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Information Aggregation Security Design And Currency Swaps
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Book Synopsis Information Aggregation, Security Design and Currency Swaps by : Bhagwan Chowdhry
Download or read book Information Aggregation, Security Design and Currency Swaps written by Bhagwan Chowdhry and published by . This book was released on 2002 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: A model of security design based on the principle of information aggregation and alignment is used to show that (i) firms needing to finance their operations should issue different securities to different groups of investors in order to aggregate their disparate information and (ii) each security should be highly correlated (closely aligned) with the private information signal of the investor to whom it is marketed. This alignment reduces the adverse selection penalty paid by a firm with superior information. Adverse selection costs are often contingent on ex post publicly observable and contractible state variables such as exchange rates. In such cases, debt contracts are dominated by currency swaps. Moreover, optimal securities are derivative contracts that are contingent on state variables that influence adverse selection costs. This is because the netting of cash flows in these derivative contracts, in effect, alters the state-by-state seniority of different claims in a desirable way.
Book Synopsis Information Aggregation, Security Design, and Currency Swaps by : Mark Grinblatt
Download or read book Information Aggregation, Security Design, and Currency Swaps written by Mark Grinblatt and published by . This book was released on 2014 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: A security design model shows that multinational firms needing to finance their operations should issue different securities to investors in different countries in order to aggregate their disparate information about domestic and foreign cash flows. However, if the firm becomes bankrupt, investors may face uncertain costs of reorganizing assets in a foreign country and thus may value foreign assets at their average value. This penalizes superior firms with low reorganization costs. Such firms minimize the adverse selection penalty by designing securities that allocate all the cash flow in bankruptcy to investors for which the adverse selection costs are the smallest given the exchange rate. We show that this sharing rule can be implemented with currency swaps because these instruments allow the priorities of claims in bankruptcy to switch depending on the exchange rate.
Book Synopsis International Dictionary of Public Management and Governance by : Gambhir Bhatta
Download or read book International Dictionary of Public Management and Governance written by Gambhir Bhatta and published by Routledge. This book was released on 2015-03-27 with total page 586 pages. Available in PDF, EPUB and Kindle. Book excerpt: This authoritative, up-to-date resource will become the standard reference on the theory and practice of public management around the world. Public management addresses strategy, policy processes, and governance as well as the bureaucratic concerns of public administration. Reflecting this diversity, the Dictionary incorporates concepts from various other fields including economics, political science, management, sociology, and psychology. The reference draws from an extensive literature base including books, journals, websites, research reports, government proceedings, legal documents, and international and organizational reports. As the primary source of ready information for students, researchers, scholars, and practitioners, it defines all the fundamental concepts of public management, their applications, and all relevant theories, complete with sources and references.
Download or read book Working Paper Series written by and published by . This book was released on 2002 with total page 618 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Markets and Corporate Strategy: European Edition, 3e by : HILLIER, GRINBL
Download or read book Financial Markets and Corporate Strategy: European Edition, 3e written by HILLIER, GRINBL and published by McGraw Hill. This book was released on 2023-01-26 with total page 807 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global pandemic restrictions, climate change, geopolitical tensions, and new artificial technologies have fundamentally impacted international financial markets and corporate strategy. Traditional finance theories have been questioned and their application to corporate decision-making has come under scrutiny like never before. The third edition of Financial Markets and Corporate Strategy provides students with comprehensive and engaging discussions on the strategic challenges facing companies and their financial decisions. Brought to life by real-world examples, international cases and insights from recent research, it guides students through the challenges of studying and practising finance from both an academic and practical viewpoint. Key Features: · Fully updated research of the most important topics, data and examples in every chapter. · Coverage of the impact of climate change, Brexit, the economic growth of China, and new financial technologies · A stronger emphasis on sustainability, ethics, and corporate governance. · Updates on accounting standards, bankruptcy laws, tax rules and tax systems. David Hillier is Professor of Finance, Executive Dean of Strathclyde Business School, and Associate Principal of the University of Strathclyde. Mark Grinblatt is the J. Clayburn LaForce Professor of Finance at the UCLA Anderson School of Management Sheridan Titman is Professor of Finance at the McCombs School of Business.
Book Synopsis Debt Financing, Economic Exposure and Currency Swaps by : Gautam Goswami
Download or read book Debt Financing, Economic Exposure and Currency Swaps written by Gautam Goswami and published by . This book was released on 1997 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Journal of Banking & Finance written by and published by . This book was released on 1997 with total page 1090 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Markets and Corporate Strategy European Edition 2e by : David Hillier
Download or read book Financial Markets and Corporate Strategy European Edition 2e written by David Hillier and published by McGraw Hill. This book was released on 2011-01-16 with total page 881 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second European edition of Financial Markets and Corporate Strategy provides comprehensive coverage of financial markets and corporate finance, brought to life by real world examples, cases and insights. Placed in a truly international context, this new and updated edition takes an academic and practical view-point to guide students through the challenges of studying and practicing finance. Aimed specifically at an international audience, this edition boasts hundreds of references to new and relevant non-US research papers from top finance journals. Whilst retaining the well respected structure of the successful US text, Professor David Hillier has also made a number of additions which include: Fully updated research, data and examples in every chapter. Coverage of the global financial crisis, the impact it made on the financial markets and the lessons being learnt by the finance industry. A stronger emphasis on corporate governance and agency theory. Updates on accounting standards, bankruptcy laws, tax rules and tax systems.
