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Transparency, Financial Accounting Information, and Corporate
Transparency, Financial Accounting Information, and Corporate

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... 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
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... 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 ...
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... 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 ...
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... 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 ...
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... 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 ...
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... 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. ...
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... 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 ...
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... 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 ...
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Global saving glut

Global saving glut (also global savings glut, GSG, cash hoarding, dead cash, dead money, glut of excess intended saving, shortfall of investment intentions), describes a situation in which desired saving exceeds desired investment. By 2005 Ben Bernanke, chairman of the Federal Reserve, the central bank of the United States, expressed concern about the ""significant increase in the global supply of saving"" and its implications for monetary policies, particularly in the United States. Although Bernanke's analyses focused on events in 2003 to 2007 that led to the 2007–2009 financial crisis, regarding GSG countries and the United States, excessive saving by the non-financial corporate sector (NFCS) is an ongoing phenomenon, affecting many countries. Bernanke's ""celebrated (if sometimes disputed)"" global saving glut (GSG) hypothesis argued that increased capital inflows to the United States from GSG countries were an important reason that U.S. longer-term interest rates from 2003 to 2007 were lower than expected.Alan Greenspan testifying at the Financial Crisis Inquiry Commission in 2010 explained, ""Whether it was a glut of excess intended saving, or a shortfall of investment intentions, the result was the same: a fall in global real long-term interest rates and their associated capitalization rates. Asset prices, particularly house prices, in nearly two dozen countries accordingly moved dramatically higher. U.S. house price gains were high by historical standards but no more than average compared to other countries.""An 2007 Organisation for Economic Co-operation and Development (OECD) report noted that the ""excess of gross saving over fixed investment (i.e. net lending) in the ""aggregate OECD corporate sector"" had been unusually large since 2002. In a 2006 International Monetary Fund report, it was observed that, ""since the bursting of the equity marketbubble in the early 2000s, companies in many industrial countries have moved from their traditional position of borrowing funds to finance their capital expenditures to running financial surpluses that they are now lending to other sectors of the economy."" David Wessell in a Wall Street Journal article observed that, ""[c]ompanies, which normally borrow other folks’ savings in order to invest, have turned thrifty. Even companies enjoying strong profits and cash flow are building cash hoards, reducing debt and buying back their own shares—instead of making investment bets."" Although the hypothesis of excess cash holdings or cash hoarding has been used by the Organisation for Economic Co-operation and Development (OECD), the International Monetary Fund and the media Wall Street Journal, Forbes, Canadian Broadcasting Corporation, the concept itself has been disputed and criticized as conceptually flawed in articles and reports published by the Hoover Institute, the Max-Planck Institute and the CATO Institute among others. Ben Bernanke used the phrase ""global savings glut"" in 2005 linking it to the U.S. current account deficit.In their July 2012 report Standard and Poors described the ""fragile equilibrium that currently exists in the global corporate credit landscape."" U.S. nonfinancial corporate sector NFCS firms continued to hoard a ""record amount of cash"" with large profitable investment-grade companies and technology and health care industries (with significant amounts of cash overseas), holding most of the wealth.By January 2013, NFCS firms in Europe had over 1 trillion euros of cash on their balance sheets, a record high in nominal terms.
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