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Institutional Differences and International Private Debt Markets: A Test Using Mandatory IFRS Adoption
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ANNA BERGMAN BROWN 《Journal of Accounting Research》2016,54(3):679-723
Institutional differences between countries result in additional information risks between borrowers and lenders in cross‐border private loans. This study examines the effect of these information risks on the structure of optimal debt contracts in international (cross‐border) versus domestic private debt markets. Using mandatory IFRS adoption as an indicator for institutional changes that reduced differences between countries, I compare attributes of international versus domestic loans before and after IFRS adoption. I find that, in the pre‐IFRS period, international loans are associated with a higher credit spread, a weaker relationship between the bank and the borrower, a more diffuse loan syndicate, and less reliance on accounting‐based covenants than domestic loans. These results are consistent with incremental information risks in international debt markets that make it more costly for lenders to screen and monitor borrower credit quality, resulting in a more arm's‐length relationship between borrowers and lenders. Many of these associations attenuate after IFRS adoption, suggesting that the pre‐IFRS differences in contract terms are driven by incremental information risks related to institutional differences between countries. My findings imply that incremental information risks result in a different optimal contract in international debt contracts compared to domestic debt contracts. 相似文献
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We analyze how institutional investors entering commodity futures markets, referred to as the financialization of commodities, affect commodity prices. Institutional investors care about their performance relative to a commodity index. We find that all commodity futures prices, volatilities, and correlations go up with financialization, but more so for index futures than for nonindex futures. The equity‐commodity correlations also increase. We demonstrate how financial markets transmit shocks not only to futures prices but also to commodity spot prices and inventories. Spot prices go up with financialization, and shocks to any index commodity spill over to all storable commodity prices. 相似文献
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STANLEY M. FLETCHER KAY H. McWATTER ANNA V.A. RESURRECCION 《International Journal of Consumer Studies》1992,16(2):119-127
Consumers' willingness to pay for cowpea products was analysed by a multi-ordered response model. The analysis indicated that sociodemographic factors are weakly linked to consumers' willingness to pay while product characteristics are strongly linked. Marketing promotion is possible. Thus, akara products, made from cowpea paste, have potential for extending the utilization of cowpeas. 相似文献
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ANNA J. SCHWARTZ 《Contemporary economic policy》1987,5(2):16-30
Cost-benefit reasons account for the adoption of the pre-World War I gold standard and the Bretton Woods system–the closest approximations to a constitution for the international monetary system that the world has experienced. Past rule-based international monetary proposals that were rejected were judged not to serve national interests. Current proposals do not deal with policymakers' and governments' self-interest in preserving their existing power to choose domestic objectives and to adopt policies to achieve those objectives. 相似文献
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We investigate the role that regulatory strictness plays on the enforcement of financial reporting transparency in the U.S. banking industry. Using a novel measure of regulatory strictness in the enforcement of capital adequacy, we show that strict regulators are more likely to enforce restatements of banks' call reports. Further, we find that the effect of regulatory strictness on accounting enforcement is strongest in periods leading up to economic downturns and for banks with riskier asset portfolios. Overall, the results from our study indicate that regulatory oversight plays an important role in enforcing financial reporting transparency, particularly in periods leading up to economic crises. We interpret this evidence as inconsistent with the idea that strict bank regulators put significant weight on concerns about the potential destabilizing effects of accounting transparency. 相似文献
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BARBARA CASU ANDREW CLARE ANNA SARKISYAN STEPHEN THOMAS 《Journal of Money, Credit and Banking》2013,45(8):1617-1658
Using predominantly precrisis U.S. commercial bank data, this paper employs a propensity score matching approach to analyze whether individual banks did improve their performance through securitization. On average, our results show that securitizing banks tend to be more profitable institutions, with higher credit risk exposure. Despite a more diversified funding structure, they face higher funding costs. We also find that securitizing banks tend to hold larger and less diversified loan portfolios, have less liquidity, and hold less capital. However, our analysis does not provide evidence to suggest that securitization had an impact upon bank performance. 相似文献
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The growth benefits from financial development are known to vary across industries. However, no systematic effort has been made to determine the technological characteristics shared by industries that grow relatively faster in more financially developed economies. Using the standard growth‐theoretic definition of technology in terms of the production function, we explore a range of technological characteristics that theory suggests might underpin differences across industries in the need or the ability to raise external finance. We find that industries that grow faster in more financially developed countries display greater R&D intensity and investment lumpiness, indicating that well‐functioning financial markets direct resources toward industries where growth is driven by R&D. 相似文献
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We explore the impact of fiscal austerity on three different dimensions of public opinion in 26 European Union countries (consumer confidence, attitude toward national authorities, and European institutions) on annual data between 1997 and 2017. Our main finding is that the independent effect of a tighter fiscal stance on public opinion is not large and, when present, seems to closely follow the impact of fiscal austerity on economic activity. Our results therefore are inconsistent with the view that fiscal austerity necessarily implies a negative effect on public opinion and a decline in popularity of national and European institutions. 相似文献
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ANNA RUBINCHIK 《Journal of Public Economic Theory》2008,10(6):1069-1083
A budget, i.e., spending by category, is prepared by the cabinet of (three key) ministers. The finance minister wants to minimize total spending, while the rest have single‐peaked preferences over budgets and each views his own spending as relatively more important. The goal is to understand effects of polarization in spending priorities,—or divergence of the ideal points,—on the budget under two typical budgeting procedures. If the procedure is “fragmented,” i.e., the finance minister just passively compiles spending requests, then the divergence of the ideal budgets increases total spending. If the procedure is more centralized, i.e., challenging the initial proposal of the finance minister is costly, and it also requires support of another minister, then polarization may lead to a tighter budget, as it enlarges the set of the unchallenged proposals, provided the ideals of the spending ministers are sufficiently far apart. 相似文献