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Monetary policy shocks and financially constrained stock returns: The effects of the financial crisis
شوکهای سیاست پولی و بازده سهام با محدودیت مالی: اثرات بحران مالی-2018 This study provides comprehensive evidence on the return response of financially constrained firms listed on
London Stock Exchange (LSE) to UK monetary policy shocks extracted from the Bank of Englands MPC meetings
relative to expectations embedded in interest rate futures prices, during the period June 1999–December 2011.
Using a large number of financial constraints proxies, we find no significant evidence that the most constrained
firms returns are more responsive to monetary policy shocks relative to the least constrained ones, as the credit
channel of the monetary policy transmission mechanism would suggest. We also show that the inverse re
lationship between interest rate shocks and UK stock returns reversed its sign and became significantly positive
during the recent financial crisis period. Our results show that the Bank of England can affect stock market
valuations by modifying interest rates, but this impact is much stronger during periods of tight credit market
conditions. Hence, apart from the credit conditions in the wider economy, central banks should also monitor the
response of capital and money markets participants to their policy decisions.
Keywords: Monetary policy shocks ، Financial constraints ، Credit channel ، Bank of England ، London Stock Exchange |
مقاله انگلیسی |
2 |
محدودیتهای مالی و استفاده از عملکردهای حساس بدهی
سال انتشار: 2017 - تعداد صفحات فایل pdf انگلیسی: 12 - تعداد صفحات فایل doc فارسی: 39 عملکرد حساس بدهی (PSD) یکی از ابزارهای مالی مشهور در ساختار بازارهای بدهی (اوراق قرضه) شرکتهایِ خصوصی است. در محیط اختیارات واقعی این مطالعه با هدفِ تصریحِ چگونگی تاثیرگذاری PSD روی سیاست سرمایه گذاری ، ساختار سرمایه، و هزینه های نمایندگیِ محدودیتهای مالی ،زمانیکه شرکت با حد بالایی از صدور اواراق قرضه مواجهه شده ، صورت گرفته است . ما نشان میدهیم که اهرم های محدودیت مالی بسختی به حساسیت عملکرد وابسته هستند . بویژه ، نتایج ما پیش بینی میکند که PSD میتواند محدودیتهای تامینِ مالی را نسبت به سند قرضه ثابت کاهش دهد و ارزش شرکت وز بروز بیشتر کاهش می یابد که ناشی از تحریف مالی و سرمایه گذاری به دلیل وجود محدودیتهای مالی است . هر چه حساسیت عملکردی بیشتر باشد ، احتمال اینکه شرکت از نظر مالی دچار محدودیت شود کمتر است . این یافته ها توضیحی مبتنی بر سرمایه گذاری برای صدور اوراق قرضه ارایه میکنند .
واژگان کلیدی : عملکرد حساس بدهی | اختیارات واقعی / حقیقی | محدودیتهای مالی |
مقاله ترجمه شده |
3 |
An Empirical Assessment of the Export—Financial Constraint Relationship: How Different are Small and Medium Enterprises?
ارزیابی تجربی از صادرات و رابطه محدودیت مالی : شرکت های کوچک و متوسط چقدر متفاوت هستند؟-2016 We analyze the financial constraint—export relationship in a framework that is consistent with stylized features of data.
The analysis accounts for whether firms need loans or have sufficient capital, and studies the use of bank loans (quantity of finance) and
availability of overdraft facilities (flexibility of finance). We develop a two-stage estimation procedure that uses an equation of bank
financing in the first stage and an export equation in the second. We find that export participation (extensive margin) and the share
of exports in total sales (intensive margin) increase with the availability of overdraft facilities, particularly so for SMEs with loan needs.
The percentage of foreign ownership, ISO certification, and operation in manufacturing sector are also significant and positively
associated with a firm’s export participation and firm’s share of exports in total sales. The main results are robust to a battery of econometric specifications and statistical tests applied on the firm-level data from our sample countries. The finding of a large economic
significance of the overdraft facility variable is consistent with a growing concern from SMEs that the regulatory response to the Global
Financial Crisis has forced banks to tighten risk management, thereby raising the rejection rates of overdraft and loan applications from
SMEs. For SMEs in developing countries and emerging markets, the improvement of alternative financing forms and supportive
government interventions has become ever more challenging.
Key words — credit access | SME | exporting firms | financial structure | Asia | Thailand |
مقاله انگلیسی |
4 |
Coordination contracts for outsourcing supply chain with fi nancial constraint
قراردادهای هماهنگی برای زنجیره تامین برون سپاری با محدودیت مالی-2015 Financial constraint is a great challenge for many firms (especially start-up, small- and medium-sized
ones) in reality. This paper investigates the methods for coordinating the call center outsourcing supply
chain with financial constraint. Based on an outsourcing supply chain that is composed of a user
company and a financially constrained call center, the effectiveness of three contracts (revenue sharing
contract, output penalty contract and cost sharing contract) in coordinating the outsourcing supply chain
is examined. Theoretical results show that the cost sharing contract can achieve channel coordination as
well as improving the profit of each member firm; however, the revenue sharing contract and the output
penalty contract achieve channel coordination by sacrificing the profit of the user company. Moreover,
financial risk makes the output penalty contract less profitable than the other two contracts under some
conditions. Numerical results are further presented to reveal the managerial insights
Keywords:
Outsourcing supply chain
Call center
Financial constraint
Coordination contracts |
مقاله انگلیسی |