NBER WORKING PAPER SERIES AND CAPITAL STRUCTURE
... Risks associated with macroeconomic conditions are crucial for understanding asset prices. Naturally, they should also have important implications for corporate decisions. By introducing macroeconomic conditions into firms’ financing decisions, this paper provides a risk-based explanation for two p ...
... Risks associated with macroeconomic conditions are crucial for understanding asset prices. Naturally, they should also have important implications for corporate decisions. By introducing macroeconomic conditions into firms’ financing decisions, this paper provides a risk-based explanation for two p ...
Personal Finance, Financial Planning, and Financial Counseling
... now focused on hiring and retaining faculty that can teach, conduct research, publish, and raise money. Standardization is particularly important to help administrators predict future faculty and unit productivity. In terms of tenure and promotion, two approaches tend to be used by administrators wh ...
... now focused on hiring and retaining faculty that can teach, conduct research, publish, and raise money. Standardization is particularly important to help administrators predict future faculty and unit productivity. In terms of tenure and promotion, two approaches tend to be used by administrators wh ...
Rethinking Financial Deepening: Stability and Growth
... liquidity of markets), access (ability of individuals to access financial services), and efficiency (ability of institutions to provide financial services at low cost and with sustainable revenues, and the level of activity of capital markets). Second, the effect of financial development on economic ...
... liquidity of markets), access (ability of individuals to access financial services), and efficiency (ability of institutions to provide financial services at low cost and with sustainable revenues, and the level of activity of capital markets). Second, the effect of financial development on economic ...
INVESTMENT-CASH FLOW SENSITIVITY IN SMALL AND MEDIUM
... short term debt increases the likelihood of the firm suffering most from any external shock in the economy or in the financial system. In spite of the ideas of Myers and Majluf (1984), Hogan and Hutson (2005) and Paul et al. (2007) find evidence of SMEs’ main source of external financing being stock ...
... short term debt increases the likelihood of the firm suffering most from any external shock in the economy or in the financial system. In spite of the ideas of Myers and Majluf (1984), Hogan and Hutson (2005) and Paul et al. (2007) find evidence of SMEs’ main source of external financing being stock ...
Systemic Risk and Hedge Funds
... returns historically, but not without commensurate risks, and such risks are currently not widely appreciated or well understood. In particular, we argue that the risk/reward profile for most hedge funds differ in important ways from more traditional investments, and such differences may have potent ...
... returns historically, but not without commensurate risks, and such risks are currently not widely appreciated or well understood. In particular, we argue that the risk/reward profile for most hedge funds differ in important ways from more traditional investments, and such differences may have potent ...
How Much Diversification is Enough
... Answers 1 and 3 make sense within the mean–variance framework. In that framework, only the risk of the overall portfolio (i.e., all the money and changing risk) matters. But Answers 2 and 4 make no sense within the mean– variance framework because they assume a segmentation of the portfolio into lay ...
... Answers 1 and 3 make sense within the mean–variance framework. In that framework, only the risk of the overall portfolio (i.e., all the money and changing risk) matters. But Answers 2 and 4 make no sense within the mean– variance framework because they assume a segmentation of the portfolio into lay ...
Household Vulnerability in Austria
... This study analyzes the indebtedness and vulnerability of households in Austria using data from the Household Finance and Consumption Survey (HFCS), a new source of microdata. The HFCS allows us to investigate potential risks household debt may pose to financial stability. Following the recent liter ...
... This study analyzes the indebtedness and vulnerability of households in Austria using data from the Household Finance and Consumption Survey (HFCS), a new source of microdata. The HFCS allows us to investigate potential risks household debt may pose to financial stability. Following the recent liter ...
The Cost of Financial Frictions for Life Insurers
... Traditional theories of insurance markets assume that insurance companies operate in an efficient capital market and supply policies at actuarially fair prices. Consequently, the market equilibrium is primarily determined by the demand side, either by life-cycle demand (Yaari 1965) or by informationa ...
... Traditional theories of insurance markets assume that insurance companies operate in an efficient capital market and supply policies at actuarially fair prices. Consequently, the market equilibrium is primarily determined by the demand side, either by life-cycle demand (Yaari 1965) or by informationa ...
Liquidity Pricing of Illiquid Assets
... time-on-market for residential property and key findings from this literature are considered in the chapter on time to transact. For real estate investment markets, there are fewer studies and those that exist tend to focus on measurement rather than explanation. For example, McNamara (1998) conduct ...
... time-on-market for residential property and key findings from this literature are considered in the chapter on time to transact. For real estate investment markets, there are fewer studies and those that exist tend to focus on measurement rather than explanation. For example, McNamara (1998) conduct ...
NBER WORKING PAPER SERIES LEVERAGE CONSTRAINTS AND THE INTERNATIONAL TRANSMISSION OF SHOCKS
... financial market structures. We do not attempt to provide an integrated explanation of the recent crisis, or a full quantitative calibration, but instead highlight how the joint process of balance sheet constraints and portfolio interdependence generate an important cross-country propagation effect. ...
... financial market structures. We do not attempt to provide an integrated explanation of the recent crisis, or a full quantitative calibration, but instead highlight how the joint process of balance sheet constraints and portfolio interdependence generate an important cross-country propagation effect. ...
Term-Structure Models: a Review - IME-USP
... was virtually created by power reverse duals. The liquidity implication of this should not underestimated (see, again, [Del Bano (2002)]), yet the standard pricing approach assumes availability and perfect liquidity for the FX options. ...
... was virtually created by power reverse duals. The liquidity implication of this should not underestimated (see, again, [Del Bano (2002)]), yet the standard pricing approach assumes availability and perfect liquidity for the FX options. ...
Changes in Ownership Structure
... cash flow and the potential that these resources may be misdirected increase agency problems inherent in the diffusely owned firm. Mayers and Smith (1981) and Wells, Cox, and Gaver (1995) argued that the relative level of free cash flow, and hence the corresponding agency costs associated with free ...
... cash flow and the potential that these resources may be misdirected increase agency problems inherent in the diffusely owned firm. Mayers and Smith (1981) and Wells, Cox, and Gaver (1995) argued that the relative level of free cash flow, and hence the corresponding agency costs associated with free ...
NBER WORKING PAPER SERIES INTERNATIONAL CONSUMPTION RISK IS SHARED AFTER ALL:
... makes individuals in the observed equilibrium indifferent between moving to the fully integrated equilibrium provides a measure of the risk-sharing gains. In this paper, we ask how international risk-sharing gains are affected when consumption based models match asset return behavior. While asset retu ...
... makes individuals in the observed equilibrium indifferent between moving to the fully integrated equilibrium provides a measure of the risk-sharing gains. In this paper, we ask how international risk-sharing gains are affected when consumption based models match asset return behavior. While asset retu ...
