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  1. Kennzahlen
    Author: Vollmuth, J. Hilmar; Zwettler, Robert
    Published: 2021
    Publisher:  Haufe Lexware, Planegg

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  2. Kennzahlen
    Author: Vollmuth, J. Hilmar; Zwettler, Robert
    Published: 2021
    Publisher:  Haufe Lexware, Planegg

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  3. Early lessons from the Covid-19 pandemic on the Basel reforms
    Published: July 2021
    Publisher:  Bank for International Settlements, [Basel]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789292594916
    Subjects: Coronavirus; Basler Akkord; Finanzsystem; Bankenliquidität; Kapitalstruktur; Welt
    Scope: 1 Online-Ressource (circa 95 Seiten), Illustrationen
  4. Essays on unilateral climate policy and on corporate debt
    Author: Christiansen, Simon
    Published: November 2021
    Publisher:  CREATES, Aarhus University, Aarhus

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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    Edition: This version: January 11, 2022
    Series: ECON PhD dissertations / Department of Economics and Business, Aarhus University ; 2022, 3
    Subjects: Ökosteuer; Internationale Klimapolitik; Treibhausgas-Emissionen; Makroökonomisches Modell; Kleine offene Volkswirtschaft; Offene Volkswirtschaft; Verbindlichkeiten; Kapitalstruktur
    Scope: 1 Online-Ressource (circa 159 Seiten), Illustrationen
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    Dissertation, Aarhus University, 2021
  5. A Q-theory of banks
    Author: Begenau, Juliane; Bigio, Saki; Majerovitz, Jeremy; Vieyra, Matias
    Published: October 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We propose a dynamic bank theory with a delayed loss recognition mechanism and a regulatory capital constraint at its core. The estimated model matches four facts about banks' Tobin's Q that summarize bank leverage dynamics. (1) Book and market... more

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    We propose a dynamic bank theory with a delayed loss recognition mechanism and a regulatory capital constraint at its core. The estimated model matches four facts about banks' Tobin's Q that summarize bank leverage dynamics. (1) Book and market equity values diverge, especially during crises; (2) Tobin's Q predicts future bank profitability; (3) neither book nor market leverage constraints are binding for most banks; (4) bank leverage and Tobin's Q are mean reverting but highly persistent. We examine a counterfactual experiment where different accounting rules produce a novel policy tradeoff.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/248901
    Series: CESifo working paper ; no. 9356 (2021)
    Subjects: Tobins Q; Bank; Kapitalstruktur; Bilanzierungsgrundsätze; Bilanz; Finanzkrise; banks; leverage dynamics; market vs. book values; delayed accounting
    Scope: 1 Online-Ressource (circa 93 Seiten), Illustrationen
  6. A q-theory of banks
    Author: Begenau, Juliane; Bigio, Saki; Vieyra, Matias; Majerovitz, Jeremy
    Published: 27 October 2021
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16670
    Subjects: Tobins Q; Bank; Kapitalstruktur; Bilanzierungsgrundsätze; Bilanz; Finanzkrise; banks; Leverage Dynamics; Market vs. Book Values; Delayed Accounting
    Scope: 1 Online-Ressource (circa 94 Seiten), Illustrationen
  7. A Theory of the Global Financial Cycle
    Author: Davis, Scott; Van Wincoop, Eric
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We develop a theory to account for changes in prices of risky and safe assets and gross and net capital flows over the global financial cycle (GFC). The multi-country model features global risk-aversion shocks and heterogeneity of investors both... more

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    We develop a theory to account for changes in prices of risky and safe assets and gross and net capital flows over the global financial cycle (GFC). The multi-country model features global risk-aversion shocks and heterogeneity of investors both within and across countries. Within-country heterogeneity is needed to account for the drop in gross capital flows during a negative GFC shock (higher global risk-aversion). Cross-country heterogeneity is needed to account for the differential vulnerability of countries to a negative GFC shock. The key vulnerability is associated with leverage. In both the data and the theory, leveraged countries (net borrowers of safe assets) deleverage through negative net outflows of risky assets and positive net outflows of safe assets, experience a rise in the current account and a greater than average drop in risky asset prices. The opposite is the case for non-leveraged countries (net lenders of safe assets)

