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Do Investment Cash Flow Sensitivities Provide Useful Measures Of Financing Constraints
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Book Synopsis International Corporate Governance by : Kose John
Download or read book International Corporate Governance written by Kose John and published by Emerald Group Publishing. This book was released on 2011-03-31 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.
Book Synopsis Finance and Investment by : Colin P. Mayer
Download or read book Finance and Investment written by Colin P. Mayer and published by Oxford University Press. This book was released on 2018 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low growth, low investment, insufficient spend on infrastructure, weak bank lending to the corporate sector, and funding deficiencies of small and medium-sized enterprises are all causes of concern in Europe. To many, they point to fundamental problems in the financing of European companies and in Europe's financial systems. Are these concerns valid and do the structure and performance of the financial system lie at their heart? If so, what should be done to address them, and have the right policy prescriptions been identified to date? A product of the Restarting European Investment Finance research programme, Finance and Investment: The European Case brings together leading researchers to consider the causes of the persistently low level of investment in Europe. It examines the extent to which the financial system is a contributory factor and identifies possible remedies, considering the relation of finance to corporate sector investment, the lending behaviour of banks, the provision of equity financing, and the role of public sector institutions, regulation, and taxation. Finance and Investment provides one of the most comprehensive and thorough analyses of any financial system undertaken to date. It reflects a large body of research using new and existing data sets, employing advanced empirical tools, and exploiting the unique insights provided by the tumultuous events of financial and sovereign debt crises. Together, they comprise an exceptional body of knowledge to advance academic thinking and guide policy formulation.
Book Synopsis The Determinants of Financing Obstacles by :
Download or read book The Determinants of Financing Obstacles written by and published by World Bank Publications. This book was released on 2004 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Banks, Finance and Investment in Germany by : Jeremy Edwards
Download or read book Banks, Finance and Investment in Germany written by Jeremy Edwards and published by Cambridge University Press. This book was released on 1996-01-26 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the widely-held view of the merits of the 'bank-based' German system of finance for investment, and shows that this view is not supported by evidence from the post-war period. The institutional features of the German system are such that universal banks have control of voting rights at shareholders' meetings due to proxy votes, and they also have representation on companies' supervisory boards. These features are claimed to have two main benefits. One is that the German system reduces asymmetric information problems, enabling banks to supply more external finance to firms at a lower cost, and thus increasing investment. The other is that German banks are able to mould and control managements of firms on behalf of shareholders, and thus ensure that firms are run efficiently. This book assesses whether empirical evidence backs up these claims, and shows that the merits of the German system are largely myths.
Book Synopsis Empirical Capital Structure by : Christopher Parsons
Download or read book Empirical Capital Structure written by Christopher Parsons and published by Now Publishers Inc. This book was released on 2009 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical Capital Structure reviews the empirical capital structure literature from both the cross-sectional determinants of capital structure as well as time-series changes.
Book Synopsis Trade credit, financial intermediary development, and industry growth by : Raymond Fisman
Download or read book Trade credit, financial intermediary development, and industry growth written by Raymond Fisman and published by World Bank Publications. This book was released on 2001 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Where do firms turn for financing in countries with poorly developed financial markets? One source is trade credit. And where formal financial intermediaries are deficient, industries that rely more on this source of financing grow faster.
Book Synopsis Determinants of Innovative Behaviour by : Cees van Beers
Download or read book Determinants of Innovative Behaviour written by Cees van Beers and published by Springer. This book was released on 2008-09-10 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: A rich overview of current research on determinants of innovative behaviour. It is a unique work as it illuminates these from different perspectives such as, economics, management and psychology. Using several methods of analysis, it shows what specific determinants are predominant in explaining firm performance on innovation.
Book Synopsis Asymmetric Information, Corporate Finance, and Investment by : R. Glenn Hubbard
Download or read book Asymmetric Information, Corporate Finance, and Investment written by R. Glenn Hubbard and published by University of Chicago Press. This book was released on 2009-05-15 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.
Book Synopsis Capital Markets and Financial Intermediation by : Colin Mayer
Download or read book Capital Markets and Financial Intermediation written by Colin Mayer and published by Cambridge University Press. This book was released on 1995-09-29 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial intermediation is currently a subject of active research on both sides of the Atlantic. The integration of European financial markets, in particular, highlights several important issues. In this volume, derived from a joint CEPR conference with the Fundacion Banco Bilbao Vizcaya (BBV), leading academics from Europe and North America review 'state-of-the-art' theories of banking and financial intermediation and discuss their policy implications. The principal focus is on the risks of increased competition, the appropriate regulation of banks, and the differences between Anglo-American and Continental European forms of financial markets. Relationship banking, stock markets and banks, banking and corporate control, financial intermediation in Eastern Europe, monetary policy and the banking system, and financial intermediation and growth are also discussed.
Book Synopsis Handbook of the Economics of Finance by : G. Constantinides
Download or read book Handbook of the Economics of Finance written by G. Constantinides and published by Elsevier. This book was released on 2003-11-04 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
Book Synopsis Fiscal Foresight and Information Flows by : Eric M. Leeper
Download or read book Fiscal Foresight and Information Flows written by Eric M. Leeper and published by International Monetary Fund. This book was released on 2012-06-01 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: News - or foresight - about future economic fundamentals can create rational expectations equilibria with non-fundamental representations that pose substantial challenges to econometric efforts to recover the structural shocks to which economic agents react. Using tax policies as a leading example of foresight, simple theory makes transparent the economic behavior and information structures that generate non-fundamental equilibria. Econometric analyses that fail to model foresight will obtain biased estimates of output multipliers for taxes; biases are quantitatively important when two canonical theoretical models are taken as data generating processes. Both the nature of equilibria and the inferences about the effects of anticipated tax changes hinge critically on hypothesized information flows. Different methods for extracting or hypothesizing the information flows are discussed and shown to be alternative techniques for resolving a non-uniqueness problem endemic to moving average representations.
