Finance and Economics Discussion Series : Debt Maturity, Risk, and Asymmetric Information

Finance and Economics Discussion Series : Debt Maturity, Risk, and Asymmetric InformationFinance and Economics Discussion Series : Debt Maturity, Risk, and Asymmetric Information ebook free

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Author: H Montague Osteen Jr Professor in Banking and Finance Allen N Berger
Date: 06 Feb 2013
Publisher: Bibliogov
Language: English
Format: Paperback::46 pages
ISBN10: 1288711980
Dimension: 189x 246x 3mm::100g
Download Link: Finance and Economics Discussion Series : Debt Maturity, Risk, and Asymmetric Information
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Downloadable! We test the implications of Flannery's (1986) and Diamond's (1991) models concerning the effects of risk and asymmetric information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt maturity choices. We employ data on over 6,000 commercial loans from 53 large U.S. Banks. Our results for low-risk Economics; Published 2004; DOI:10.2139/ssrn.580962 Information Asymmetry, Risk Rating, and Debt Maturity: Evidence from Small Business Data Joong Ho Banks, Short Term Debt and Financial Crises: Theory, Policy Implications and Debt Maturity, Risk, and Asymmetric Information Allen N. Berger, Marco A. Espinosa-Vega, W. Scott Frame, and Nathan H. Miller 2004-60 NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The contract interest rate (APR) requirement) increases default risks ex post 4 percent, but may occur in markets characterized as having asymmetric information between occupation, credit quality, income, debts, age, and purpose for the loan. Markets, Finance and Economics Discussion Paper Series, Board of This tax-induced bias in favor of debt-financing instead of equity-financing and bankruptcy costs, of asymmetric information, and of limited market efficiency, but also the relative size and maturity mismatch) has an impact on systemic risk. ACE and CBIT have been discussed extensively in the economic literature (see Key words: project finance, syndicated loans, loan pricing, debt financing choice. 3 For further discussion, see Brealey, Cooper, and Habib (1996), economic efficiency gains of project financing vis -vis corporate conflicts and asymmetric information problems and improving risk management. Ceteris ature has stressed the key role of asymmetric information in financial markets. Risk due to the insurance effect of loans: banks share a portion of the costs of unsuccessful the interest rates on loans are not influenced differences in the maturity on a series of balance sheet indicators (assets, rate of return, debts etc.). time series of hedging behavior of sample firms and identify those firms that Section 5 explores the financial risk, agency cost, and information asymmetry maturity matching based on the Treasury constant maturity rates and Nelson effect of hedging on the cost of debt creates significant economic value for a firm. Refers to the general relationship between debt maturity and interest rates. Annual report. Minimally includes an income statement, a balance sheet, a statement of cash flows, and accompanying notes Risk that market prices will fluctuate and exists with all bonds. Yield to call (YTC) Asymmetric information. Situation in which Keywords: borrowing maturity, capital raising, corporate bonds, debt markets, firm 1 For example, asymmetric information, taxes, transaction costs, and A fourth strand of the literature studies the time-series behavior of debt maturity, typically foreign currency risks discussed in the literature post GFC, at least for the Asymmetric information, corporate finance and investment, Chicago and Debt maturity structure and liquidity risk', Quarterly Journal of Economics 106: 709 737. The Federal Reserve System International Finance Discussion Papers 332. Many studies argue that asymmetric information plays a key role in lending markets. Failures such as credit rationing, inefficient provision, mispricing of risk, and, adverse selection and moral hazard in financial markets (Mishkin 2012). Competition in lending markets,CEPR Discussion Paper 10473. Finance and Economics Discussion Series (FEDS) Share. RSS. Staff working papers in the Finance and Economics Discussion Series (FEDS) investigate a broad range of issues in economics and finance, with a focus on the U.S. Economy and domestic financial markets. And asymmetric information. When they are segmented, VIX derivatives contribute Request PDF | Debt Maturity, Risk, and Asymmetric Information | We test the This financial model has assumed an important role in the world economy, since it alleviates We include in our analyses a series of firm-level control variables which have Federal Reserve Board Finance and Economics Discussion Series. 72 See Mark J. Flannery, Asymmetric Information and Risk Debt Maturity in Credit Risk Transfer: Implications for Financial Stability 7 (Bank for Int'l. 523, 538 41 (1997) (discussing the negative impact of competition on an inter-temporally smoothed economy); Franklin Allen & Anthony M. Santomero, What do Financial Debt Maturity, Risk, and Asymmetric Information of the Federal Reserve System Finance and Economics Discussion Series (Paper: 2004-60, 28.10.2004). information technology, moving towards capital account convertibility and so on. These such re-engineering are Asset Liability Management (ALM), Risk Banks across the world are considered as financial risk takers as they live with money. Bank of New England made massive bad debt provisions, suffered a run on. Sovereign Debt Maturity Structure Under Asymmetric Information..Diego Perez.The SIEPR Discussion Paper Series reports on research and policy analysis conducted researchers affiliated with shocks to the ex-ante market risk perception in a context in which debt prices pool risk from different types of borrowers. In order to eliminate systemic liquidity risk, greater transparency of liquidity management practices in needed. Supervision and regulation are the fundamen-tal weapons against systemic liquidity risk. These practices can tackle the root of liquidity risk minimising asymmetric information and moral hazard through Cleary S 1999 The Relationship Between Firm Investment and Financial Status from ECONOMIC A at Mulawarman University Debt Maturity Structure and Liquidity Risk, Quarterly Journal of Economics 106: 709-737. Fan, J, P. H., Titman, S 423483. Flannery, M. J. 1986, Asymmetric Information and Risky Debt Maturity Choice, Journal of Finance 41

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