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Financial Management articles from March 2003
Publication covering account management.
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Financial Management archives from March 2003
Does financial liberalization reduce financing constraints?
March 22, 2003... I use panel data on a large number of firms in 13 developing countries to find out whether financial liberalization relaxes financing constraints of firms. I find that liberalization affects small and large firms differently. Smallfirms are...
Estimating exchange rate exposures: issues in model structure.
March 22, 2003... We show that both return measurement horizon and model specification have noticeable impacts on estimates of exposure from equity prices for US firms. While increases in the return horizon lead to increases in the precision of the estimates,...
The paradox of priority.
March 22, 2003... The ubiquity of bank seniority is now a widely accepted fact in the academic literature. At the same dine, trade creditors are sometimes grante a purchase money security interest in the materials or equioment they provide the firm. These two...
Survival and default of original issue high-yield bonds.
March 22, 2003... We study the default behavior of original issue high-yield bonds to answer the open question of how the probability of default changes over time. We use a flexible econometric method, the Cox proportional hazard, to model the default behavior...
Managerial discretion costs and the acquisition of capital: evidence from forced warrant exercise.
March 22, 2003... Forced warrant exercise should elicit a stock price reaction only in response to inventory adjustments or unanticipated increases in agency costs. We find evidence of both effects. Firms calling warrants for redemption experience negative...
Collusion and financial leverage: an analysis of the integrated mill steel industry.
March 22, 2003... We show that firms can design their capital structure to provide a publicly observable indication of compliance with a collusive agreement. We develop two empirically testable hypotheses based on this argument and test these propositions on...