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Journal of Money, Credit and Banking, 2000
Firms and financial institutions are best viewed as ongoing entities, whose project completion may require renewed injections of liquidity. This paper proposes a contract-theoretic framework integrating three dimensions of corporate financing and prudential regulation: (a) liquidity management, (b) risk management, and (c) capital structure.
Holmström, Bengt, Tirole, Jean
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Firms and financial institutions are best viewed as ongoing entities, whose project completion may require renewed injections of liquidity. This paper proposes a contract-theoretic framework integrating three dimensions of corporate financing and prudential regulation: (a) liquidity management, (b) risk management, and (c) capital structure.
Holmström, Bengt, Tirole, Jean
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2005
In the first two parts of this book we have considered why liquidity is so vital to corporate operations and illustrated what can go wrong, in theory and practice, if it is mishandled. The degree of financial damage that can arise varies. In some cases it may be limited to losses from higher funding costs or asset disposals at prices below carrying ...
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In the first two parts of this book we have considered why liquidity is so vital to corporate operations and illustrated what can go wrong, in theory and practice, if it is mishandled. The degree of financial damage that can arise varies. In some cases it may be limited to losses from higher funding costs or asset disposals at prices below carrying ...
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2005
As we continue with our discussion of the theoretical and practical nature of liquidity risk problems, we turn our attention to asset liquidity risk, which we have defined as the risk of loss arising from an inability to convert assets into cash at carrying value when needed.
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As we continue with our discussion of the theoretical and practical nature of liquidity risk problems, we turn our attention to asset liquidity risk, which we have defined as the risk of loss arising from an inability to convert assets into cash at carrying value when needed.
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2005
We begin our discussion of theoretical and practical liquidity risk problems with an analysis of funding liquidity risk, which we have previously defined as the risk of loss stemming from an inability to obtain unsecured funding at economically reasonable levels when needed.
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We begin our discussion of theoretical and practical liquidity risk problems with an analysis of funding liquidity risk, which we have previously defined as the risk of loss stemming from an inability to obtain unsecured funding at economically reasonable levels when needed.
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2005
We know from our discussion in previous chapters that active management of liquidity risk is central to a company’s success. A well-structured approach to managing risks that have been identified and measured helps a company avoid the cash flow surprises that can lead to problems.
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We know from our discussion in previous chapters that active management of liquidity risk is central to a company’s success. A well-structured approach to managing risks that have been identified and measured helps a company avoid the cash flow surprises that can lead to problems.
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Liquidity Risk Management [PDF]
Financial stability review, 2007 Liquidity and solvency are the heavenly twins of banking, frequently indistinguishable. An illiquid bank can rapidly become insolvent, and an insolvent bank illiquid. As Tim Congdon noted, (FT, September 2007), in the 1950s liquid assets were typically 30 percent of British clearing banks’ total assets, and these largely consisted of Treasury Bills and
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2005
Liquidity, which we define broadly as the availability of cash or equivalent resources, is the lifeblood of every commercial and sovereign entity. Liquidity allows expected and unexpected obligations to be met when needed so that daily business affairs can proceed uninterrupted. In the absence of sufficient cash resources activities may be jeopardized;
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Liquidity, which we define broadly as the availability of cash or equivalent resources, is the lifeblood of every commercial and sovereign entity. Liquidity allows expected and unexpected obligations to be met when needed so that daily business affairs can proceed uninterrupted. In the absence of sufficient cash resources activities may be jeopardized;
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Liquidity and the Value at Risk
Jahrbücher für Nationalökonomie und Statistik, 2014Summary We introduce an intuitive method of enhancing low-frequency volatility measures used to compute Value-at-Risk (VaR) by incorporating intradaily liquidity information from the limit order book. Using the quote slope of Hasbrouck and Seppi (2001), a compound liquidity measure comprising the dimensions of bid-ask spread and log ...
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Financial Analysts Journal, 1977
4 The implicit discount rate the expected rate of total return that equilibrates current price with a forecast dividend stream is the single most important piece of information to have about a common stock. Risk premiums and liquidity preference premiums play a pivotal role in explaining variations in the discount rate.
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4 The implicit discount rate the expected rate of total return that equilibrates current price with a forecast dividend stream is the single most important piece of information to have about a common stock. Risk premiums and liquidity preference premiums play a pivotal role in explaining variations in the discount rate.
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