Bond Liquidity, Risk Taking and Corporate Innovation PDF Download
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Author: Huong Dang
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
This paper investigates how market liquidity condition of corporate bonds can affect firm investment policy, specifically its risk taking. We hypothesize that bond liquidity can affect firm's risk taking via the disciplinary function of trading. Indeed, we document a positive relationship between bond illiquidity and firms' risk taking, specifically a one standard deviation in Amihud illiquidity measure is associated with nearly 20% increase in investment ratio. Using introduction of TRACE in 2002 as an exogenous shock to bond trading infrastructure, our findings suggest that the relationship is causal. Finally, we document that the shift in risk taking increase the volume but not necessarily the quality of innovation output. Our empirical results have important implications for firms risk policy and growth as well as for designing of market microstructure.
Author: Huong Dang
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
This paper investigates how market liquidity condition of corporate bonds can affect firm investment policy, specifically its risk taking. We hypothesize that bond liquidity can affect firm's risk taking via the disciplinary function of trading. Indeed, we document a positive relationship between bond illiquidity and firms' risk taking, specifically a one standard deviation in Amihud illiquidity measure is associated with nearly 20% increase in investment ratio. Using introduction of TRACE in 2002 as an exogenous shock to bond trading infrastructure, our findings suggest that the relationship is causal. Finally, we document that the shift in risk taking increase the volume but not necessarily the quality of innovation output. Our empirical results have important implications for firms risk policy and growth as well as for designing of market microstructure.
Author:
Publisher:
ISBN:
Category :
Languages : de
Pages : 0
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Book Description
Author: Marco Laganá
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
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Book Description
Author:
Publisher:
ISBN:
Category : Bank failures
Languages : en
Pages : 468
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Book Description
Author: John R.M. Hand
Publisher: OUP Oxford
ISBN: 0191588954
Category :
Languages : en
Pages : 558
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Book Description
Author: Quande Qin
Publisher: Frontiers Media SA
ISBN: 2889760499
Category : Technology & Engineering
Languages : en
Pages : 114
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Book Description
Author: Yakov Amihud
Publisher: Cambridge University Press
ISBN: 0521191769
Category : Business & Economics
Languages : en
Pages : 293
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Book Description
This book explores the effect of liquidity on asset prices, liquidity variations over time and how liquidity risk affects prices.
Author: Baruch Lev
Publisher: Rowman & Littlefield
ISBN: 9780815798095
Category : Business & Economics
Languages : en
Pages : 236
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Book Description
This book is the first comprehensive, scientifically based study of the nature and impact of intangibles. Weaving case studies and real-world examples with contemporary business theory, Baruch Lev - establishes an economic framework to analyze managerial and investment issues concerning intangibles; - surveys the impact of intangibles on corporate performance and market values, including management difficulties, risk, questions of property rights, marketability, and cost structure; - analyzes information deficiencies associated with intangibles, including the major economic principles governing intangible investments, limits of management information systems, and recommendations for improved accounting disclosure; - sets forth a comprehensive information system—aimed at satisfying the needs of both internal and external decision makers—to reflect the impact and value of intangibles within the context of enterprise performance.
Author: Yushi Jiang
Publisher: Springer Nature
ISBN: 9464631422
Category : Business & Economics
Languages : en
Pages : 838
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Book Description
This is an open access book.Financial globalization plays a huge role in promoting the development of the world economy and the optimal allocation of world resources, stimulates the accelerated development of the international division of labor, and increases the international flow of production factors such as industrial transfer, capital transfer, and technology transfer. It enables developing countries to make up for the lack of their own capital and technology, and obtain industrial evolution, technological progress, and institutional innovation, thereby accelerating the speed of economic development; it also enables developed countries to open up cheap labor, raw material markets and broad consumer markets, prolonging product value. More profits, ease the economy, the contradiction of stagflation, and restore economic growth. The 8th International Conference on Financial Innovation and Economic Development (ICFIED 2023) aims to accommodate this need, as well as to: 1. provide a platform for experts and scholars, engineers and technicians in the field of financial Innovation and economic development to share scientific research achievements and cutting-edge technologies 2. Understand academic development trends, broaden research ideas, strengthen academic research and discussion, and promote the industrialization cooperation of academic achievements 3. Promote the institutionalization and standardization of Financial Innovation and Economic Development through modern research 4. Increasing the number of scientific publications for financial Innovation and economic development
Author: Iwan J. Azis
Publisher: Springer
ISBN: 9812872841
Category : Business & Economics
Languages : en
Pages : 129
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Book Description
This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.
