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The authors examine the use of currency derivatives in order to differentiate among existing theories of hedging behavior. Firms with greater growth opportunities and tighter financial constraints are more likely to use currency derivatives. This result suggests that firms might use derivatives...
Persistent link: https://www.econbiz.de/10005691515
Microfinance Institutions (MFIs) have risen to the forefront as invaluable institutions in the development process. Nevertheless, capital constraints have hindered the expansion of microfinance programs such that the demand for financial services still far exceeds the currently available supply....
Persistent link: https://www.econbiz.de/10004979507
Despite the fact that 529 College Savings Plans have existed for over a decade, there has been limited scholarly attention on investment questions related to this savings vehicle. In some of the first academic literature on this topic, Alexander and Luna (Supplement 2005) identified a surprising...
Persistent link: https://www.econbiz.de/10004979523
Despite the constant and frequent merger activity across various industries in the U.S. and throughout the world, limited evidence of the success of corporate mergers has been documented. The vast body of academic research demonstrates that most mergers add no value or reduce shareholder value...
Persistent link: https://www.econbiz.de/10011070542
This paper offers an alternative explanation for what is typically referred to as an asset pricing bubble. We develop a model that formalizes the Cochrane (2002) convenience yield theory of technology company stocks to explain why a rational agent would buy an “overpriced” security. Agents...
Persistent link: https://www.econbiz.de/10011070544
Theory indicates that frictions (e.g., information and transaction costs) could account for the lower than expected stock market participation rates. This paper examines the hypothesis that there has been a fundamental change in participation and links this change to the reduction of these...
Persistent link: https://www.econbiz.de/10010921205
Economic research has documented many economic affects of offspring gender on parental behavior. However, an open question exists as to whether offspring gender has any influence on parental investment decision making. Specifically, I investigate whether female offspring have an impact on...
Persistent link: https://www.econbiz.de/10004991657
Theory indicates that frictions (e. g., information and transaction costs) could account for the lower than expected stock market participation rates. This paper examines the hypothesis that there has been a fundamental change in participation and links this change to the reduction of these...
Persistent link: https://www.econbiz.de/10005609871