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Author : C. E. V. Borio
Publisher :
ISBN 13 :
Total Pages : 92 pages
Book Rating : 4.F/5 ( download)
Download or read book Leverage and Financing of Non-financial Companies written by C. E. V. Borio and published by . This book was released on 1990 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alexandre Lamfalussy
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (91 download)
Download or read book Leverage and Financing of Non-financial Companies written by Alexandre Lamfalussy and published by . This book was released on 1988 with total page 0 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 : Mr.Ashok Vir Bhatia
Publisher : International Monetary Fund
ISBN 13 : 1475504713
Total Pages : 30 pages
Book Rating : 4.4/5 (755 download)
Download or read book Leverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis written by Mr.Ashok Vir Bhatia and published by International Monetary Fund. This book was released on 2012-06-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral in the secured funding operations of U.S.-based investment banks was the fatal link between the collapse of structured finance and the global malfunction of funding markets that turbocharged the downdraft; and, second, that this insight (and others) can be decrypted from the Flow of Funds Accounts of the United States.
Author : Judith Mary Bishop
Publisher :
ISBN 13 :
Total Pages : 82 pages
Book Rating : 4.:/5 (17 download)
Download or read book Leverage and Financing of Nonfinancial Companies : an International Perspective written by Judith Mary Bishop and published by . This book was released on 1990 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund. Monetary and Financial Systems Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484308395
Total Pages : 139 pages
Book Rating : 4.4/5 (843 download)
Download or read book Global Financial Stability Report, October 2017 written by International Monetary Fund. Monetary and Financial Systems Dept. and published by International Monetary Fund. This book was released on 2017-10-11 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: The October 2017 Global Financial Stability Report finds that the global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth. It also includes a chapter that examines the short- and medium-term implications for economic growth and financial stability of the past decades’ rise in household debt. It documents large differences in household debt-to-GDP ratios across countries but a common increasing trajectory that was moderated but not reversed by the global financial crisis. Another chapter develops a new macroeconomic measure of financial stability by linking financial conditions to the probability distribution of future GDP growth and applies it to a set of 20 major advanced and emerging market economies. The chapter shows that changes in financial conditions shift the whole distribution of future GDP growth.
Author : Pierre G. Bergeron
Publisher :
ISBN 13 : 9780176055608
Total Pages : 354 pages
Book Rating : 4.0/5 (556 download)
Download or read book Finance for Non-Financial Managers written by Pierre G. Bergeron and published by . This book was released on 1996 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Luiza Antoun de Almeida
Publisher : International Monetary Fund
ISBN 13 : 1513549200
Total Pages : 35 pages
Book Rating : 4.5/5 (135 download)
Download or read book Non-Financial Corporate Debt in Advanced Economies, 2010–17 written by Luiza Antoun de Almeida and published by International Monetary Fund. This book was released on 2020-07-03 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the evolution of non-financial corporate debt among publicly listed companies in major advanced economies between 2010 and 2017. Since 2010, firms have started to rely more on corporate bond markets and have used part of their debt to increase their holdings of cash. In our sample of some 5,000 firms, we find substantial differences across countries, industries, firms, and years in leverage and debt maturity, and we also identify time factors that are common drivers of capital structures. Within countries, loosening an index of financial conditions seems to be associated with lengthening debt maturity after controlling for firms’ characteristics. Across firms and countries, leveraging and lengthening debt maturity have been greater where economic growth was stronger. Tighter financial conditions are positively associated with an increase in short-term debt financing. Quantile regressions suggest that there is substantial heterogeneity among firms on how they react to macro-financial conditions: large increases in long-term debt financing and large declines in short-term debt financing tend to be driven more by better macroeconomic performance, while large increases in short-term debt financing are more strongly impacted by tighter financial conditions. Since the paper uses data up to 2017, it does not reflect developments that occurred during the coronavirus pandemic. Nonetheless, sensitivity analysis shows that a significant amount of corporate debt, representing more than 5 percent of GDP, could be at risk in some countries, with an adverse spillover to the financial system if financial conditions tighten or economic growth slows down. This suggests that vulnerabilities should be closely monitored and policy action taken if warranted.
