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Liquidity Constraints and Linkages with Multinationals

Javorcik, Beata; Spatareanu, Mariana - C.E.P.R. Discussion Papers - 2008

Using a unique data set from the Czech Republic for 1994-2003, this study examines the relationship between a firm’s liquidity constraints and its supply linkages with multinational corporations (MNCs). The empirical analysis indicates that Czech firms supplying MNCs are less credit...

Persistent link: https://www.econbiz.de/10005497887

Stock Market Returns, Corporate Governance and Capital Market Equilibrium

Parigi, Bruno; Pelizzon, Loriana; von Thadden, Ernst-Ludwig - C.E.P.R. Discussion Papers - 2015

managerial agency problem correctly. Our theory assumes that strict corporate governance prevents managers from diverting cash … firm's earnings, stock returns, and managerial ownership, because governance impacts the firm's risk-return structure. In …

Persistent link: https://www.econbiz.de/10011165663

Investment and Value: A Neoclassical Benchmark

Eberly, Janice; Rebelo, Sérgio; Vincent, Nicolas - C.E.P.R. Discussion Papers - 2008

Which investment model best fits firm-level data? To answer this question we estimate alternative models using Compustat data. Surprisingly, the two best-performing specifications are based on Hayashi's (1982) model. This model's foremost implication, that Q is a sufficient statistic for...

Persistent link: https://www.econbiz.de/10005791890

What Explains the Lagged Investment Effect?

Eberly, Janice; Rebelo, Sérgio; Vincent, Nicolas - C.E.P.R. Discussion Papers - 2011

The best predictor of current investment at the firm level is lagged investment. This lagged-investment effect is empirically more important than the cash-flow and Q effects combined. We show that the specification of investment adjustment costs proposed by Christiano, Eichenbaum and Evans...

Persistent link: https://www.econbiz.de/10008925713

Competition for traders and risk

Bijlsma, Michiel; Boone, Jan; Zwart, Gijsbert - C.E.P.R. Discussion Papers - 2012

the labour market for traders intensifies, banks optimally offer top traders contracts inducing them to take more risk … to reduced risk-taking by their top traders. …

Persistent link: https://www.econbiz.de/10011084687

Real-Time Analysis of Oil Price Risks Using Forecast Scenarios

Baumeister, Christiane; Kilian, Lutz - C.E.P.R. Discussion Papers - 2011

to these scenarios affect the upside and downside risks embodied in the baseline real-time oil price forecast. Such risk …

Persistent link: https://www.econbiz.de/10009385759

Optimal Capital Allocation Using RAROC And EVA

Stoughton, Neal; Zechner, Josef - C.E.P.R. Discussion Papers - 1999

precisely the notion of risk-adjusted return on capital (RAROC) and how it can be used as a performance measure. … the risk of their projects chosen. We discuss the relevance of strict position limits against discretionary trading … rules. We demonstrate how the concept of incremental Value at Risk must be used to deal with the multidivisional firm. The …

Persistent link: https://www.econbiz.de/10005661956

Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK

Mayer, Colin; Schoors, Koen; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2002

Using a newly constructed data set, we compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the UK. Sources of VC funds differ significantly across countries, eg banks are particularly important in Germany, corporations in Israel,...

Persistent link: https://www.econbiz.de/10005504226

Generational Accounting, Solidarity and Pension Losses

Vries, Casper G de; Teulings, Coen N - C.E.P.R. Discussion Papers - 2004

resolved by the introduction of generational accounts. Using modern portfolio and consumption planning theory we show that the …

Persistent link: https://www.econbiz.de/10005498139

Optimal Capital Allocation Using RAROC(tm) and EVA

Stoughton, Neal; Zechner, Josef - C.E.P.R. Discussion Papers - 2004

This Paper analyses firms’ capital allocation decisions when optimal capital structure is linked to the risk of … compensation and RAROC performance measurement systems. In the optimal mechanism, position limits will be employed but are not …

Persistent link: https://www.econbiz.de/10005662320