Transparency, Financial Accounting Information, and Corporate
... capital at which the cash flows are discounted. We posit three channels through which financial accounting information improves economic performance, as illustrated in the exhibit.6 First, financial accounting information of firms and their competitors aid managers and investors in identifying and e ...
... capital at which the cash flows are discounted. We posit three channels through which financial accounting information improves economic performance, as illustrated in the exhibit.6 First, financial accounting information of firms and their competitors aid managers and investors in identifying and e ...
An Evaluation of Money Market Fund Reform Proposals
... debt crisis in 2011, MMFs decreased funding of European banks, but correspondingly increased their funding of Japanese and Australian banks. As described by Shin (2012), the dollar liabilities of banks outside the US are substantial. According to data from the Bank of International Settlements, the ...
... debt crisis in 2011, MMFs decreased funding of European banks, but correspondingly increased their funding of Japanese and Australian banks. As described by Shin (2012), the dollar liabilities of banks outside the US are substantial. According to data from the Bank of International Settlements, the ...
Corporate Payout Policy and Market Capitalization
... Third assumption of the dividend irrelevancy theory is regarding perfect certainty. MM described “Perfect certainty” as situation when all investors are fully assured about future earnings and investment plans of all corporations. But there may be very few large and stable firms operating in develop ...
... Third assumption of the dividend irrelevancy theory is regarding perfect certainty. MM described “Perfect certainty” as situation when all investors are fully assured about future earnings and investment plans of all corporations. But there may be very few large and stable firms operating in develop ...
Monetary and Macroprudential Policy Rules in a Model with House
... These same variables do reasonably well in explaining the cross-country variation in house price declines during the Great Recession.2 Such evidence suggests that if central bankers wish to mitigate damaging asset price boom-bust cycles, they should consider reacting to such variables rather than fo ...
... These same variables do reasonably well in explaining the cross-country variation in house price declines during the Great Recession.2 Such evidence suggests that if central bankers wish to mitigate damaging asset price boom-bust cycles, they should consider reacting to such variables rather than fo ...
Interest Rate and Business Cycles in a Credit Constrained Small Open Economy
... world by holding net foreign liabilities - a typical feature of SOE models. Second, the stock of net liabilities is endogenously governed and constrained by the accumulating capital stock. The latter works as collateral in the sense of Kiyotaki and Moore (1997). Third, the economy’s representative ...
... world by holding net foreign liabilities - a typical feature of SOE models. Second, the stock of net liabilities is endogenously governed and constrained by the accumulating capital stock. The latter works as collateral in the sense of Kiyotaki and Moore (1997). Third, the economy’s representative ...
Endogenous Credit Cycles
... expressed view among economists and policy makers: namely, that periods characterized by lax credit and rapid expansion of output and investment may themselves sow the seeds of a future downturn. The goal of this paper is to provide a stylized model in which, absent any type of shocks, imperfections ...
... expressed view among economists and policy makers: namely, that periods characterized by lax credit and rapid expansion of output and investment may themselves sow the seeds of a future downturn. The goal of this paper is to provide a stylized model in which, absent any type of shocks, imperfections ...
Corporate Governance, Ownership Structure Perspective and Firm
... corporate governance structures. Proper corporate governance structures are crucial for a progressive economic growth and social development. Recently corporate governance challenges came into focus in the wake of the global financial crisis (OECD, 2011). There is need to put in place proper corpora ...
... corporate governance structures. Proper corporate governance structures are crucial for a progressive economic growth and social development. Recently corporate governance challenges came into focus in the wake of the global financial crisis (OECD, 2011). There is need to put in place proper corpora ...
Trade and Development Report, UNCTAD, 2004
... international trading system and reap the benefits of globalization. The Report stresses the importance of building a truly multilateral monetary system, in which all countries, not just a few, have a voice in the decisions affecting their lives and prospects. By complementing the multilateral tradi ...
... international trading system and reap the benefits of globalization. The Report stresses the importance of building a truly multilateral monetary system, in which all countries, not just a few, have a voice in the decisions affecting their lives and prospects. By complementing the multilateral tradi ...
An Empirical Comparison of Interest and Growth Rates Munich Personal RePEc Archive
... The debt level of the United States of America (USA) is currently at over $17.6 trillion4, the highest it has ever been. Thinking back to what happened in Europe in the past years, this could be quite alarming. Taking advantage of the low interest rates to bring these numbers down seems like a sens ...
... The debt level of the United States of America (USA) is currently at over $17.6 trillion4, the highest it has ever been. Thinking back to what happened in Europe in the past years, this could be quite alarming. Taking advantage of the low interest rates to bring these numbers down seems like a sens ...
Transactions Costs and Capital Structure Choice: Evidence from
... financial distress may have pushed them far away from their optimal capital structures. To get their debt levels down, financially distressed firms must either persuade creditors to write down their claims, or retire the debt by selling assets and/or new securities. However, for a number of reasons ...
... financial distress may have pushed them far away from their optimal capital structures. To get their debt levels down, financially distressed firms must either persuade creditors to write down their claims, or retire the debt by selling assets and/or new securities. However, for a number of reasons ...
The political economy of private sector
... The political economy of private sector development in MENA: Credible commitment, rent-seeking and institutionalization Dissatisfaction among the governments and citizens of MENA countries with the rate of income and employment growth has motivated a search for policy solutions that would increase ...
... The political economy of private sector development in MENA: Credible commitment, rent-seeking and institutionalization Dissatisfaction among the governments and citizens of MENA countries with the rate of income and employment growth has motivated a search for policy solutions that would increase ...
pension funds and the u
... The irrelevance of pension fund asset allocation as described above is in fact identical in structure to the first proposition of Modigliani and Miller (1958). They used the same arbitrage construction to show that the value of a firm was the same (to first order) whether financed by equity or debt. ...
... The irrelevance of pension fund asset allocation as described above is in fact identical in structure to the first proposition of Modigliani and Miller (1958). They used the same arbitrage construction to show that the value of a firm was the same (to first order) whether financed by equity or debt. ...
Financial liberalization, financial development and economic growth
... framework proffers policy prescription to effectively deal with the adverse effects of financial repression. This prescription hinges mainly on interest rate liberalization i.e. market determined interest rates. It is believed that due to financial repression, interest rates would be at sub optimal ...
... framework proffers policy prescription to effectively deal with the adverse effects of financial repression. This prescription hinges mainly on interest rate liberalization i.e. market determined interest rates. It is believed that due to financial repression, interest rates would be at sub optimal ...
Hedge Fund Activism April Klein, Stern School of Business, New
... who are both “accredited investors” (those with total annual incomes over $200,000 or a net worth over $1 million) and “qualified investors” (those with at least $5 million in investments). Thus, hedge fund investors have the financial resources to absorb large financial losses. Further, all of our ...
... who are both “accredited investors” (those with total annual incomes over $200,000 or a net worth over $1 million) and “qualified investors” (those with at least $5 million in investments). Thus, hedge fund investors have the financial resources to absorb large financial losses. Further, all of our ...