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: NBER working paper series ; no. w29217
    Subjects: Internationaler Finanzmarkt; Konjunkturzusammenhang; Globalisierung; Finanzkrise; Internationale Staatsschulden; Kapitalstruktur
    Scope: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  8. Misdiagnosing Bank Capital Problems
    Author: Bulow, Jeremy; Klemperer, Paul
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Banks' reluctance to repair their balance sheets, combined with deposit insurance and regulatory forbearance in recognizing greater risks and losses, can lead to solvency problems that look like liquidity (bank-run) crises. Regulatory forbearance... more

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    Banks' reluctance to repair their balance sheets, combined with deposit insurance and regulatory forbearance in recognizing greater risks and losses, can lead to solvency problems that look like liquidity (bank-run) crises. Regulatory forbearance incentivizes banks to both retain risky loans and reject new good opportunities. With sufficient regulatory forbearance, partially-insured banks act exactly as if they are fully insured. Stress tests certify that uninsured creditors will be paid, not that banks are solvent, and have ambiguous effects on the efficiency of investment

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: NBER working paper series ; no. w29223
    Subjects: Bank; Bankinsolvenz; Kapitalstruktur; Bankrechnungslegung; Bilanzstrukturmanagement; Bankenregulierung
    Scope: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  9. A Q-theory of banks
    Author: Beganau, Juliane; Bigio, Saki; Majerovitz, Jeremy; Vieyra, Matias
    Published: [2021]
    Publisher:  Bank of Canada, [Ottawa]

    We document five facts about banks: (1) market and book leverage diverged during the 2008 crisis, (2) Tobin's Q predicts future profitability, (3) neither book nor market leverage appears constrained, (4) banks maintain a market-leverage target that... more

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    DS 219
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    We document five facts about banks: (1) market and book leverage diverged during the 2008 crisis, (2) Tobin's Q predicts future profitability, (3) neither book nor market leverage appears constrained, (4) banks maintain a market-leverage target that is reached slowly, and (5) precrisis, leverage was predominantly adjusted by liquidating assets. After the crisis, the adjustment shifted towards retaining earnings. We present a Q-theory where notions of leverage differ because book accounting is slow to acknowledge loan losses. We estimate the model and show that it reproduces the facts. We examine counterfactuals where different accounting rules produce novel policy tradeoffs.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/248305
    Edition: Last updated: September 24, 2021
    Series: Staff working paper / Bank of Canada ; 2021, 44
    Subjects: Tobins Q; Bank; Kapitalstruktur; Bilanzierungsgrundsätze; Bilanz; Finanzkrise; Financial institutions; Financial stability; Financial system regulation and policies
    Scope: 1 Online-Ressource (circa 112 Seiten), Illustrationen
  10. Restructuring vs bankruptcy
    Author: Donaldson, Jason Roderick; Morrison, Edward R.; Piacentino, Giorgia; Yu, Xiaobo
    Published: [2021]
    Publisher:  [Banca d'Italia], [Rom]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Subjects: Insolvenz; Kapitalstruktur; Unternehmensfinanzierung; Organisatorischer Wandel; Theorie
    Scope: 1 Online-Ressource (circa 67 Seiten)
  11. Struktura kapitału spółek publicznych w Polsce w świetle wybranych teorii w ujęciu sektorowym
    Author: Mosiejko, Leszek K.
    Published: 2021
    Publisher:  Oficyna Wydawnicza SGH, Warszawa

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    B 429001
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    Source: Union catalogues
    Language: Polish
    Media type: Book
    Format: Print
    ISBN: 9788380305014; 8380305019
    Edition: Wydanie I
    Subjects: Kapitalstruktur; Aktiengesellschaft; Polen; Kapitał obcy przedsiębiorstwa; Kapitał własny przedsiębiorstwa; Modele ekonometryczne; Spółki publiczne; Zarządzanie finansami; Opracowanie
    Scope: 162. [5] stron, ilustracje, wykresy, 24 cm
    Notes:

