Liquidity Management And Corporate Investment During A Financial Crisis

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Liquidity management and corporate investment during a financial crisis

Author : Murillo Campello
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (731 download)

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Book Synopsis Liquidity management and corporate investment during a financial crisis by : Murillo Campello

Download or read book Liquidity management and corporate investment during a financial crisis written by Murillo Campello and published by . This book was released on 2010 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a unique dataset to study how firms managed liquidity during the financial crisis. Our analysis provides new insights on the interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how companies used credit lines during the crisis (access, size of facilities, and drawdown activity), the conditions under which these facilities were granted (fees, markups, maturity, and collateral), and whether managers had difficulties in renewing or initiating lines. We also describe the dynamics of credit line violations and the outcome of subsequent renegotiations. We show how companies substitute between credit lines and internal liquidity (cash and profits) when facing a severe credit shortage. Looking at real-side decisions, we find that credit lines are associated with greater spending when companies are not cash-strapped. Firms with limited access to credit lines, on the other hand, appear to choose between saving and investing during the crisis. Our evidence indicates that credit lines eased the impact of the financial crisis on corporate spending.

Liquidity Management

Author : Aldo Soprano
Publisher : John Wiley & Sons
ISBN 13 : 1118413997
Total Pages : 213 pages
Book Rating : 4.1/5 (184 download)

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Book Synopsis Liquidity Management by : Aldo Soprano

Download or read book Liquidity Management written by Aldo Soprano and published by John Wiley & Sons. This book was released on 2015-05-04 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: Robust management of liquidity risk within the changing regulatory framework Liquidity Management applies current risk management theory, techniques, and processes to liquidity risk control and management to help organizations prepare in case of future economic crisis and changing regulatory framework. Based on extensive research conducted on banks' datasets, this book addresses the practical challenges and critical issues that frequently go unmentioned, and discusses the recent impact of sovereign crises on banks' liquidity processes and approaches. Market practices and regulatory stances are reviewed and compared to bank treasuries' response to liquidity crunches, refinancing risks are explored in the context of Basel 3, and alternative funding is analyzed in terms of resilience and allocation. Coverage includes the recent crisis, new regulations, and the techniques, processes, and strategies banks use in managing liquidity risk. The 2008 and 2010 crises brought liquidity risk out of the shadows as even profitable and well-capitalized banks were swept away with breathtaking speed. This book reviews modeling and internal process design in the context of the structural change in market conditions on banks' refinancing and control requirements, helping readers rethink and re-design their organization's approach to liquidity risk. Understand the new liquidity regulatory framework and the implications for banks Study the latest liquidity measurement models, with stress testing and scenario analysis Discover the effect of illiquid financing markets and possible lasting impacts Compare market liquidity and warning signals that detect further deterioration With much of the world still reeling from history, it's important that liquidity risk become a major focus going forward. This practical guide provides valuable information, but also real, actionable steps that can be taken today to forecast and mitigate risks with an eye toward greater stability and security. Liquidity Management is a thorough, comprehensive guide to a more robust management of liquidity risk.

Liquidity Risk

Author : E. Banks
Publisher : Springer
ISBN 13 : 1137374403
Total Pages : 521 pages
Book Rating : 4.1/5 (373 download)

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Book Synopsis Liquidity Risk by : E. Banks

Download or read book Liquidity Risk written by E. Banks and published by Springer. This book was released on 2013-11-06 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liquidity Management is now a core consideration for banks and other financial institutions following the collapse of numerous well-known banks in 2007-8. This timely new edition will provide practical guidance on liquidity risk and its management – now mandatory under new regulation.

