Cash Flow Sensitivities and Bank-Finance Shocks in Nonlisted Firms PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Cash Flow Sensitivities and Bank-Finance Shocks in Nonlisted Firms PDF full book. Access full book title Cash Flow Sensitivities and Bank-Finance Shocks in Nonlisted Firms by Charlotte Ostergaard. Download full books in PDF and EPUB format.
Author: Charlotte Ostergaard Publisher: ISBN: Category : Languages : en Pages : 52
Book Description
We study how nonlisted firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash flows; in particular, high-MVC firms employ substantially more external finance on the margin. Linking firms to their main bank, we find that shocks to bank finance affect firms' trade-offs and have real effects in high-MVC firms, making investment more sensitive to firm cash flow. Our analysis suggests that shocks to external financing costs are transmitted to the real economy via firms' marginal value of cash.
Author: Charlotte Ostergaard Publisher: ISBN: Category : Languages : en Pages : 52
Book Description
We study how nonlisted firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash flows; in particular, high-MVC firms employ substantially more external finance on the margin. Linking firms to their main bank, we find that shocks to bank finance affect firms' trade-offs and have real effects in high-MVC firms, making investment more sensitive to firm cash flow. Our analysis suggests that shocks to external financing costs are transmitted to the real economy via firms' marginal value of cash.
Author: Charlotte Ostergaard Publisher: ISBN: Category : Cash flow Languages : en Pages : 0
Book Description
We study how nonlisted firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash flows; in particular, high-MVC firms employ substantially more external finance on the margin. Linking firms to their main bank, we find that shocks to bank finance affect firms' trade-offs and have real effects in high-MVC firms, making investment more sensitive to firm cash flow. Our analysis suggests that shocks to external financing costs are transmitted to the real economy via firms' marginal value of cash.
Author: Anjan V. Thakor Publisher: Elsevier Science ISBN: 9780444515582 Category : Business & Economics Languages : en Pages : 577
Book Description
The growth of financial intermediation research has yielded a host of questions that have pushed "design" issues to the fore even as the boundary between financial intermediation and corporate finance has blurred. This volume presents review articles on six major topics that are connected by information-theoretic tools and characterized by valuable perspectives and important questions for future research. Touching upon a wide range of issues pertaining to the designs of securities, institutions, trading mechanisms and markets, industry structure, and regulation, this volume will encourage bold new efforts to shape financial intermediaries in the future. * Original review articles offer valuable perspectives on research issues appearing in top journals * Twenty articles are grouped by six major topics, together defining the leading research edge of financial intermediation * Corporate finance researchers will find affinities in the tools, methods, and conclusions featured in these articles
Author: Mary Amiti Publisher: ISBN: Category : Languages : en Pages :
Book Description
We show that supply-side financial shocks have a large impact on firms' investment. We develop a new methodology to separate firm-borrowing shocks from bank-supply shocks using a vast sample of matched bank-firm lending data. We decompose aggregate loan movements in Japan for the period 1990 to 2010 into bank, firm, industry, and common shocks. The high degree of financial institution concentration means that individual banks are large relative to the size of the economy, which creates a role for granular shocks as in Gabaix (2011). We show that idiosyncratic granular bank-supply shocks explain 30-40 percent of aggregate loan and investment fluctuations.
Author: Lucyna Gornicka Publisher: International Monetary Fund ISBN: 1589065875 Category : Business & Economics Languages : en Pages : 31
Book Description
To assess the resilience of India’s corporate sector against COVID-19-related shocks, we conducted a series of stress tests using firm-level corporate balance sheet data. The results reveal a differential impact across sectors, with the most severe impact on contact-intensive services, construction, and manufacturing sectors, and micro, small, and medium enterprises. On policy impact, the results highlight that temporary policy measures have been particularly effective in supporting firm liquidity, but the impact on solvency is less pronounced. On financial sector balance sheets, we found that public sector banks are more vulnerable to stress in the corporate sector, partly due to their weaker starting capital positions. When considering forward-looking multiperiod growth scenarios, we find that the overall corporate performance will depend on the speed of recovery. A slower pace of recovery could lead to persistently high levels of debt at risk, especially in some services and industrial sectors.
Author: Mr. Thierry Tressel Publisher: International Monetary Fund ISBN: 1513590820 Category : Business & Economics Languages : en Pages : 54
Book Description
Corporate sector vulnerabilities have been a central policy topic since the outset of the COVID-19 pandemic. In this paper, we analyze some 17,000 publicly listed firms in a sample of 24 countries, and assess their ability to withstand shocks induced by the pandemic to their liquidity, viability and solvency. For this purpose, we develop novel multi-factor sensitivity analysis and dynamic scenario-based stress test techniques to assess the impact of shocks on firm’s ability to service their debt, and on their liquidity and solvency positions. Applying the October 2020 WEO baseline and adverse scenarios, we find that a large share of publicly-listed firms become vulnerable as a result of the pandemic shock and additional borrowing needs to overcome cash shortfalls are large, while firm behavioral responses and policies substantially help overcome the impact of the shock in the near term. Looking forward, while interest coverage ratios tend to improve over time after the initial shock as earnings recover in line with projected macroeconomic conditions, liquidity needs remain substantial in many firms across countries and across industries, while insolvencies rise over time in specific industries. To inform policy debates, we offer an approach to a triage between viable and unviable firms, and find that the needs for liquidity support of viable firms remain important beyond 2020, and that medium-term debt restructuring needs and liquidations of firms may be substantial in the medium-term.
Author: Paulo Pereira Publisher: BoD – Books on Demand ISBN: 1803567287 Category : Business & Economics Languages : en Pages : 224
Book Description
Six Sigma and Quality Management serves as an indispensable resource for professionals, practitioners, and enthusiasts seeking a clear roadmap for implementing and optimizing Six Sigma and quality management system methodologies. From the fundamental principles of Six Sigma, including the DMAIC approach, to the broader spectrum of quality management, readers will gain practical insights into enhancing processes, reducing variation, and fostering a culture of continuous improvement. The text covers essential topics such as Total Quality Management (TQM), Lean principles, and improvement methodologies, offering actionable tools and techniques to streamline operations and enhance overall efficiency. With a focus on audits, corrective action/preventive action (CAPA) processes, and the intricacies of controlling externally provided processes, products, and services, this book provides a holistic view of quality management practices. In a specialized section, the book explores the unique challenges and stringent requirements for quality and competence in medical laboratories within the healthcare sector. Additionally, it delves into the integration of digital technologies into quality management, known as Quality 4. 0, showcasing the transformative potential of data analytics and artificial intelligence. Real-world examples and practical insights throughout the book make it a valuable resource for both those new to these methodologies and seasoned professionals seeking to refine their approach. This book is a practical and insightful companion for organizations navigating the intricacies of Six Sigma and quality management to achieve excellence in their operations and deliver enhanced value to their stakeholders.
Author: Charlotte Ostergaard
Author: Charlotte Ostergaard
Author: Charlotte Ostergaard
Author: Charlotte Ostergaard
Author: Catherine Fuss
Author: Anjan V. Thakor
Author: Mary Amiti
Author: Lucyna Gornicka
Author: Mr. Thierry Tressel
Author: Paulo Pereira
Author: Jose Luis Peydro