Author :Deutsche Bundesbank Publisher :Springer Science & Business Media ISBN 13 :9783540412892 Total Pages :348 pages Book Rating :4.4/5 (128 download)
Book Synopsis Investing Today for the World of Tomorrow by : Deutsche Bundesbank
Download or read book Investing Today for the World of Tomorrow written by Deutsche Bundesbank and published by Springer Science & Business Media. This book was released on 2001-03-13 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment is crucial to the development of a nation's economy and welfare. In contrast to the United States, investment in Europe has been quite modest over the past few years. This volume gathers together a number of papers by prominent researchers in the field of investment. It provides an overview of recent developments in this area and presents new empirical findings on the determinants and implications of the investment process in European countries. Topics include: role of taxation, uncertainty and the financial systems, as well as the relevance of corporate governance to the investment process. Two chapters are dedicated to infrastructure investment and foreign direct investment.
Book Synopsis Financial Liberalization, Credit Constraints, and Collateral by : Mr.R. Gelos
Download or read book Financial Liberalization, Credit Constraints, and Collateral written by Mr.R. Gelos and published by International Monetary Fund. This book was released on 1999-03-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of financial liberalization on fixed investment in Mexico, using establishment-level data from the manufacturing sector. It analyzes changes in cash-flow sensitivities and uses an innovative approach to explore the role of real estate as collateral and deal with a potential censoring problem. The results suggest that financial constraints were eased for small firms but not for large ones. However, banks’ reliance on collateral in their lending operations increased the importance of real estate. The results provide microeconomic evidence consistent with the role attributed to “financial accelerator” mechanisms during lending booms and during recessions that stem from financial crises.
Book Synopsis Investment and Liquidity Constraints by : Andreas Behr
Download or read book Investment and Liquidity Constraints written by Andreas Behr and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a unique database of German firms, the Deutsche Bundesbank's Corporate Balance Sheet Statistics, Andreas Behr explores the link between financial factors and a firm's investment decision within the framework of the Q-theory of investment.
Book Synopsis Doing Business in 2004 by : Simeon Djankov
Download or read book Doing Business in 2004 written by Simeon Djankov and published by World Bank Publications. This book was released on 2004 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: A co-publication of the World Bank, International Finance Corporation and Oxford University Press
Book Synopsis Investment, Capital Market Imperfections, and Uncertainty by : Robert Lensink
Download or read book Investment, Capital Market Imperfections, and Uncertainty written by Robert Lensink and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an up-to-date overview of the theory as well as the empirics of the relationship between investment, financial imperfections and uncertainty. After reviewing the capital market imperfections literature and the empirical results, the authors discuss both traditional investment models with uncertainty and the more modern option based models. They present an overview of empirical results of the modelling of investment under uncertainty. In these examples the effects of capital market imperfections on investment are carefully considered. The authors conclude that there is overwhelming empirical support for a negative uncertainty-investment relationship. This book should appeal to academics with an interest in investment theory, professionals in the financial sector and students of macroeconomics and finance. "Investment, Capital Market Imperfections, and Uncertainty" assumes only a basic knowledge of mathematics and is easily accessible.
Book Synopsis Financial Constraints, Uses of Funds and Firm Growth: and International Comparison by : Vojislav Maksimovi?, Asl? Demirgüç-Kunt
Download or read book Financial Constraints, Uses of Funds and Firm Growth: and International Comparison written by Vojislav Maksimovi?, Asl? Demirgüç-Kunt and published by World Bank Publications. This book was released on 1999 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: October 1996 The findings suggest that across very different financial systems, financial markets and intermediaries have a comparative advantage in funding short-term investment. An active, though not necessarily large, stock market and high scores on an index of respect for legal norms are associated with faster than predicted rates of firm growth. Government subsidies to industry do not increase the proportion of firms growing faster than predicted. Demirgüç-Kunt and Maksimovic focus on two issues. First, they examine whether firms in different countries finance long-term and short-term investment similarly. Second, they investigate whether differences in financial systems and legal institutions across countries are reflected in the ability of firms to grow faster than they might have by relying on their internal resources or short-term borrowing. Across their sample, they find: * Positive correlations between investment in plant and equipment and retained earnings. * Negative correlations between investment in plant and equipment and external financing. * Negative correlations between investment in short-term assets and retained earnings. * Positive correlations between investment in short-term assets and external financing. These findings suggest that across very different financial systems, financial markets and intermediaries have a comparative advantage in funding short-term investment. For each firm in their sample, they estimate a predicted rate at which it can grow if it does not rely on long-term external financing. They show that the proportion of firms that grow faster than the predicted rate in each country is associated with specific features of the legal system, financial markets, and institutions. An active, though not necessarily large, stock market and high scores on an index of respect for legal norms are associated with faster than predicted rates of firm growth. They present evidence that the law-and-order index measures the ability of creditors and debtors to enter into long-term contracts. Government subsidies to industry do not increase the proportion of firms growing faster than predicted. This paper - a product of the Finance and Private Sector Development Division, Policy Research Department - is part of a larger effort in the department to understand the impact of financial constraints on firm growth.
