This paper examines the effects of bank loans, loans from non-bank financial intermediaries, and unused bank credit lines on firm cash holdings, equity risk, and investment. Firms with more bank loans have more cash and investment, but lower equity risk. Firms with more non-bank private debt...

We examine the impact of managerial incentives on acquisitions in the banking industry. We find that banks whose CEOs have higher pay-for-performance sensitivity (PPS) are less likely to engage in value-reducing acquisitions. Conditional on engaging in acquisitions, those higher-PPS banks have...

The aim of this study is to determine whether the domestic interest rate or the exchange rate affect the sovereign credit default swaps. To date most studies on corporate CDS markets have emphasised the importance of domestic factors such as the interest rate. But with the sovereign CDS market,...

ABSTRACT:The aim of this study is to determine the main factors affecting sovereign credit default swap(CDS) spreads, with particular emphasis on the relationship between the credit rating scores andthe CDS spreads. Other macroeconomic affects are also included in the estimation which usespanel...

The aim of this study is to determine whether the domestic economy as represented by the interest rate, the international economic status as represented by the exchange rate or both determine sovereign Credit Default Swap (CDS) spreads. Using a Vector Autoregressive (VAR) and Granger...

Abstract Currently Unavailable.

We provide an overview of selected recent operational applications of satellite remote sensing and marine Geographic Information Systems (GIS) procedures to the practice of sustainable aquaculture in southern Hokkaido, Japan, focusing mainly on kelp and scallop aquaculture. We also developed a...

In the past, the study of international trade often focused on differences in labor, land and capital, as well as the distance between trading partners. But economists are increasingly looking at the role played by institutions, specifically those that enforce contracts and curb corruption.