Leverage, liquidity, volatility, time horizon, and the risk of ruinReview of Financial Economics - Tập 11 - Trang 225-239 - 2002
Erik Norland, D.Sykes Wilford
AbstractIn order to meet their financial goals, investors, whether institutions or individuals, must make asset allocation decisions by balancing their return targets with their tolerance for volatility, their liquidity requirements, and time horizons. Yet even optimal mixes of investments with regard to time horizon, liquidity, and volatili...... hiện toàn bộ
Information in short selling: Comparing Nasdaq and the NYSEReview of Financial Economics - Tập 20 - Trang 1-10 - 2011
Benjamin M. Blau, Bonnie F. Van Ness, Robert A. Van Ness
AbstractThis study directly compares the level and return predictability of short selling for NYSE stocks to a matched sample of Nasdaq stocks. When considering trading that executes on all exchanges, we document that the Nasdaq has greater levels of short selling, relative to total trading activity, than the NYSE. However, Nasdaq has less r...... hiện toàn bộ
Riding the yield curve: Term premiums and excess returnsReview of Financial Economics - Tập 6 - Trang 113-119 - 1997
Rolando F. Pelaez
AbstractRiding the yield curve is an active portfolio strategy consisting of buying bonds with maturities longer than one's holding period and selling before maturity. The objective is to profit from a higher initial yield and a possible capital gain as the bond “rides” down an upward sloping yield curve. The evidence presented in this paper...... hiện toàn bộ
Learning from experience and trading volumeReview of Financial Economics - Tập 17 - Trang 245-260 - 2008
Avanidhar Subrahmanyam
AbstractWe build a model where trading allows inexperienced agents to discern useful information sources. Upon losing money by trading on invalid information sources, investors learn from their experience and switch to alternative sources. Such activity leads to initial expected losses but later profitable trades. Trading activity is found t...... hiện toàn bộ
Optimal default and liquidation with tangible assets and debt renegotiationReview of Financial Economics - Tập 27 - Trang 16-27 - 2015
Makoto Goto, Teruyoshi Suzuki
AbstractWe propose a pricing model for corporate securities issued by a levered firm with the possibility of debt renegotiation, where the firm's earnings follow a geometric Brownian motion with stochastic collaterals. While equity holders can default the firm when the earnings become insufficient, they may liquidate it by repaying the face ...... hiện toàn bộ
Portuguese banking: A structural model of competition in the deposits marketReview of Financial Economics - Tập 13 - Trang 41-63 - 2004
Ana Canhoto
AbstractIn this article, we specify a structural model of competition in the deposits market, in line with the New Empirical Industrial Organization (NEIO) approach, and estimate it using data from Portuguese banking in the early 1990s. The article contributes to the general debate on competition issues by the theoretical model selected and ...... hiện toàn bộ
Changing banking relationships and client‐firm performance: Evidence from Japan for the 1990sReview of Financial Economics - Tập 23 - Trang 107-119 - 2014
Daisuke Tsuruta
AbstractThe extant literature generally suggests that the performance of client firms deteriorates if their distressed main bank reduces the supply of credit. However, this insight is only consistent with the notion that main banks have an information advantage over other banks to the extent that a client firm has trouble getting access to c...... hiện toàn bộ