    Bibliografia, netgorafia, wykaz aktów prawnych na stronach 153-162
  12. Corporate capital structure dilemmas in Poland
    Author: Świda, Natalia
    Published: 2021
    Publisher:  SGH Publishing House, Warsaw

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    B 428957
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    ISBN: 9788380304895; 8380304896
    Edition: First edition
    Subjects: Betriebliche Finanzwirtschaft; Kapitalstruktur; Unternehmensfinanzierung; Aktiengesellschaft; Kapitalstrukturtheorie; Polen; Analiza wariancji; Finansowanie; Kapitał obcy przedsiębiorstwa; Kapitał własny przedsiębiorstwa; Spółki giełdowe; Zarządzanie finansami; Monografia
    Scope: 136, [2] strony, 25 cm
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    Bibliografia na stronach 127-136
  13. Leverage and Cash Dynamics
    Author: DeAngelo, Harry; Gonçalves, Andrei S.; Stulz, René M.
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    This paper documents new and empirically important interactions between cash-balance and leverage dynamics. Cash ratios typically vary widely over extended horizons, with dynamics remarkably similar to (and complementary with) those of capital... more

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    This paper documents new and empirically important interactions between cash-balance and leverage dynamics. Cash ratios typically vary widely over extended horizons, with dynamics remarkably similar to (and complementary with) those of capital structure. Leverage and cash dynamics interact approximately as predicted by the internal-versus-external funding regimes in Myers and Majluf (1984). Leverage is quite volatile when cash ratios are stable and vice-versa, while net-debt ratios are almost always volatile. Most firms increase leverage sharply as cash balances (internal funds) become scarce. Capital structure models that extend Hennessy and Whited (2005) to include cash-balance dynamics explain some, but not all, aspects of the observed relation between cash squeezes and leverage increases

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: NBER working paper series ; no. w28970
    Subjects: Kapitalstruktur; Betriebliche Liquidität; Cash Flow; Cash-Management
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  14. No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions
    Author: Merton, Robert C.; Thakor, Richard T.
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    This paper analyzes the costs and benefits of a no-fault-default debt structure as an alternative to the typical bankruptcy process. We show that the deadweight costs of bankruptcy can be avoided or substantially reduced through no-fault-default... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    This paper analyzes the costs and benefits of a no-fault-default debt structure as an alternative to the typical bankruptcy process. We show that the deadweight costs of bankruptcy can be avoided or substantially reduced through no-fault-default debt, which permits a relatively seamless transfer of ownership from shareholders to bondholders in certain states of the world. We show that potential costs introduced by this scheme due to risk shifting can be attenuated via convertible debt, and we discuss the relationship of this to bail-in debt and contingent convertible (CoCo) debt for financial institutions. We then explore how, despite the advantages of no-fault-default debt, there may still be a functional role for the bankruptcy process to efficiently allow the renegotiation of labor contracts in certain cases. In sharp contrast to the human-capital-based theories of optimal capital structure in which the renegotiation of labor contract in bankruptcy is a cost associated with leverage, we show that it is a benefit. The normative implication of our analysis is that no-fault-default debt, when combined with specific features of the bankruptcy process, may reduce the deadweight costs associated with bankruptcy. We discuss how an orderly process for transfer of control and a predetermined admissibility of renegotiation of labor contracts can be a useful tool for resolving financial institution failure without harming financial stability

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: NBER working paper series ; no. w28341
    Subjects: Insolvenz; Betriebliche Liquidität; Insolvenzverwaltung; Kapitalstruktur
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  15. Unintended consequences of post-crisis banking reforms
    Author: Neamţu, Ioana
    Published: [2021]
    Publisher:  Rozenberg Publishers, [Amsterdam]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    B 424409
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Print
    ISBN: 9789036106382
    Series: Tinbergen Institute research series ; no. 772
    Subjects: Bankenreform; Bankenregulierung; Wandelanleihe; Kapitalstruktur; Bankrisiko; Theorie; Großbritannien
    Scope: v, 185 Seiten, Illustrationen
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    Dissertation, Universiteit van Amsterdam, 2021
  16. Auswirkungen internationaler Rechnungslegung auf die Baseler Bankenregulierung
    (Fehl-)Anreize einer komplementären Leverage Ratio auf das Risikoreporting von Banken im Lichte von IFRS 9
    Author: Leonhardt, Tony
    Published: [2021?]

