Results 161 to 170 of about 317,091 (193)
The Journal of Finance, 1991 In his 1990 Nobel Prize address, the “father of modern finance” begins by discussing the benefits of debt financing and hen goes on to discuss potential costs. Although certainly capable of excesses, private capital markets have self‐correcting mechanisms that limit corporate “overleveraging.” Contrary to popular perception, corporate leveraging does ...
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Leveraged Loans: Is High Leverage Risk Priced in?
SSRN Electronic Journal, 2020The economic downturn caused by the Covid-19 pandemic accentuates extant concerns about the leveraged loan market. Using a novel dataset, we show that leveraged loan spreads have declined for nonbank-facilities since the introduction of the Interagency Guidance on Leveraged Lending (IGLL) and the ensuing “frequently asked questions for implementing the
Newton, David P +3 more
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Journal of Money, Credit and Banking, 2009 I propose a life‐cycle model where a finitely lived risk‐averse household finances its housing investment by opting to provide a down payment. Given that the household may default, risk‐neutral lenders efficiently charge a default premium to hedge against expected losses. This has two major consequences.
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Leverage, Excess Leverage and Future Returns
SSRN Electronic Journal, 2011We examine the cross-sectional relation between leverage and future returns while considering the dynamic nature of capital structure and potentially delayed market reactions. Prior studies find a negative relation between leverage and future returns that contradicts standard finance theory.
Judson Caskey, John Hughes, Jing Liu
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The leverage effect without leverage
Finance Research Letters, 2009We use experimental stock markets to add more evidence that Black's [1976. Proceedings of the 1976 Meeting of the Business and Economic Statistics Section. American Statistical Association, pp. 177–181] leverage effect in financial markets does not necessarily stem from the financial leverage of the firm.
Hens, Thorsten, Steude, Sven C
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2013
Creativity describes the ability to rethink existing solutions, to combine existing ones with solutions used in other fields, or to imagine a new way of doing things, and as such, creativity represents the basis of innovation. But in many companies the thinking prevails that not every employee is able to be imaginative and to create something new. This
Friesike, Sascha, Gassmann, Oliver
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Creativity describes the ability to rethink existing solutions, to combine existing ones with solutions used in other fields, or to imagine a new way of doing things, and as such, creativity represents the basis of innovation. But in many companies the thinking prevails that not every employee is able to be imaginative and to create something new. This
Friesike, Sascha, Gassmann, Oliver
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Leverage and productivity [PDF]
Journal of Development Economics, 2022 Abstract This paper argues that earnings-based borrowing is important for understanding the extent to which financial frictions lower aggregate productivity (TFP). It builds a general equilibrium model of misallocation due to financial frictions wherein firms borrow by pledging assets and earnings.
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2008
A leveraged buyout (LBO) is a transaction wherein the purchase of a company is financed primarily with borrowed funds. An LBO is often a solution in a family succession situation or when a large group wants to sell off a division. It can also be a way for a company to delist itself when it is undervalued in the market.
Salvi A, Quiry P, Dallocchio M, LeFur Y
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A leveraged buyout (LBO) is a transaction wherein the purchase of a company is financed primarily with borrowed funds. An LBO is often a solution in a family succession situation or when a large group wants to sell off a division. It can also be a way for a company to delist itself when it is undervalued in the market.
Salvi A, Quiry P, Dallocchio M, LeFur Y
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SSRN Electronic Journal, 2013
We investigate intermediary asset pricing theories empirically and find strong support for models that have intermediary leverage as the relevant state variable. A parsimonious model that uses de-trended dealer leverage as a price-of-risk variable, and innovations to dealer leverage as a pricing factor, is shown to perform well in time series and cross-
Adrian, Tobias +2 more
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We investigate intermediary asset pricing theories empirically and find strong support for models that have intermediary leverage as the relevant state variable. A parsimonious model that uses de-trended dealer leverage as a price-of-risk variable, and innovations to dealer leverage as a pricing factor, is shown to perform well in time series and cross-
Adrian, Tobias +2 more
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, 2013 What can history can tell us about the relationship between the banking system, financial crises, the global economy, and economic performance? Evidence shows that in the advanced economies we live in a world that is more financialized than ever before as measured by importance of credit in the economy.
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