|
|
|
| Registros recuperados: 28 | |
|
|
| O'Toole, Conor M.; Newman, Carol F.; Hennessy, Thia C.. |
| This paper uses a fundamental Q model of investment to consider the role played by financing frictions in agricultural investment decisions, controlling econometrically for censoring, heterogeneity and errors-in-variables. Our findings suggest that farmer's investment decisions are not driven by market fundamentals. We find some evidence that debt overhang restricts investment but investment is not dependent on liquidity or internal funds. The role of financing frictions in determining investment decisions changes in the post-financial crisis period when debt overhang becomes a significant impediment to farm investment. The evidence suggests that farmers increasingly rely on internal liquidity to drive investment. Finally, we find no evidence that farmers... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Credit Constraints; Firm Level Investment; Tobin's Q; Debt; Agricultural Finance; G31; G32; F34. |
| Ano: 2011 |
URL: http://purl.umn.edu/114568 |
| |
|
| |
|
|
| Bortolotti, Bernardo; Cambini, Carlo; Rondi, Laura; Spiegel, Yossi. |
| We construct a comprehensive panel data of 96 publicly traded European utilities over the period 1994-2005 in order to study the relationship between the capital structure of regulated firms, regulated prices, and investments, and examine if and how this interaction is affected by ownership structure. We show that firms in our sample increase their leverage after becoming regulated by an independent regulatory agency, but only if they are privately controlled. Moreover, we find that the leverage of these firms has a positive and significant effect on regulated prices, but not vice versa, and it also has a positive and significant effect on their investment levels. Our results are consistent with the theory that privately-controlled firms use leverage... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Regulated utilities; Regulatory agencies; Capital structure; Leverage; Investment; Private and state ownership; Public Economics; L51; G31; G32; L33. |
| Ano: 2007 |
URL: http://purl.umn.edu/7449 |
| |
|
|
| Ritter, Matthias; Musshoff, Oliver; Odening, Martin. |
| Weather risk is one of the main causes for income fluctuation in agriculture. Since 1997, the economic consequences of weather risk can be insured with weather derivatives, which are offered for many different weather events, such as temperature, rainfall, snow or hurricanes. It is well known that the hedging effectiveness of weather derivatives is interfered by the existence of geographical basis risk, i.e., the deviation of weather conditions at different locations. In this paper, we explore how geographical basis risk of rainfall based derivatives can be reduced by regional diversification. Minimizing geographical basis risk requires knowledge of the joint distribution of rainfall at different locations. For that purpose, we estimate a daily multi-site... |
| Tipo: Presentation |
Palavras-chave: Management; Weather risk; Regional diversification; Portfolio weights; Risk and Uncertainty; G11; Q14; G32. |
| Ano: 2012 |
URL: http://purl.umn.edu/122527 |
| |
|
| |
|
| |
|
|
| Boutin, Xavier; Cestone, Giacinta; Fumagalli, Chiara; Pica, Giovanni; Serrano-Velarde, Nicolas. |
| This paper provides evidence that incumbents' access to group deep pockets has a negative impact on entry in product markets. Relying on a unique French data set on business groups, the paper presents three major findings. First, consistent with theoretical predictions, the amount of financial resources owned by incumbent-affiliated groups has a negative impact on entry in a market. This suggests that internal capital markets operate within corporate groups and that they have a potential anti-competitive effect. Second, the impact on entry of group financial strength is more important in markets where access to external funding is likely to be more difficult. Third, the more active are internal capital markets, the more pronounced the effect on entry of... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Business Groups; Cash Holdings; Internal Capital Markets; Deep-Pockets; Market Entry; Financial Economics; G32; G38; L41. |
| Ano: 2009 |
URL: http://purl.umn.edu/55829 |
| |
|
|
| Bogan, Vicki. |
| Microfinance Institutions (MFIs) have risen to the forefront as invaluable institutions in the development process. Nevertheless, capital constraints have hindered the expansion of microfinance programs such that the demand for financial services still far exceeds the currently available supply. Moreover, it is observed that microfinance organizations have had various degrees of sustainability. Thus, the question of how best to fund these programs is a key issue. Recognizing the potential of microfinance in the development process, this paper examines the existing sources of funding for MFIs by geographic region, and explores how changes in capital structure could facilitate future growth and improve the efficiency and financial sustainability of MFIs.... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Microfinance Institutions; Capital structure; Financial Economics; F3; G21; G32; O1. |
