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In this paper, we propose a bank-based explanation for the decade-long Japanese slowdown following the asset price collapse in the early 1990s. We start with the well-known observation that most large Japanese banks were only able to comply with capital standards because regulators were lax in...
Persistent link: https://www.econbiz.de/10012761673
In this paper, we propose a bank-based explanation for the decade-long Japanese slowdown following the asset price collapse in the early 1990s. We start with the well-known observation that most large Japanese banks were only able to comply with capital standards because regulators were lax in...
Persistent link: https://www.econbiz.de/10012466526
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how liquidity and risk management policies coordinate investment and executive compensation policies to efficiently retain … flush with liquidity and the latter is the only consideration when the firm has depleted its financial slack. We show that …
Persistent link: https://www.econbiz.de/10012457687
We analyze a model of optimal capital structure and liquidity choice based on a dynamic tradeoff theory for financially … introduce a cost of external financing for the firm, which generates a precautionary demand for liquidity and an optimal … liquidity management policy for the firm. An important new cost of debt financing in this context is an endogenous debt …
Persistent link: https://www.econbiz.de/10012458655