Liquidity Risk Management

Author : Shyam Venkat
Publisher : John Wiley & Sons
ISBN 13 : 1118918797
Total Pages : 304 pages
Book Rating : 4.1/5 (189 download)

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Book Synopsis Liquidity Risk Management by : Shyam Venkat

Download or read book Liquidity Risk Management written by Shyam Venkat and published by John Wiley & Sons. This book was released on 2016-03-02 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most up-to-date, comprehensive guide on liquidity risk management—from the professionals Written by a team of industry leaders from the Price Waterhouse Coopers Financial Services Regulatory Practice, Liquidity Risk Management is the first book of its kind to pull back the curtain on a global approach to liquidity risk management in the post-financial crisis. Now, as a number of regulatory initiatives emerge, this timely and informative book explores the real-world implications of risk management practices in today's market. Taking a clear and focused approach to the operational and financial obligations of liquidity risk management, the book builds upon a foundational knowledge of banking and capital markets and explores in-depth the key aspects of the subject, including governance, regulatory developments, analytical frameworks, reporting, strategic implications, and more. The book also addresses management practices that are particularly insightful to liquidity risk management practitioners and managers in numerous areas of banking organizations. Each chapter is authored by a Price Waterhouse Coopers partner or director who has significant, hands-on expertise Content addresses key areas of the subject, such as liquidity stress testing and information reporting Several chapters are devoted to Basel III and its implications for bank liquidity risk management and business strategy Includes a dedicated, current, and all-inclusive look at liquidity risk management Complemented with hands-on insight from the field's leading authorities on the subject, Liquidity Risk Management is essential reading for practitioners and managers within banking organizations looking for the most current information on liquidity risk management.

Liquidity Management of U. S. Global Banks

Author : Nicola Cetorelli
Publisher :
ISBN 13 : 9781437962239
Total Pages : 50 pages
Book Rating : 4.9/5 (622 download)

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Book Synopsis Liquidity Management of U. S. Global Banks by : Nicola Cetorelli

Download or read book Liquidity Management of U. S. Global Banks written by Nicola Cetorelli and published by . This book was released on 2011 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent economic crisis highlighted the importance of globally active banks in linking markets. One channel for this linkage is the liquidity management of these banks, specifically the regular flow of funds between parent banks and their affiliates in diverse foreign markets. The authors use the Great Recession as an opportunity to identify the balance-sheet shocks to parent banks in the U.S. and then explore which features of foreign affiliates are associated with protecting, for example, their status as important locations in sourcing funding or as destinations for foreign investment activity. They show that distance from the parent organization plays a significant role in this allocation, where distance is bank-affiliate specific and depends on the location's ex ante relative importance in local funding pools and overall foreign investment strategies. These flows are a form of global interdependence previously unexplored in the literature on international shock transmission. Tables and figures. This is a print on demand report.

Demand Shock, Liquidity Management, and Firm Growth During the Financial Crisis

Author : Vojislav Maksimovic
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (934 download)

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Book Synopsis Demand Shock, Liquidity Management, and Firm Growth During the Financial Crisis by : Vojislav Maksimovic

Download or read book Demand Shock, Liquidity Management, and Firm Growth During the Financial Crisis written by Vojislav Maksimovic and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

International Liquidity and the Financial Crisis

Author : William A. Allen
Publisher : Cambridge University Press
ISBN 13 : 1139851993
Total Pages : 271 pages
Book Rating : 4.1/5 (398 download)

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Book Synopsis International Liquidity and the Financial Crisis by : William A. Allen

Download or read book International Liquidity and the Financial Crisis written by William A. Allen and published by Cambridge University Press. This book was released on 2013-01-03 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the ongoing financial crisis, policy makers have for the most part appeared to be reactive, formulating emergency solutions as events unfold. However, in contrast to their performance during the Great Depression, central banks around the world, led by the Federal Reserve, acted decisively following the collapse of Lehman Brothers and provided huge injections of liquidity into the financial markets, thereby preventing a far worse outcome. International Liquidity and the Financial Crisis compares the 2008 crisis with the disaster of 1931 and explores the similarities and differences. It considers the lasting effects of the crisis on international liquidity, the possibilities for an international lender of last resort, and the enlargement of the International Monetary Fund after the crisis. It shows that there is no clear demarcation between monetary and macro-prudential policies, and discusses how central banks need to adapt to a new environment in which global liquidity is much scarcer.