Book Synopsis NBER Reporter by : National Bureau of Economic Research
Download or read book NBER Reporter written by National Bureau of Economic Research and published by . This book was released on 2001 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Entry and Asymmetric Lobbying by : Richard E. Baldwin
Download or read book Entry and Asymmetric Lobbying written by Richard E. Baldwin and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments frequently intervene to support domestic industries, but a surprising amount of this support goes to ailing sectors. We explain this with a lobbying model that allows for entry and sunk costs. Specifically, policy is influenced by pressure groups that incur lobbying expenses to create rents. In expanding industry, entry tends to erode such rents, but in declining industries, sunk costs rule out entry as long as the rents are not too high. This asymmetric appropriablity of rents means losers lobby harder. Thus it is not that government policy picks losers, it is that losers pick government policy.
Book Synopsis Labor Standards and Trade Agreements by : Christopher Lon Erickson
Download or read book Labor Standards and Trade Agreements written by Christopher Lon Erickson and published by . This book was released on 1998 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Dual Liquidity Model for Emerging Markets by : Ricardo J. Caballero
Download or read book A Dual Liquidity Model for Emerging Markets written by Ricardo J. Caballero and published by . This book was released on 2002 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last few years have seen a significant re-evaluation of the models used to analyze crises in emerging markets. Recent models typically stress financial constraints or distorted financial incentives. While this certainly represents progress, these models share a weakness with the earlier work: neither is uniquely about emerging markets. Adaptations of the Mundell-Fleming model represent Argentina as a Belgium with larger external shocks. Likewise, emerging market models of financial constraints are adaptations of developed economy ones with tighter financial constraints. In our work, we have advocated a model which distinguishes between the financial constraints affecting borrowing and lending among agents within an emerging economy, and those affecting borrowing from foreign lenders. This 'dual liquidity' model offers a parsimonious description of the behavior of firms, governments, and asset prices during financial crises. It also provides prescriptions for optimal policy responses to these crises.
Book Synopsis The Impact of Monetary Policy on Asset Prices by : Roberto Rigobón
Download or read book The Impact of Monetary Policy on Asset Prices written by Roberto Rigobón and published by . This book was released on 2002 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Estimating the response of asset prices to changes in monetary policy is complicated by the endogeneity of policy decisions and the fact that both interest rates and asset prices react to numerous other variables. This paper develops a new estimator that is based on the heteroskedasticity that exists in high frequency data. We show that the response of asset prices to changes in monetary policy can be identified based on the increase in the variance of policy shocks that occurs on days of FOMC meetings and of the Chairman's semi-annual monetary policy testimony to Congress. The identification approach employed requires a much weaker set of assumptions than needed under the 'event-study' approach that is typically used in this context. The results indicate that an increase in short-term interest rates results in a decline in stock prices and in an upward shift in the yield curve that becomes smaller at longer maturities. The findings also suggest that the event-study estimates contain biases that make the estimated effects on stock prices appear too small and those on Treasury yields too large.
Book Synopsis The Financing of Research and Development by : Bronwyn H. Hall
Download or read book The Financing of Research and Development written by Bronwyn H. Hall and published by . This book was released on 2002 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monte Carlo Evaluation Model of an Undeveloped Oil Field by : Gonzalo Cortazar
Download or read book Monte Carlo Evaluation Model of an Undeveloped Oil Field written by Gonzalo Cortazar and published by . This book was released on 1998 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Individualist Versus Collectivist Cultures by : Jennifer L. Aaker
Download or read book Individualist Versus Collectivist Cultures written by Jennifer L. Aaker and published by . This book was released on 1998 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Theory of Government Regulation of Addictive Bads by : Jonathan Gruber
Download or read book A Theory of Government Regulation of Addictive Bads written by Jonathan Gruber and published by . This book was released on 2002 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The traditional normative analysis of government policy towards addictive bads is carried out in the context of a 'rational addiction' model, whereby the only role for government is in correcting the external costs of consumption of such goods. But available evidence is at least as consistent, if not more so, with an alternative where individuals are 'time inconsistent' about decisions such as smoking, having a higher discount rate between this period and the next than between future periods. We develop this time inconsistent model, and show that this alternative formulation delivers radically different implications for government policy towards smoking. Unlike the traditional model, our alternative implies that there is a role for government taxation of addictive bads even if there are no external costs; we estimate that the optimal tax on cigarettes is $1 or more higher than that implied by the traditional model. And we estimate that cigarette excise taxes are much less regressive than previously believed, and indeed for most parameter values are progressive, since lower income groups are much more price elastic and therefore benefit more from the commitment device provided by higher excise taxes.
