Zobrazeno 1 - 6
of 6
pro vyhledávání: '"Marti G. Subrahmanyam"'
Publikováno v:
Journal of Financial Economics. 124:395-414
We investigate the liquidity management of firms following the inception of credit default swaps (CDS) markets on their debt, which allow hedging and speculative trading on credit risk to be carried out by creditors and other parties. We find that re
Publikováno v:
SSRN Electronic Journal.
We study the impact of financial innovations on real investment decisions within the framework of an incomplete market economy comprised of firms, investors, and an intermediary. The firms face unique investment opportunities that arise in their busi
Publikováno v:
SSRN Electronic Journal.
We propose new measures to describe the ownership structure of family business groups that go beyond the standard measures of cash flow and voting rights. Our measures include the degree of pyramiding in the ownership structure of a group firm, and t
Publikováno v:
Review of Financial Studies. 3:677-693
In this article, we characterize economies in which both cash flows and forward prices follow random walks. We show in the case of geometric random walks that the preferences of the representative investor are of the constant proportional risk-aversi
Publikováno v:
SSRN Electronic Journal.
We propose new metrics to describe the complex ownership structure of business groups, and provide simple formulas and algorithms to compute these metrics. Our formulas allow us to compute cash flow and control rights for any group firm, irrespective
Publikováno v:
SSRN Electronic Journal.
In an incomplete market economy, all claims cannot be priced uniquely based on arbitrage. The prices of attainable claims (those that are spanned by traded claims) can be determined uniquely, whereas the prices of those that are unattainable can only