Does Asymmetric Information Drive Capital Structure Decisions?
... explain the capital structure decisions of U.S. firms between 1973 and 2002. We begin by examining the slope coefficient in a regression of change in debt against financing deficit (as in Shyam-Sunder and Myers 1999) for firms sorted each fiscal year by information asymmetry deciles from the lowest ...
... explain the capital structure decisions of U.S. firms between 1973 and 2002. We begin by examining the slope coefficient in a regression of change in debt against financing deficit (as in Shyam-Sunder and Myers 1999) for firms sorted each fiscal year by information asymmetry deciles from the lowest ...
The Fundamentals of Operational Risk Management
... stock market. The Securities and Exchange Commission fined 30 Wall Street firms more than $910M in this regard. The lawsuit alleged that as many as a million investors lost billions of dollars because of collusion among the firms between 1989 and 1994. This collusion caused an artificial widening of ...
... stock market. The Securities and Exchange Commission fined 30 Wall Street firms more than $910M in this regard. The lawsuit alleged that as many as a million investors lost billions of dollars because of collusion among the firms between 1989 and 1994. This collusion caused an artificial widening of ...
Czech agricultural production development
... • Banks are more strict, • It is much more difficult to get credit or loan, • The crisis affected the whole European property market • The impact of crisis on individual European countries was different, • The most affected countries were UK, Ireland and Spain (countries with really significant pric ...
... • Banks are more strict, • It is much more difficult to get credit or loan, • The crisis affected the whole European property market • The impact of crisis on individual European countries was different, • The most affected countries were UK, Ireland and Spain (countries with really significant pric ...
Finding Smart Beta in the Factor Zoo_pdf
... number of factors suggests that it’s better to have more factors than less, but how can investors determine how to use factors in their equity portfolios? The options are endless, particularly given the smart beta movement under way today. We believe one cannot make intelligent choices regarding sma ...
... number of factors suggests that it’s better to have more factors than less, but how can investors determine how to use factors in their equity portfolios? The options are endless, particularly given the smart beta movement under way today. We believe one cannot make intelligent choices regarding sma ...
reporting period
... I would also like to thank all of our economic, social and financial partners and, of course, our customers, who each clearly appreciate our consequent approach. As the fact that the Colruyt Group has continued to realise sustainable growth during a period of economic decline is not simply a matter ...
... I would also like to thank all of our economic, social and financial partners and, of course, our customers, who each clearly appreciate our consequent approach. As the fact that the Colruyt Group has continued to realise sustainable growth during a period of economic decline is not simply a matter ...
Enhanced-Supervision-for-U.S.-Operations-of-Foreign
... • If adopted substantially as proposed, the Proposal would be the most significant change in U.S. regulation of FBOs since the adoption of the International Banking Act of 1978. ...
... • If adopted substantially as proposed, the Proposal would be the most significant change in U.S. regulation of FBOs since the adoption of the International Banking Act of 1978. ...
2016-2017 Canada Lands Company Limited Quarterly Financial
... OBJECTIVES AND STRATEGIES The corporation’s goal in all transactions is to produce the best possible benefit for its stakeholders, local communities, the corporation and by extension its sole shareholder. Real Estate The corporation optimizes the financial and community value from strategic properti ...
... OBJECTIVES AND STRATEGIES The corporation’s goal in all transactions is to produce the best possible benefit for its stakeholders, local communities, the corporation and by extension its sole shareholder. Real Estate The corporation optimizes the financial and community value from strategic properti ...
Are Large Shareholders Effective Monitors? An Investigation
... tinue to purchase shares only so long as the market price is below his value for an additional share of stock, as indicated by the bottom curve in figure 6.1. This rule is not correct, however, for his purchases also influence the performance of the shares he already owns. Thus, he might be willing ...
... tinue to purchase shares only so long as the market price is below his value for an additional share of stock, as indicated by the bottom curve in figure 6.1. This rule is not correct, however, for his purchases also influence the performance of the shares he already owns. Thus, he might be willing ...
a survey of foreign exchange risk management
... rate risk have stressed the fact that as the companies expand their involvement throughout the world, the higher the probability that they will face exchange rate fluctuations/volatility in their operations. In turn, they face the possibility of negative effects on their cash flows. To safeguard the ...
... rate risk have stressed the fact that as the companies expand their involvement throughout the world, the higher the probability that they will face exchange rate fluctuations/volatility in their operations. In turn, they face the possibility of negative effects on their cash flows. To safeguard the ...