Lending, Investments and the Financial Crisis

Author : Elena Beccalli
Publisher : Springer
ISBN 13 : 1137531010
Total Pages : 236 pages
Book Rating : 4.1/5 (375 download)

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Book Synopsis Lending, Investments and the Financial Crisis by : Elena Beccalli

Download or read book Lending, Investments and the Financial Crisis written by Elena Beccalli and published by Springer. This book was released on 2016-04-29 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book features contributions from leading researchers into the effect of the recent financial crisis on lending in the banking sector. They explore the emergence of alternative methods of firm financing, including crowdfunding, firm network financing and venture capital, and analyse the performance of listed European innovative firms. The book discusses related topics such as the role of loan dynamics and structure for Central and Eastern European economic growth, the liquidity policy of the European Central Bank during the Euro crisis, sovereign pensions and social security reserve funds. Lending, Investments and the Financial Crisis addresses the ways in which the strategies of institutional investors have been impacted by the crisis. The study focuses on Western, Central and Eastern Europe, while providing a wider context in terms of comparison with the Chinese banking system.

Liquidity Risk

Author : E. Banks
Publisher : Springer
ISBN 13 : 0230508111
Total Pages : 253 pages
Book Rating : 4.2/5 (35 download)

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Book Synopsis Liquidity Risk by : E. Banks

Download or read book Liquidity Risk written by E. Banks and published by Springer. This book was released on 2004-09-24 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much critical attention has been given in recent years to market and credit risks, which have a significant effect on corporate and financial operations and must be understood and managed with care. While these areas have rightly received considerable scrutiny, another critical dimension of financial risk - based on corporate liquidity - has been largely overlooked. Liquidity risk is the risk of loss arising from an inability to quickly realise asset value or obtain funding and can be damaging if not properly considered or actively managed. Lack of liquidity can lead to large losses in asset/liability portfolios and off balance sheet activities and in extreme cases can trigger financial distress and insolvency. Liquidity Risk is a comprehensive treatment of the topic focusing on the nature of the risk, problems that arise in asset and funding liquidity and mechanisms that can be developed to monitor, measure and control such risks.

Systemic Liquidity Management in the U.A.E.

Author : Alexandre Chailloux
Publisher : International Monetary Fund
ISBN 13 : 1451874065
Total Pages : 32 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Systemic Liquidity Management in the U.A.E. by : Alexandre Chailloux

Download or read book Systemic Liquidity Management in the U.A.E. written by Alexandre Chailloux and published by International Monetary Fund. This book was released on 2009-12-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyzes the U.A.E.'s liquidity management framework in the context of the 2008 global financial crisis and the measures taken by the Central Bank of the U.A.E. to ease liquidity pressures in the second half of 2008. Drawing also on an empirical analysis of data for 15 U.A.E. banks through end-2008, the paper emphasizes the importance of making available to banks additional instruments to manage their liquidity as well as to strengthen the monitoring of a more comprehensive set of liquidity risk indicators. As regards the former, the paper discusses the merits and scope for the U.A.E. to introduce a domestic bond market.

The Liquidity Risk Management Guide

Author : Gudni Adalsteinsson
Publisher : John Wiley & Sons
ISBN 13 : 1118858018
Total Pages : 229 pages
Book Rating : 4.1/5 (188 download)

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Book Synopsis The Liquidity Risk Management Guide by : Gudni Adalsteinsson

Download or read book The Liquidity Risk Management Guide written by Gudni Adalsteinsson and published by John Wiley & Sons. This book was released on 2014-05-08 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liquidity risk is in the spotlight of both regulators and management teams across the banking industry. The European banking regulator has introduced and implemented a stronger liquidity regulatory framework and local regulators have made liquidity a top priority on their supervisory agenda. Banks have accordingly followed suit. Liquidity risk is now a topic widely discussed in boardrooms as banks strive to set up a strong and efficient liquidity risk management framework which, while maintaining sufficient resources, does not jeopardize the necessary profitability and return targets. The Liquidity Risk Management Guide: From Policy to Pitfalls is practical guide for banks and risk professionals to proactively manage liquidity risk in a systemic way. The book sets out its own comprehensive framework, which includes all the various and critical components of liquidity risk management. The recommendations are based on experiences from the recent financial crises, best practices and compliance with current and future regulatory requirements, with special emphasis on Basel III. Using the new 6 Step Framework, the book provides step-by-step guidance for the reader to build their liquidity management framework into a new overarching structure, which brings all the different parts of liquidity risk into one approach. Special attention is given to the challenges that banks currently face when adopting and implementing the Basel III liquidity requirements and guidance is given on how the new metrics can be integrated into the existing framework, providing the most value to the banks instead of being a regulatory reporting matter.

