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The Impact of the Introduction of the Euro on Foreign Exchange Rate Risk Exposures

Bartram, Sohnke M.; Karolyi, G. Andrew - EconWPA - 2002

This paper examines whether the introduction of the Euro in 1999 was associated with lower stock return volatility, market risk exposures and foreign exchange rate risk exposures for 12,821 nonfinancial firms in Europe, the United States, and Japan. We show that though the Euro led to a...

Persistent link: https://www.econbiz.de/10005413119

The Interest Rate Exposure of Nonfinancial Corporations

Bartram, Sohnke M. - EconWPA - 2001

Many interest rates are as volatile as exchange rates and thus represent an equally important source of risk for corporations. While this is true not only for financial institutions, but for other corporations as well, little is known about the interest rate exposure of nonfinancial firms....

Persistent link: https://www.econbiz.de/10005134675

Linear and Nonlinear Foreign Exchange Rate Exposures of German Nonfinancial Corporations

Bartram, Sohnke M. - EconWPA - 2002

It has been viewed as an unsolved puzzle that only for a small number of firms a significant impact of foreign exchange rate risk on firm value could be detected empirically. This paper investigates whether the results of previous studies can be explained by the fact that only the linear...

Persistent link: https://www.econbiz.de/10005134773

International Evidence on Financial Derivatives Usage

Bartram, Sohnke M.; Brown, Gregory W.; Fehle, Frank R. - EconWPA - 2003

This paper presents international evidence on the use of financial derivatives for a sample of 7,292 non-financial firms from 48 countries including the United States. Across all countries, 59.8% of the firms use derivatives in general, while 43.6% use currency derivatives, 32.5% interest rate...

Persistent link: https://www.econbiz.de/10005134828

The Composition of International Capital Flows: Risk Sharing Through Foreign Direct Investment

Albuquerque, Rui - EconWPA - 2004

financial contracts and inalienability of FDI. Imperfect enforcement of contracts leads to endogenous financing constraints and … of FDI translates into a lower default premium and lower sensitivity to changes in a country's financing constraint. The … and country risk ratings to measure financing constraints, I present new evidence linking FDI and financing constraints …

Persistent link: https://www.econbiz.de/10005119449

Availability of Financing, Regulatory Business Costs and National Entrepreneurial Propensity

Ho, Yuen Ping; Wong, Poh Kam - EconWPA - 2005

regulatory business cost. The contribution of this paper is twofold: we compare the availability of different types of financing … in the 2002 Global Entrepreneurship Monitor, we examine the effect of availability of financing and regulatory business …-growth potential new firm formation. The availability of three types of financing sources is analysed: traditional debt financing …

Persistent link: https://www.econbiz.de/10005134472

Investor protection and business creation

Hyytinen, Ari; Takalo, Tuomas - EconWPA - 2004

We study the effects of investor protection on the availability of external finance, entrepreneurship, and creation of new firms in an equilibrium search model of private capital markets. In addition to search frictions, we examine contract frictions, specifically interim and ex post moral...

Persistent link: https://www.econbiz.de/10005413115

Corporate Finance in Europe from 1986 to 1996

DELBREIL, Michel; ESTEBAN, Ana; FRIDERICHS, Hans; … - EconWPA - 2000

differences in financing structures between countries. To this end, the Group decided firstly to broaden the review period from … enables an assessment of trends in financing structures in each country, but also of any changes in the ranking of the … understanding of the influence of financing needs, assets have been broken down into their main items. As previously, efforts have …

Persistent link: https://www.econbiz.de/10005413207

Liquidation Triggers and the Valuation of Equity and Debt

Galai, Dan; Raviv, Alon; Wiener, Zvi - EconWPA - 2003

Net-worth covenants, as introduced by Black and Cox (1976), provide the firm’s bondholders with the right to force reorganization or liquidation if the value of the firm falls below a certain threshold. In the event of default, however, many bankruptcy codes stipulate an automatic stay of...

Persistent link: https://www.econbiz.de/10005561605

Financement, investissement et performances des entreprises industrielles françaises

Paranque, Bernard - EconWPA - 1995

Les interrogations nombreuses au sujet des PME en restent généralement à un constat d' insuffisance de fonds propre, confondant ainsi problème de financement et nature de celui-ci. En outre elles trouvent leur origine dans une comparaison abusive avec les grandes entreprises, ignorant des...

Persistent link: https://www.econbiz.de/10005561653