s p o n s o r e d   l i n k s

Search

Your search yielded no results

  • Check if your spelling is correct.
  • Remove quotes around phrases to match each word individually: "blue smurf" will match less than blue smurf.
  • Consider loosening your query with OR: blue smurf will match less than blue OR smurf.

PDF Ebook Relationship Banking and Debt Choice: Evidence from the Liberalization in Japan

There are many researches about the determinants of debt choice between bonds and borrowing (e.g. Bolton and Freixas, 2000). One approach for explaining this choice is to stress the comparative advantage of a bank as a monitor. By emphasizing the ability of the banking sector to mitigate the costs of asymmetric information, Diamond (1991) shows that firms with less established reputations tend to borrow from banks, while more successful firms tend to issue bonds. Following this idea, Petersen and Rajan (1994) find that close relationship with banks have made it possible for small U.S. firms to borrow at lower costs.

Thakor and Wilson (1995) discuss another benefit of bank borrowing. Because of its concentrated ownership, the banking sector decides efficiently whether to liquidate or bail out a firm in financial distress by renegotiating the terms of the debt contract with borrowers. Since the ownership of public bonds is dispersed among bondholders, they cannot rescue financially distressed firms as banks do efficiently.

PDF Ebook Exercise, Obesity, and Weight Control

It is ironic that while millions of people are dying of starvation each year in most parts of the world, many Americans are dying as an indirect result of an overabundance of food. Further, billions of dollars are spent each year overfeeding the American public, which then leads to the spending of billions of dollars more each year on various weight loss methods. This review will investigate various aspects of overweight and obesity, and show how they are affected by physical activity. But first, we must define and differentiate between the terms overweight and obesity.

The terms overweight and obesity are often used interchangeably, but this is technically incorrect as they have different meanings. Overweight is defined as a body weight that exceeds the normal or standard weight for a particular person, based on his or her height and frame size. These standards are established solely on the basis of population averages. It is quite possible to be overweight according to these standard tables and yet have a body fat content that is average or even below average. For example, almost all college and professional football players are overweight by these tables, but few are overfat. There are also people who are within the normal range of body weights for their height and frame size by the standard tables, but who have, in fact, excessive body fat.

Ebook Testing Financing Constraints on Firm Investment using Variable Capital

In order to explain the aggregate behavior of investment and production, it is necessary to understand the factors that affect investment at the firm level. Financing imperfections may prevent firms from accessing external finance, rendering firms unable to invest unless internal finance is available. It is therefore important to study the extent to which financing constraints matter for firms’ investment decisions. This line of inquiry is also relevant for other areas of research, such as the literature on the role of internal capital markets and banks, as well as the macro literature on the financial accelerator.

Starting with Fazzari, Hubbard, and Petersen (1988), several studies investigate the presence of financing constraints by estimating the Q model of investment with cash flow included as an explanatory variable. They argue informally that under certain conditions, and in the absence of financing frictions, Tobin’s average Q is equal to marginal q, and is a sufficient statistic for firm investment (Hayashi, 1982). It follows that conditional on Q, cash flow should affect only the investment of financially constrained firms.

Search term

Get Updates By Email:

Enter your email address:

Delivered by FeedBurner