| Ano: 2008 |
URL: http://purl.umn.edu/51125 |
| |
|
| |
|
| |
|
|
| Wiszniowski, Edward. |
| Emergence of crisis in financial markets, especially banks, have forced a change in approach to risk management. It has become necessary to develop new or refine existing models of early bankruptcy threat warning, as well as establishing the potential impact of bank failures. One of the tools, indicating that resistance to the phenomenon of crisis is “stress testing”. Its aim, at least in the case of banks, is concerned with estimating the level of economic resistance towards the occurring risk. Some of these risks are: the non-payment of loans due to deterioration in the economic situation of a country, fluctuations in interest rates, exchange rates and a fall in prices of securities which are traded on stock exchanges. This article discusses the nature... |
| Tipo: Journal Article |
Palavras-chave: Banking; Banking risks; Risk management; Financial crisis; Financial Economics; G32. |
| Ano: 2010 |
URL: http://purl.umn.edu/95941 |
| |
|
|
| Bortolotti, Bernardo; Fotak, Veljko; Megginson, William; Miracky, William. |
| This study describes the newly created Monitor-FEEM Sovereign Wealth Fund Database and discusses the investment patterns and performance of 1,216 individual investments, worth over $357 billion, made by 35 sovereign wealth funds (SWFs) between January 1986 and September 2008. Approximately half of the investments we document occur after June 2005, reflecting a recent surge of SWF activity. We document large SWF investments in listed and unlisted equity, real estate, and private equity funds, with the bulk of investments being targeted in cross-border acquisitions of sizeable but non-controlling stakes in operating companies and commercial properties. The average (median) SWF investment is a $441 million ($55 million) acquisition of a 42.3% (26.2%) stake in... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Sovereign Wealth Funds; International Financial Markets; Government Policy and Regulation; Financial Economics; G32; G15; G38. |
| Ano: 2009 |
URL: http://purl.umn.edu/50407 |
| |
|
| |
|
|
| Aghion, Philippe; Van Reenen, John; Zingales, Luigi. |
| We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we build a model that nests the lazy-manager hypothesis with career-concerns, where institutional owners increase managerial incentives to innovate by reducing the career risk of risky projects. The data supports the career concerns model. First, whereas the lazy manager hypothesis predicts a substitution effect between institutional ownership and product market competition (and managerial entrenchment generally), the career-concern model allows for complementarity. Empirically, we reject substitution effects. Second, CEOs are less likely to be fired in the face of... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Career Concerns; Innovation; Institutional Ownership; Productivity and R&D; Financial Economics; G20; G32; O31; O32; O33. |
| Ano: 2010 |
URL: http://purl.umn.edu/93414 |
| |
|
| |
|
|
| Panunzi, Fausto; Ellul, Andrew; Pagano, Marco. |
| Entrepreneurs may be constrained by the law to bequeath a minimal stake to non-controlling heirs. The size of this stake can reduce investment in family firms, by reducing the future income they can pledge to external financiers. Using a purpose-built indicator of the permissiveness of inheritance law and data for 10,245 firms from 32 countries over the 1990-2006 interval, we find that stricter inheritance law is associated with lower investment in family firms, while it leaves investment unaffected in non-family firms. Moreover, as predicted by the model, inheritance law affects investment only in family firms that experience a succession. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Succession; Family Firms; Inheritance Law; Growth; Investment; Financial Economics; G32. |
| Ano: 2009 |
URL: http://purl.umn.edu/50330 |
| |
|
| |
|
| |
|
|
| Wiszniowski, Edward. |
| Lasting for over a year the global crisis in financial markets, affected individual countries’ banking systems to a different degree. The present article discusses the phenomenon and its effects on the Polish banking system. The aim of the article is to present trends, the scale of the crisis and the current level of danger to stability of domestic financial market. The result of the research is a synthetic estimation of the level of the financial sector stability, taking into account the risks to solvency, liquidity, profitability, and quality loan portfolio and changes in deposits. |
| Tipo: Journal Article |
Palavras-chave: Banking; Financial crisis; Financial stability.; Financial Economics; G32. |
| Ano: 2010 |
URL: http://purl.umn.edu/94635 |
| |
| Registros recuperados: 28 | |
|
|
|