Managing Corporate Liquidity

Author : Lance Moir
Publisher : Routledge
ISBN 13 : 1135951934
Total Pages : 212 pages
Book Rating : 4.1/5 (359 download)

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Book Synopsis Managing Corporate Liquidity by : Lance Moir

Download or read book Managing Corporate Liquidity written by Lance Moir and published by Routledge. This book was released on 2014-06-11 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cash, as every manager knows, is the life-blood of a business. Managing cash flow, interest rates, and banking relations are some of the most important functions of treasury management. Managing Corporate Liquidity is a practical and concise guide designed specifically to offer advice and insight into the fundamental decisions of liquidity management. This book also takes into account the increased use of liquidity instruments, looking in detail at interest-rate hedging and the various control mechanisms that have been developed in recent years. An essential guide for treasury managers, financial managers at all levels, and entrepreneurs, business owners, and their advisers.

Inside and Outside Liquidity

Author : Bengt Holmstrom
Publisher : MIT Press
ISBN 13 : 0262518538
Total Pages : 263 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Inside and Outside Liquidity by : Bengt Holmstrom

Download or read book Inside and Outside Liquidity written by Bengt Holmstrom and published by MIT Press. This book was released on 2013-01-11 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two leading economists develop a theory explaining the demand for and supply of liquid assets. Why do financial institutions, industrial companies, and households hold low-yielding money balances, Treasury bills, and other liquid assets? When and to what extent can the state and international financial markets make up for a shortage of liquid assets, allowing agents to save and share risk more effectively? These questions are at the center of all financial crises, including the current global one. In Inside and Outside Liquidity, leading economists Bengt Holmström and Jean Tirole offer an original, unified perspective on these questions. In a slight, but important, departure from the standard theory of finance, they show how imperfect pledgeability of corporate income leads to a demand for as well as a shortage of liquidity with interesting implications for the pricing of assets, investment decisions, and liquidity management. The government has an active role to play in improving risk-sharing between consumers with limited commitment power and firms dealing with the high costs of potential liquidity shortages. In this perspective, private risk-sharing is always imperfect and may lead to financial crises that can be alleviated through government interventions.

The Financial Crisis Inquiry Report

Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
ISBN 13 : 1616405414
Total Pages : 692 pages
Book Rating : 4.6/5 (164 download)

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Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Managing Liquidity in Banks

Author : Rudolf Duttweiler
Publisher : John Wiley & Sons
ISBN 13 : 1119991099
Total Pages : 319 pages
Book Rating : 4.1/5 (199 download)

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Book Synopsis Managing Liquidity in Banks by : Rudolf Duttweiler