Author : M. P. Narayanan
Publisher : John Wiley & Sons
ISBN 13 : 0787974196
Total Pages : 323 pages
Book Rating : 4.7/5 (879 download)
Download or read book Finance for Strategic Decision-Making written by M. P. Narayanan and published by John Wiley & Sons. This book was released on 2004-04-26 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: Finance for Strategic Decision Making demystifies and clarifies for non-financial executives the basics of financial analysis. It shows how they can make important financial decisions that can critically enhance their institution’s ability to respond to competitive challenges, undertake new projects, overcome financial setbacks, and most importantly, create shareholder value. Written by M. P. Narayanan and Vikram K. Nanda—two of the country’s leading authorities on financial strategy—this book offers a practical guide for using financial analysis to enhance strategicdecision making. The book includes a coherent framework that outlines practical and intellectually sound guidance for executives who must make strategic decisions. Finance for Strategic Decision Making Explains the role of finance in corporate strategy Offers guidance on resource allocation decisions Explores how to determine the right balance of debt and equity capital to maximize firm value Demonstrates how to use payout policy as a strategic tool Clarifies if a merger, acquisition, or divestiture is in the best interest of an organization Shows how to manage risk Reveals how to measure value created and the effectiveness of upper level management
Author : Anthony Turkson
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (13 download)
Download or read book Capital Structure and Profitability of Selected Listed Non-Financial Firms in Ghana written by Anthony Turkson and published by . This book was released on 2013 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study investigated the relationship between capital structure and profitability of listed non-financial firms in Ghana, covering a seven-year period (2002-2008). Capital structure theories provided theoretical basis for the work. The study adopted the panel data methodology to examine the effects of capital structure on the profitability of twenty selected non-financial firms. The general least square technique was used as the estimation technique for the study. Financial statements of the selected firms were also used to extract data for the study. Ratios such as return on assets, return on equity and net profit margin were used as indicators for determining the profitability of the firm. Short-term debt, long-term debt and total debt ratios were also used as indicators for leverage of the firms. The study revealed that 54.99% of the total capital of the firms is made up of debts. Of this 47.65% constitute short-term debts while 7.33% is made up of long-term debts. This indicates that the non-financial firms are highly leveraged firms and also shows the importance of short-term debts over long-term debts in financing non-financial firms. The correlation and regression results showed a significantly negative association between leverage and profitability. This implies that, during the period under study, leverage did not bring about profitability. There should therefore be reforms in the financial markets to reduce cost of short-term debts or encourage internal financing. The firms should also focus on growth so as to benefit from leverage. Reforms in the banking sector to provide more long-term debt to non-financial firms is as well necessary to affect profitability.
Author :
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (327 download)
Download or read book FDIC Quarterly written by and published by . This book was released on 2009 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Todd Keister
Publisher : DIANE Publishing
ISBN 13 : 1437925138
Total Pages : 15 pages
Book Rating : 4.4/5 (379 download)
Download or read book Why are Banks Holding So Many Excess Reserves? written by Todd Keister and published by DIANE Publishing. This book was released on 2010-03 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: The quantity of reserves in the U.S. banking system has risen dramatically since Sept. 2008. This pattern may indicate that the Federal Reserve¿s (FR) liquidity facilities have been ineffective in promoting the flow of credit to firms and households. Others have argued that the high level of reserves will be inflationary. This report explains why banks are currently holding so many reserves. The examples show how the quantity of bank reserves is determined by the size of the FR¿s policy initiatives and in no way reflects the initiatives¿ effects on bank lending. A large increase in bank reserves need not be inflationary, because the payment of interest on reserves allows the FR to adjust short-term interest rates independently of the level of reserves. Illus..
Author : Mr.Manmohan Singh
Publisher : International Monetary Fund
ISBN 13 : 1484348303
Total Pages : 28 pages
Book Rating : 4.4/5 (843 download)
Download or read book Leverage—A Broader View written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2018-03-19 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditional measures of leverage in the financial system tend to reflect bank balance sheet data. The paper argues that these traditional, bank-centric measures should be augmented by considering pledged collateral in the financial system since pledged collateral provides a measure of an important part of nonbank funding to banks. From a policy perspective, the paper suggests that a broader view on leverage will enhance our understanding of global systemic risk, and complement the theoretical work in this field by providing a link from micro-level leverage data to macro aggregates such as credit to the economy.
Author : Katrina Avila Munichiello
Publisher : Tuttle Publishing
ISBN 13 : 9780804848992
Total Pages : 256 pages
Book Rating : 4.8/5 (489 download)
Download or read book A Tea Reader written by Katrina Avila Munichiello and published by Tuttle Publishing. This book was released on 2017-03-21 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Tea Reader contains a selection of stories that cover the spectrum of life. This anthology shares the ways that tea has changed lives through personal, intimate stories. Read of deep family moments, conquered heartbreak, and peace found in the face of loss. A Tea Reader includes stories from all types of tea people: people brought up in the tea tradition, those newly discovering it, classic writings from long-ago tea lovers and those making tea a career. Together these tales create a new image of a tea drinker. They show that tea is not simply something you drink, but it also provides quiet moments for making important decisions, a catalyst for conversation, and the energy we sometimes need to operate in our lives. The stories found in A Tea Reader cover the spectrum of life, such as the development of new friendships, beginning new careers, taking dream journeys, and essentially sharing the deep moments of life with friends and families. Whether you are a tea lover or not, here you will discover stories that speak to you and inspire you. Sit down, grab a cup, and read on.
