Journal ArticleDOI
Opaque bank assets and optimal equity capital
Min Dai,Shan Huang,Jussi Keppo +2 more
TLDR
In this article, the authors derive a stochastic control model to optimize banks' dividend and recapitalization policies in this situation and calibrate that to a sample of U.S. banks.About:
This article is published in Journal of Economic Dynamics and Control.The article was published on 2019-03-01. It has received 2 citations till now. The article focuses on the topics: Asset (economics) & Dividend.read more
Citations
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A Free Boundary Problem for Corporate Bond Pricing and Credit Rating Under Different Upgrade and Downgrade Thresholds
Xinfu Chen,Jin Liang +1 more
TL;DR: A new model for corporate bond pricing and credit rating is proposed, in which credit rating migrations are assumed to depend on the ratio of debt and asset value of the underl...
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An investment theory with lags and adjustment costs
Wei Jiang,Shuaijie Qian,Jia Shen +2 more
References
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Journal ArticleDOI
On the pricing of corporate debt: the risk structure of interest rates
TL;DR: In this article, the American Finance Association Meeting, New York, December 1973, presented an abstract of a paper entitled "The Future of Finance: A Review of the State of the Art".
Journal ArticleDOI
Earnings management and investor protection: an international comparison
TL;DR: In this paper, the authors examine systematic differences in earnings management across 31 countries and propose an explanation for these differences based on the notion that insiders, in an attempt to protect their private control benefits, use earnings management to conceal firm performance from outsiders.
Journal ArticleDOI
Market Timing and Capital Structure
Malcolm Baker,Jeffrey Wurgler +1 more
TL;DR: In this paper, the authors show that current capital structure is strongly related to historical market values, and that firms are more likely to issue equity when their market values are high, relative to book and past market values.
Journal ArticleDOI
The information content of losses
TL;DR: In this article, the authors hypothesize that losses are less informative than profits about the firm's future prospects, and they also show that the documented increase in the earnings response coefficent as the cumulation period increases appears to be due exclusively to the effect of losses.
ReportDOI
The Impact of Uncertainty Shocks
TL;DR: In this article, a model with a time-varying second moment is proposed to simulate a macro uncertainty shock, which produces a rapid drop and rebound in aggregate output and employment.
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