Download or read book Managing Liquidity in Banks written by Rudolf Duttweiler and published by John Wiley & Sons. This book was released on 2011-11-09 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Liquidity risk is a topic growing immensely in importance in risk management. It has been much neglected by financial institutions and regulators in recent years and receives, in the course of the sub-prime crisis, sudden and great attention. This book is well-structured and provides a comprehensive and systematic approach to the topic. It will help risk controllers to systematically set up a liquidity risk framework in their bank." —Peter NEU, European Risk Team Leader, The Boston Consulting Group, and co author of Liquidity Risk Measurement and Management "Mr Duttweiler's book is a welcome addition to the literature on liquidity risk measurement and management. In addition to his contributions to liquidity risk theory and liquidity pricing, the author provides a good overview of all of the critical elements." —Leonard Matz, International Solution Manager, Liquidity Risk and co-author of Liquidity Risk Measurement and Management Liquidity Risk Management has gained importance over recent years and particularly in the last year, as major bank failures have led to a re-evaluation of the significance of liquidity in stressed market conditions. Liquidity risk is closely related to market risk and solvency, suggesting its significance in times of volatile and 'bear' markets, where a single bank's failure can have dramatic effects on market liquidity. The term liquidity is not well-define, and a comprehensive understanding of its common elements is often missing within a banking organisation. In too many cases, liquidity risk management has not been developed with a coherent framework and generally accepted terms and methods, creating weaknesses in its structure and vulnerability to market risk. In this title, Duttweiler advances the study of quantitative liquidity risk management with the concept of the 'Liquidity Balance Sheet', which allocates portfolios into a specific structure, and consequently is able to account for potentially negative surprises so that the necessary buffers can be quantified. The book begins with an overview of liquidity as part of financial policy and highlights the importance of liquidity as part of a general business concept and as protector and supporter of a business as a going concern. The author examines the role o liquidity in helping managers to achieve high-level liquidity aims to support operating units to achieve business goals. He looks at quantitative methods of assessing a banks liquidity levels, including LaR and VaR, to establish an integrated concept in which liquidity is incorporated into the framework of financial policies. He also presents methods, tools, scenarios and concepts to create a policy framework for liquidity and to support contingency planning.

Which Investments Do Firms Protect? Liquidity Management and Real Adjustments When Access to Finance Falls Sharply

Author : James R. Brown
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Which Investments Do Firms Protect? Liquidity Management and Real Adjustments When Access to Finance Falls Sharply by : James R. Brown

Download or read book Which Investments Do Firms Protect? Liquidity Management and Real Adjustments When Access to Finance Falls Sharply written by James R. Brown and published by . This book was released on 2014 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study how firms engaged in both R&D and fixed investment manage liquidity and adjust real investment during the recent financial crisis. Among firms with positive R&D expenditures, cuts to fixed investment in the crisis are typically far more severe than cuts to R&D. These firms allocate cash reserves to buffer R&D but do not use cash to protect fixed investment. Some firms appear to go so far as to allow the stock of fixed assets to fall to stabilize R&D. The use of cash holdings and fixed assets to protect R&D is particularly strong among firms most likely to face financing frictions at the start of the crisis. We only find evidence that firms use cash to buffer fixed investment when we expand the sample to include firms with no R&D spending to compete for funds. Our study provides direct evidence on the real effects of liquidity management, highlights a key benefit of precautionary cash reserves, and illustrates the adjustments firms make to navigate a financial crisis.

The Global Economic System

Author : George Chacko
Publisher : Ft Press
ISBN 13 : 9780137050123
Total Pages : 269 pages
Book Rating : 4.0/5 (51 download)

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Book Synopsis The Global Economic System by : George Chacko

Download or read book The Global Economic System written by George Chacko and published by Ft Press. This book was released on 2011 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: A sophisticated, higher-level look at financial institutions in the new global economy, how they are interconnected, and why they fail. • •Explains the interconnected, interdependent global financial world in the context of recent market crises and other events. •Includes a thorough discussion of the core cause of most major market and economic crashes: failures of liquidity. •Not a beginner's book: designed for readers who already understand the basics of finance, including working professionals and advanced students. This is the first professional-level authoritative guide to today's global financial system: how it works, how its elements fit together, and the vulnerabilities that can cause it to fail. Writing for working financial professionals and other sophisticated readers, the authors thoroughly explain the modern global credit system; the roles of banks, hedge funds, insurers, central banks, mortgage markets, and other participants; and the credit-related instruments they rely on. In particular, the authors illuminate the crucial importance of liquidity, and show why liquidity failures have been the key cause of all major market crashes for the past several decades. The Global Financial System thoroughly examines economic environments in which slow de-leveraging leads to prolonged sluggish growth, and compares today's environment to other periods of deleveraging, such as the Great Depression and the Japanese economic meltdown of the '90s and '00s. It predicts potential pathways for the current crisis, and offers essential guidance to both policymakers and investment decision-makers.