and not for speculative purposes. These results are found to be robust to alternative ways of …

Persistent link: https://www.econbiz.de/10011138675

Gestion du risque et investissement dans les hedge funds : le cas de la faillite d’Amaranth Advisors (Risk Management and Investment in Hedge Funds: The Amaranth Case)

Petitjean, Mikael; Lebrun, Sébastien - 2021

French Abstract. L’objectif de cette étude est d’analyser l’évolution du profil de risque des hedge funds pour parvenir à mieux se protéger contre un risque de faillite. L’étude de cas porte sur la débâcle d’Amaranth Advisors, hedge fund multi-stratégique qui a perdu plus de 6...

Persistent link: https://www.econbiz.de/10013250587

Can the stock market anticipate future operating performance? Evidence from equity rights issues

Kabir, Kabir, R.; Roosenboom, Roosenboom, P.G.J. - Erasmus Research Institute of Management (ERIM), … - 2002

This paper examines whether the stock market valuation impact is consistent with subsequent operating performance of firms. We use data for equity rights offerings - the widely adopted flotation method in the Netherlands. We first examine the stock market announcement effect of rights issues and...

Persistent link: https://www.econbiz.de/10010731124