Chapter 23- Real Estate Investment Trusts
... • Premium to Net Asset Value (NAV) of a REIT’s Properties Build an estimate of public REIT equity value starting with the private mkt value of a REIT’s assets in place, then adjust for growth opps and other factors. Share price equals a “warranted” premium (or discount) to REIT NAV ...
... • Premium to Net Asset Value (NAV) of a REIT’s Properties Build an estimate of public REIT equity value starting with the private mkt value of a REIT’s assets in place, then adjust for growth opps and other factors. Share price equals a “warranted” premium (or discount) to REIT NAV ...
... significantly negative correlation between autocorrelation and volatility, which they recognize, according to the statistical data measuring investor sentiment, there is evidence that investor sentiment will influence volatility and therefore alter trading behavior. However, there is no further expl ...
Sowing the Seeds of Financial Crises
... in order to obtain the resources to satisfy some liquidity needs (fund investment projects in the case of Eisfeldt (2004) and Kurlat (2013), and obtaining working capital in Bigio (2015)). They show that adverse selection in financial markets can be an important source of amplification of exogenous ...
... in order to obtain the resources to satisfy some liquidity needs (fund investment projects in the case of Eisfeldt (2004) and Kurlat (2013), and obtaining working capital in Bigio (2015)). They show that adverse selection in financial markets can be an important source of amplification of exogenous ...
The Challenge of Derivatives - The Fordham Law Archive of
... has asked me to review a term sheet for a derivative contract that it hopes will be viewed as an equity swap 19 rather than an option.20 Both swaps and options are classified as derivatives, though only the latter are currently regulated. 2 If the proposed individually tailored transaction between t ...
... has asked me to review a term sheet for a derivative contract that it hopes will be viewed as an equity swap 19 rather than an option.20 Both swaps and options are classified as derivatives, though only the latter are currently regulated. 2 If the proposed individually tailored transaction between t ...
ABSTRACT ESSAYS IN INTERNATIONAL FINANCE Christian Daude, Doctor of Philosophy, 2008
... Access to private capital markets is the most salient difference between emerging market economies and other developing countries. However, in contrast to developed economies, emerging markets have had a troubled relationship with capital flows. In particular, balance of payments and debt crises hav ...
... Access to private capital markets is the most salient difference between emerging market economies and other developing countries. However, in contrast to developed economies, emerging markets have had a troubled relationship with capital flows. In particular, balance of payments and debt crises hav ...
Spot Market Power and Futures Market Trading
... optimal quantity of hedging; a risk-neutral monopolist will not want to hedge risk in the …nancial markets, while a risk-averse one will hedge less than he would if he had no market power. We will show that as the degree of risk-aversion increases, the optimal amount of hedging will increase. Relati ...
... optimal quantity of hedging; a risk-neutral monopolist will not want to hedge risk in the …nancial markets, while a risk-averse one will hedge less than he would if he had no market power. We will show that as the degree of risk-aversion increases, the optimal amount of hedging will increase. Relati ...
Springleaf Holdings, Inc.
... The following unaudited pro forma condensed combined financial information presents the combination of the historical consolidated and combined balance sheet and statement of income of Springleaf and OneMain adjusted to give effect to the Proposed Acquisition (as defined below) and the financing arr ...
... The following unaudited pro forma condensed combined financial information presents the combination of the historical consolidated and combined balance sheet and statement of income of Springleaf and OneMain adjusted to give effect to the Proposed Acquisition (as defined below) and the financing arr ...
Durable Goods, Inflation Risk and the Equilibrium Asset Prices
... non-durable consumption regressions, and it finally decreases to about -0.93 at a fiveyear horizon. While inflation being a bad news for future nondurable consumption is consistent with previous studies (see e.g. Bansal and Shaliastovich (2013) and Piazzesi and Schneider (2006)), the evidence for a ...
... non-durable consumption regressions, and it finally decreases to about -0.93 at a fiveyear horizon. While inflation being a bad news for future nondurable consumption is consistent with previous studies (see e.g. Bansal and Shaliastovich (2013) and Piazzesi and Schneider (2006)), the evidence for a ...
GOLDEN STAR RESOURCES LTD (Form: 10-Q/A
... These consolidated financial statements and the accompanying notes are unaudited and should be read in conjunction with the audited consolidated financial statements and related notes thereto included in our annual report on Form 10-K, as amended, for the year ended December 31, 2004, on file with t ...
... These consolidated financial statements and the accompanying notes are unaudited and should be read in conjunction with the audited consolidated financial statements and related notes thereto included in our annual report on Form 10-K, as amended, for the year ended December 31, 2004, on file with t ...
