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Author : Fabio Schiantarelli
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4./5 ( download)
Download or read book Debt Maturity and Firm Performance written by Fabio Schiantarelli and published by World Bank Publications. This book was released on 1997 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fabio Schiantarelli
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (129 download)
Download or read book Debt Maturity and Firm Performance written by Fabio Schiantarelli and published by . This book was released on 2016 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is long-term debt better than short-term debt in its effect on firm performance? The answer appears to be yes for privately owned companies in India.Economic policymakers traditionally hold the view that, because of imperfections in capital markets, a shortage of long-term finance acts as a barrier to industrial performance and growth. Long-term finance is thought to allow firms to invest in more productive technologies, even when they do not produce immediate payoffs, without the fear of premature liquidation. As a result, special state-supported term-lending institutions have been established, especially in developing countries.But some believe that short-term finance may offer better incentives because it allows suppliers of finance to monitor and control firms more effectively, thus improving the firms' performance.Schiantarelli and Srivastava empirically investigate the determinants and consequences of the term structure of debt. Using a rich panel of data on privately owned companies in India, they also examine the influence of debt maturity structures on those firms` performance, especially on productivity.The results are not conclusive, but seem to support conventional beliefs about the importance of long-term finance to firm performance. Heavy leveraging, however, has a strong negative impact on productivity.They base their econometric evidence on estimates of a maturity equation and of a production function augmented by financial variables.The data on which these results are based have been generated by a financial system in which there is little competition, in which state-owned financial institutions are not guided by the profit motive and have no control over interest rates, so one cannot say whether short term finance would have been more beneficial in a less regulated system.Moreover, by the end of the 1980s, the capital base of India's government-owned financial institutions had been severely eroded and they carried a heavy burden of nonperforming assets. This means that the benefits of long term finance must be weighed against the costs.This paper - a product of the Finance and Private Sector Development Division, Policy Research Department - was prepared for the conference Firm Finance: Theory and Evidence held on June 14, 1996. The study was funded by the Bank`s Research Support Budget under research project Term Finance (RPO 679-62).
Author : Fidel Jaramillo
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4./5 ( download)
Download or read book Acces to Long Term Debt and Effects on Firms' Performance: written by Fidel Jaramillo and published by World Bank Publications. This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sharjil M. Haque
Publisher : International Monetary Fund
ISBN 13 : 1589064127
Total Pages : 51 pages
Book Rating : 4.5/5 (89 download)
Download or read book The COVID-19 Impact on Corporate Leverage and Financial Fragility written by Sharjil M. Haque and published by International Monetary Fund. This book was released on 2021-11-05 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent.
Author : Lalita S. Som
Publisher :
ISBN 13 :
Total Pages : 280 pages
Book Rating : 4.:/5 (319 download)
Download or read book Stock Market Capitalization and Corporate Governance in India written by Lalita S. Som and published by . This book was released on 2006 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides an outline of corporate governance systems across the world and specific corporate governance issues in emerging markets like in India. It covers functioning of corporate governance mechanisms in general and relates them specifically to CG in India along with a commentary on their effectiveness. By providing an overview of the Bombay Stock Exchange which represents the Indian capital market, it provides an understanding of the Indian capital market and its regulatory environment.
Author : SERGIO SCHMUKLER AND ESTEBAN VESPERONI
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.L/5 ( download)
Download or read book GLOBALIZATION AND FIRMS' FINANCING CHOICES: EVIDENCE FROM EMERGING ECONOMIES written by SERGIO SCHMUKLER AND ESTEBAN VESPERONI and published by . This book was released on 2001 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Azita Amjadi
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4./5 ( download)
Download or read book Transport Costs and "Natural" Integration in Mercosur written by Azita Amjadi and published by World Bank Publications. This book was released on 1997 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451962908
Total Pages : 27 pages
Book Rating : 4.4/5 (519 download)
Download or read book Risk and the Corporate Structure of Banks written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-02-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: We identify different sources of risk as important determinants of banks' corporate structures when expanding into new markets. Subsidiary-based corporate structures benefit from greater protection against economic risk because of affiliate-level limited liability, but are more exposed to the risk of capital expropriation than are branches. Thus, branch-based structures are preferred to subsidiary-based structures when expropriation risk is high relative to economic risk, and vice versa. Greater cross-country risk correlation and more accurate pricing of risk by investors reduce the differences between the two structures. Furthermore, the corporate structure affects bank risk taking and affiliate size.
Author : World Bank
Publisher :
ISBN 13 :
Total Pages : 376 pages
Book Rating : 4.:/5 (89 download)
Download or read book World Bank Policy Research Bulletin written by World Bank and published by . This book was released on 1994 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gerard Caprio
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4./5 ( download)
Download or read book The Role of Long Term Finance written by Gerard Caprio and published by World Bank Publications. This book was released on 1997 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 992 pages
Book Rating : 4.3/5 (91 download)
Download or read book Bibliographie der Wirtschaftswissenschaften written by and published by . This book was released on 1997 with total page 992 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 972 pages
Book Rating : 4.F/5 ( download)
Download or read book Bibliographie der Staats-und Wirtschaftswissenschaften written by and published by . This book was released on 1997 with total page 972 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 194 pages
Book Rating : 4.:/5 (318 download)
Download or read book APO Productivity Journal written by and published by . This book was released on 1999 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gerard Caprio
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)
Download or read book Safe and Sound Banking in Developing Countries written by Gerard Caprio and published by . This book was released on 1997 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michelle Riboud
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)
Download or read book Pension Reforms and Growth in Ukraine written by Michelle Riboud and published by . This book was released on 1997 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Maureen L. Cropper
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (318 download)
Download or read book Roads, Population Pressures and Deforestation in Thailand, 1976-1989 written by Maureen L. Cropper and published by . This book was released on 1997 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 1118022947
Total Pages : 504 pages
Book Rating : 4.1/5 (18 download)
Download or read book Capital Structure and Corporate Financing Decisions written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2011-03-31 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.
