A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
- Topic classification is ongoing.
- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
Your search
Results 336 resources
-
This article examines possible explanations for 'winner-loser reversals' in the national stock market indices of sixteen countries. There is no evidence that loser countries are riskier than winner countries either in terms of standard deviations, covariance with the world market or other risk factors, or performance in adverse economic states of the world. While there is evidence that small markets are subject to larger reversals than large markets, perhaps due to some form of market imperfection, the reversals are not only a small market phenomenon. The apparent anomaly of winner-loser reversals in national market indices therefore remains unresolved.
-
This theory can explain why bank debt is universally senior, consistent with the presence of conflict lawyers) and absolute priority violations in financial distress: better organized banks would more strongly contest priority in financial distress if they were junior. Because "deterrence can reduce creditors' total expenses in a priority contest, the ex post stronger lobbyist/litigant should be senior ex ante. For equivalent reasons, the theory can advise when public debt should be senior to trade credit and/or implicit contracts, and can even suggest one rationale for the absolute priority rule (APR). This article further shows that Chapter HI creditor reimbursement procedures can lower overall costs.
-
The authors examine the use of currency derivatives in order to differentiate among existing theories of hedging behavior. Firms with greater growth opportunities and tighter financial constraints are more likely to use currency derivatives. This result suggests that firms might use derivatives to reduce cash flow variation that might otherwise preclude firms from investing in valuable growth opportunities. Firms with extensive foreign exchange-rate exposure and economies of scale in hedging activities are also more likely to use currency derivatives. Finally, the source of foreign exchange-rate exposures is an important factor in the choice among types of currency derivatives.
-
This article develops and tests a structural model of intraday price formation that embodies public information shocks and microstructure effects. We use the model to analyze intraday patterns in bid-ask spreads, price volatility, transaction costs, and return and quote autocorrelations, and to construct metrics for price discovery and effective trading costs. Information asymmetry and uncertainty over fundamentals decrease over the day, although transaction costs increase. The results help explain the U-shaped pattern in intraday bid-ask spreads and volatility, and are also consistent with the intraday decline in the variance of ask price changes.
-
The authors report results from experimental asset markets with liquidity traders and an insider where they allow bilateral trade to take place, in addition to public trade with dealers. In the absence of the search alternative, dealer profits are large–unlike in models with risk-neutral, competitive dealers. However, when the authors allow traders to participate in the search market, dealer profits are close to zero. Dealers compete more aggressively with the alternative trading avenue than with each other. There is no evidence that price discovery is less efficient when the specialists are not the only game in town.
Explore
Journals
Topic
- Bond (8)
- Capital Structure (4)
- CEO (4)
- Director (2)
- Mergers and Acquisitions (1)
Resource type
- Journal Article (336)