Author : Keith Mestrich
Publisher : The New Press
ISBN 13 : 162097505X
Total Pages : 306 pages
Book Rating : 4.6/5 (29 download)
Download or read book Organized Money written by Keith Mestrich and published by The New Press. This book was released on 2019-10-08 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two leading figures from the world of finance show how progressives can take their money away from conservative financial institutions and put it to good, lasting social use The U.S. financial system may be working for some people, but it isn't working for most of us who care about progressive causes. In fact, our financial system taps your money to pay for a conservative agenda. It's a heads-they-win, tails-you-lose game when the fees you pay to use your credit card finance fossil fuels even when you buy green products. Conservative "money muscle" shapes our culture, society, politics, and public policy. In this bold call to action, two leaders from the world of progressive finance propose a strategy to challenge this conservative dominance of the financial sector: organized progressive money. It's a $10 trillion plan for a full- service, market-scale progressive financial system. Mestrich and Pinsky explain how progressives can take control with financial institutions of their own and products that align with progressive values. Organized Money warns that until progressives organize their money, they will lose again and again while conservatives will keep winning. It's a crucial message for the next progressive era, starting with the make-or-break 2020 election cycle, where American voters will be presented with a choice between conservative market fundamentalism that leaves them out or inclusive restorative capitalism that is good for people as well as profits. Written in clear, engaging prose for non- financial readers and finance leaders alike, Organized Money is required reading for everyone ready to confront the excesses of conservative power and influence.
Author : Asl? Demirgüç-Kunt
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4./5 ( download)
Download or read book Determinants of Commercial Bank Interest Margins and Profitability written by Asl? Demirgüç-Kunt and published by World Bank Publications. This book was released on 1998 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: March 1998 Differences in interest margins reflect differences in bank characteristics, macroeconomic conditions, existing financial structure and taxation, regulation, and other institutional factors. Using bank data for 80 countries for 1988-95, Demirgüç-Kunt and Huizinga show that differences in interest margins and bank profitability reflect various determinants: * Bank characteristics. * Macroeconomic conditions. * Explicit and implicit bank taxes. * Regulation of deposit insurance. * General financial structure. * Several underlying legal and institutional indicators. Controlling for differences in bank activity, leverage, and the macroeconomic environment, they find (among other things) that: * Banks in countries with a more competitive banking sector-where banking assets constitute a larger share of GDP-have smaller margins and are less profitable. The bank concentration ratio also affects bank profitability; larger banks tend to have higher margins. * Well-capitalized banks have higher net interest margins and are more profitable. This is consistent with the fact that banks with higher capital ratios have a lower cost of funding because of lower prospective bankruptcy costs. * Differences in a bank's activity mix affect spread and profitability. Banks with relatively high noninterest-earning assets are less profitable. Also, banks that rely largely on deposits for their funding are less profitable, as deposits require more branching and other expenses. Similarly, variations in overhead and other operating costs are reflected in variations in bank interest margins, as banks pass their operating costs (including the corporate tax burden) on to their depositors and lenders. * In developing countries foreign banks have greater margins and profits than domestic banks. In industrial countries, the opposite is true. * Macroeconomic factors also explain variation in interest margins. Inflation is associated with higher realized interest margins and greater profitability. Inflation brings higher costs-more transactions and generally more extensive branch networks-and also more income from bank float. Bank income increases more with inflation than bank costs do. * There is evidence that the corporate tax burden is fully passed on to bank customers in poor and rich countries alike. * Legal and institutional differences matter. Indicators of better contract enforcement, efficiency in the legal system, and lack of corruption are associated with lower realized interest margins and lower profitability. This paper-a product of the Development Research Group-is part of a larger effort in the group to study bank efficiency.
Author : John Joseph
Publisher : GRIN Verlag
ISBN 13 : 3668733074
Total Pages : 32 pages
Book Rating : 4.6/5 (687 download)
Download or read book The Leverage Effect on Financial Performance. A Review of Empirical Evidence written by John Joseph and published by GRIN Verlag. This book was released on 2018-06-22 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2018 in the subject Business economics - Business Management, Corporate Governance, , language: English, abstract: The International Financial Reporting Standards (IFRS) is a high quality and principle based reporting standards that remove many accounting alternatives. It is therefore, consequently expected to limit the management’s discretion and lessen practices on earnings management. Quite the opposite, some researchers argue that the flexibility in IFRS and its fair value pre-eminence might afford greater opportunities for firms to manage earnings. It is this inaptness which incited and aggravated the conduct of this study. This study applies a desktop review to investigate the worldwide existing empirical research evidence on the effect of IFRS on earnings management post- IFRS adoption and in relation to other reporting standards and reports whether the results are indistinguishable between developed and developing economies. Accounting research in developed economies has long identified earnings management as a means by which managers manipulate financial reports to mislead other stakeholders on the underlying economic performance of the firm. However, earnings management research did not receive much attention in developing countries such as Nigeria until recently. The findings reveal that the existing empirical crams and conclusions there on are mixed, inconsistent and difficult to generalise. This indicates the pressing need for country, especially Nigeria to engage on studies of this nature. The study further, stumbles on the fact that IFRS can indistinctly benefit both developing and developed markets when coupled with appropriate effective enforcement machinery. Substantially, the results entail that IFRS is a critical determinant for quality reporting but not a ‘prima facie’ guarantor for quality reporting.