    Location:
    Technische Universität Bergakademie Freiberg, Bibliothek 'Georgius Agricola'
    Signature:
    21.1699 4.
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    Thüringer Universitäts- und Landesbibliothek
    Signature:
    2021 J 170
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    C 284371
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    Source: Union catalogues
    Contributor: Kürsten, Wolfgang (AkademischeR BetreuerIn); Hüfner, Bernd (AkademischeR BetreuerIn)
    Language: German
    Media type: Dissertation
    Format: Print
    Subjects: IFRS; Wirkungsanalyse; Bankrisiko; Kapitalstruktur; Basler Akkord; Berichtswesen; Welt
    Scope: 275, LXXIX Seiten, Diagramme, 29,5 cm
    Notes:

    Literaturverzeichnis Seite XXXIII-LXXVI

    Tag der Verteidigung: 14.04.2021

    Dissertation, Friedrich-Schiller-Universität Jena, 2021
  17. Exchange Rate Fluctuations and Firm Leverage
    Author: Kalemli-Ozcan, Sebnem; Shim, Ilhyock; Liu, Xiaoxi
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We quantify the effect of exchange rate fluctuations on firm leverage. When home currency appreciates, firms who hold foreign currency debt and local currency assets observe higher net worth as appreciation lowers the value of their foreign currency... more

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Location:
    Universitätsbibliothek Freiburg
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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We quantify the effect of exchange rate fluctuations on firm leverage. When home currency appreciates, firms who hold foreign currency debt and local currency assets observe higher net worth as appreciation lowers the value of their foreign currency debt. These firms can borrow more as a result and increase their leverage. When home currency depreciates, the reverse happens as firms have to de-lever with a negative shock to their balance sheets. Using firm-level data for leverage from 10 emerging market economies during the period from 2002 to 2015, we show that firms operating in countries whose non-financial sectors hold more of the debt in foreign currency, increase (decrease) their leverage relatively more after home currency appreciations (depreciations). Combining the leverage data with firm-level FX debt data for 4 emerging market countries, we further show that our results hold at the most granular level. Our quantitative results are asymmetric: the effects of depreciations, that are generally associated with sudden stops, are quantitatively larger than those of appreciations, which take place at a slower pace over time during capital inflow episodes. As our exercise compares depreciations and appreciations of similar size, these results are suggestive of financial frictions being more binding during depreciations than a possible relaxation of such frictions during appreciations

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: NBER working paper series ; no. w28608
    Subjects: Wechselkurs; Volatilität; Kapitalstruktur; Schwellenländer
    Scope: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  18. Optimal firm's dividend and capital structure for mean reverting profitability
    Author: Menoncin, Francesco; Panteghini, Paolo; Regis, Luca
    Published: November 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We model a risk-averse firm owner who wants to maximize the intertemporal expected utility of firm’s dividends. The optimal dynamic control problem is characterized by two stochastic state variables: the equity value, and profitability (ROA) of the... more

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    DS 63
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    We model a risk-averse firm owner who wants to maximize the intertemporal expected utility of firm’s dividends. The optimal dynamic control problem is characterized by two stochastic state variables: the equity value, and profitability (ROA) of the _rm. According to the empirical evidence, we let profitability follow a mean reverting process. The problem is solved in a quasi-explicit form by computing both the optimal dividend and the optimal debt. Finally, we calibrate the model to actual US data and check both the properties of the solution and its sensitivity to the model parameters. In particular, our results show that the optimal dividend is smooth over time and that leverage is predominantly constant over time. Neither asymmetric information nor frictions are necessary to obtain these findings.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/248952
    Series: CESifo working paper ; no. 9407 (2021)
    Subjects: Ausschüttungspolitik; Kapitalstruktur; Rentabilität; Mean Reversion; Stochastischer Prozess; Risikoaversion; USA; dividend policy; capital structure; profit mean-reversion; closed-form; stochastic optimization
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen