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Recursos bibliográficos en papel y digitales -
- libros, artículos de revistas,
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» Resultado: 3 registros
| Registro 1 de 3 | |
| Autor: | Petersen, Mitchell-A - Rajan, Raghuram-G - |
| Título: | The Benefits of Lending Relationships: Evidence from Small Business Data |
| Fuente: | Journal of Finance. v.49, n.1. American Finance Association |
| Páginas: | pp. 3-37 |
| Año: | Mar. 1994 |
| Resumen: | This paper empirically examines how ties between a firm and its creditors affect the availability and cost of funds to the firm. The authors analyze data collected in a survey of small firms by the Small Business Administration. The primary benefit of building close ties with an institutional creditor is that the availability of financing increases. The authors find smaller effects on the price of credit. Attempts to widen the circle of relationships by borrowing from multiple leaders increases the price and reduces the availability of credit. In sum, relationships are valuable and appear to operate more through quantities rather than prices. |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
| Registro 2 de 3 | |
| Autor: | Petersen, Mitchell-A - |
| Título: | Cash Flow Variability and Firm’s Pension Choice: A Role for Operating Leverage |
| Fuente: | Journal of Financial Economics. v.36, n.3. Elsevier Science |
| Páginas: | pp. 361-83 |
| Año: | Dec. 1994 |
| Resumen: | When financial markets are imperfect or financial distress is costly, firms may choose to reduce their risk by lowering financial or operating leverage. This paper examines the role of operating leverage in the firm’s pension choice. Contributions to defined contribution plans are more flexible than contributions to defined benefit plans. Firms may, therefore, reduce their operating leverage by selecting a defined contribution plan. The author finds empirical support for this hypothesis that is robust to controls for labor market factors and the continuing trend toward defined contribution pension plans. |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
| Registro 3 de 3 | |
| Autor: | Petersen, Mitchell-A - Fialkowski, David |
| Título: | Posted versus Effective Spreads: Good Prices or Bad Quotes? |
| Fuente: | Journal of Financial Economics. v.35, n.3. Elsevier Science |
| Páginas: | pp. 269-92 |
| Año: | June 1994 |
| Resumen: | When trades are executed inside the posted bid-ask spread, the posted spread is no longer an accurate measure of transactions costs faced by investors. Using two samples of market orders, one based on orders submitted by retail brokers and one based on orders submitted electronically to the NYSE, we document a significant difference between the posted spread and the effective spread paid by investors. For most orders, the effective spread averages half the posted spread. In addition, when the posted spread widens, only 10 to 22 percent of the increase appears in the effective spread. These results have significant implications for any empirical work that uses the posted spread as a measure of the cost of trading. Our findings also document a significant difference in the expected execution price across exchanges. This finding is robust to controls for the type of order and implies that U.S. equity markets are not completely integrated. |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
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