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CHAPTER 7
CHAPTER 7

... Balance of Accounts Receivable Control account$5478 Total of schedule of debtors$2896 Balance of Accounts Payable Control account$7368 Total of schedule of creditors$4034 Because the schedules and control account balances do not agree, an investigation was carried out. The following errors and omiss ...
Impairment Measurement of the impairment loss: Debt
Impairment Measurement of the impairment loss: Debt

... The accounting requirements applicable to small and medium-sized entities (SMEs) are set out in the International Financial Reporting Standard (IFRS) for SMEs, which was issued by the IASB in July 2009. The IFRS Foundation, the authors, the presenters and the publishers do not accept responsibility ...
French Mid-Market Companies Display Financial
French Mid-Market Companies Display Financial

... However, our study shows that many mid-market firms tend to offset this higher volatility by maintaining more conservative financial policies. This is illustrated by lower leverage ratios compared to large French and European corporates and larger cash holdings on average compared to large European ...
Determinants of Going-Public Decision in an Emerging
Determinants of Going-Public Decision in an Emerging

Sovereign and corporate credit risk
Sovereign and corporate credit risk

... in our sample. Sovereign CDS spreads are essentially nil for the first three quarters of 2008 and ramp up after September 2008 —a result of the financial crisis and the consequent bank bailout policies adopted by most governments— reaching levels of 100—200 basis points (bps) at the beginning of 20 ...
Country Spreads and Emerging Countries: Who Drives Whom?
Country Spreads and Emerging Countries: Who Drives Whom?

... If in reality country interest rates responded countercyclically to domestic conditions in emerging economies, then the findings of Neumeyer and Perri (2001) would be better interpreted as an upper bound on the contribution of country interest rates to business cycle fluctuations in emerging countri ...
Calculator Output
Calculator Output

FinancingPatterns Aug2004-revisions - Research portal
FinancingPatterns Aug2004-revisions - Research portal

... informal financing does little to relax financial constraints faced by small firms in developing economies. Moreover, we find that small firms do not use disproportionately more leasing or trade finance compared to larger firms. In particular, financing from these sources does not fill in the financ ...
HOW THE FLAWS OF BASEL II LED TO THE COLLAPSE OF BEAR
HOW THE FLAWS OF BASEL II LED TO THE COLLAPSE OF BEAR

... business similar to any other commercial enterprise.15 As a result, the advocates of this position assert that investment banks should be subject to the same regulatory oversight as any other business.16 Such oversight is often relaxed or entirely nonexistent. Nonetheless, every nation in the world ...
NBER WORKING PAPER SERIES COUNTRY SPREADS AND EMERGING COUNTRIES: WHO DRIVES WHOM?
NBER WORKING PAPER SERIES COUNTRY SPREADS AND EMERGING COUNTRIES: WHO DRIVES WHOM?

... If in reality country interest rates responded countercyclically to domestic conditions in emerging economies, then the findings of Neumeyer and Perri (2001) would be better interpreted as an upper bound on the contribution of country interest rates to business cycle fluctuations in emerging countri ...
the relationship betweeen financial leverage and
the relationship betweeen financial leverage and

... objective a descriptive research design was used. The study considered firms that have been listed on the NSE for the past five years and utilized secondary data obtained from the period 2010-2015. Data was collected from 47 listed firms which represented a response rate of 73 percent. This was cons ...
Understanding Short-termism: the Role of Corporate Governance.
Understanding Short-termism: the Role of Corporate Governance.

Determinants of Capital Structure: Evidence from a Major
Determinants of Capital Structure: Evidence from a Major

... been extensive theoretical work on the determinants of firms’ capital structures. Already by the early 1980s, these efforts culminated in the development of the two major theories of capital structure. In the (static) trade-off theory, firms trade off tax savings from debt financing against deadweig ...
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GOLDEN STAR RESOURCES LTD (Form: 10-Q/A

... stripping rates at Bogoso/Prestea, equipment replacement at Wassa, our expansion plans for Bogoso/Prestea and related permitting and capital costs, cash requirements and sources, production capacity, operating costs and gold recoveries. The following, in addition to the factors described under "Risk ...
Interest Rate, Credit to Private Sector, Inflation Rate, Money Supply
Interest Rate, Credit to Private Sector, Inflation Rate, Money Supply

Banking crises and the lending channel: Evidence from industrial
Banking crises and the lending channel: Evidence from industrial

Theories of Foreign Direct Investment
Theories of Foreign Direct Investment

... shifting among national markets rapidly. They are a big factor in rapid growth in new equity markets in developing countries, suggesting that financial liberalization can attract significant amounts of capital. Their abrupt reversal can play a role in currency crises, such as those in Mexico, Argent ...
Market Risk, Mortality Risk, and Sustainable Retirement
Market Risk, Mortality Risk, and Sustainable Retirement

... to meet living expenses; see Kingston (2000) for more on this point.) While some simple rules of thumb have been expressed—for instance, Bodie and Crane (1997) and Booth (2004) note that investors often set the stock allocation in their portfolios equal 100 minus the their age—a wide variety of opti ...
NBER WORKING PAPER SERIES AND CAPITAL STRUCTURE
NBER WORKING PAPER SERIES AND CAPITAL STRUCTURE

... firms rarely default, which makes the model-generated spreads sensitive to small measurement errors in the conditional default probabilities.2 This model explicitly connects the conditional default probabilities to macroeconomic conditions and firm cash flows through firms’ endogenous decisions, thu ...
Monthly Bulletin April 2014
Monthly Bulletin April 2014

... about future monetary policy: clarity regarding the central bank’s objective, and clarity about the monetary policy strategy it adopts to achieve that objective. The reasons for this are twofold. First, ensuring clarity with regard to the central bank’s objective and strategy serves the purpose of m ...
Capital Flows to Asia and Latin America, 1950-2007
Capital Flows to Asia and Latin America, 1950-2007

... We first construct time series of these wedges using an estimated version of the model together with panel data that is constructed using country-specific, historical sources. We then conduct a variety of experiments in changing the values of specific wedges, and their stochastic processes, to corre ...
Behavioral Simulations: Using agent
Behavioral Simulations: Using agent

... environmental conditions. One example is modeling the behaviors of retired policyholders if the current low interest rate environment continues for a prolonged period of time; conversely, modeling what would be the impact on this same cohort if there is a sudden shift to very high interest rates and ...
ASX Announcement - Alumina Limited
ASX Announcement - Alumina Limited

From Start-up to Scale-up - Centre for Economic Policy Research
From Start-up to Scale-up - Centre for Economic Policy Research

Chapter 4, January 2010
Chapter 4, January 2010

... zones. Because, typically, they have laws that differ from the primary territories of the individual governments, the zone could be considered an economic territory in its own right. Because the number of enterprises in these zones typically is small, however, it may be preferred to split the enterp ...
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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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