Página 1 dos resultados de 4799 itens digitais encontrados em 0.013 segundos
- Universidade Federal de Santa Maria
- Fundação Getúlio Vargas
- Escola de Pós-Graduação em Economia da FGV
- Universidade Federal de Minas Gerais (UFMG), Escola de Veterinária
- Universidade Estadual Paulista
- Nova SBE
- Universidade Federal de Minas Gerais, Escola de Veterinária
- La Sapienza Universidade de Roma
- Banco Mundial
- Washington, DC: World Bank
- World Bank, Washington, DC
- Washington, DC
- Universidade de Tubinga
- Econometric Society
- South African Journal of Economic and Management Sciences
- Mais Publicadores...
A elasticidade do ligamento colateral medial da articulação do cotovelo de cão não advém de elastina; The elasticity of the medial collateral ligament of the canine elbow joint does not come from elastin
Fonte: Universidade Federal de Santa Maria
Publicador: Universidade Federal de Santa Maria
Tipo: Artigo de Revista Científica
POR
Relevância na Pesquisa
36.88%
#Cão#Cotovelo#Ligamento colateral medial#Fibras elásticas#Fibras colágenas#Canine elbow#Medial collateral ligament#Elastin#Collagen fiber
A literatura relata que ligamentos consistem de tecido conjuntivo denso, composto por água, colágeno tipos I e III, diversas proteoglicanas, pouca elastina e várias outras substâncias. Além disso, os ligamentos, quando testados in vitro com tensão longitudinal e unidirecional, apresentam um comportamento mecânico não-linear, ou seja, as fibras colágenas são alongadas aos poucos, perdendo seu padrão ondulado, até que todas estejam no limite máximo de tração e iniciem o rompimento. Portanto, no presente estudo avaliou-se a presença de fibras elásticas (elastina) no ligamento colateral medial do cotovelo de cães adultos para ponderar se a elasticidade do referido ligamento deve-se à presença de fibras elásticas ou às propriedades elásticas do colágeno ou à combinação de ambas. Foram utilizadas quatro articulações, de machos e fêmeas em igual proporção, das quais foram adquiridas as amostras das porções médias dos ligamentos colaterais mediais para a rotina histológica. Os cortes foram corados pela técnica de Weigert, e não foi observada a presença de fibras elásticas, detectável por esta técnica à microscopia de luz. Concluiu-se que a elasticidade do ligamento colateral medial do cotovelo de cão deve-se...
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The Eaton-Gersovitz-Arellano environment with collateral
Fonte: Fundação Getúlio Vargas
Publicador: Fundação Getúlio Vargas
Tipo: Dissertação
EN_US
Relevância na Pesquisa
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#Inadimplência (Finanças)#Dívida Externa#Investimentos Estrangeiros#Default#Colateral#Dívida soberana#Collateral#Sovereign debt#Inadimplência (Finanças)#Dívida externa#Investimentos estrangeiros
Neste artigo eu introduzo colateralização no ambiente de dívida soberana de Eaton-Gersovitz-Arellano. Esta colateralização pode ser vista como Investimento Estrangeiro Direto. A entrada de recursos colateralizados serve como uma estratégia de comprometimento dos países. Ao abrir a economia para este tipo de aporte de recursos, meu modelo prescreve maior tomada de dívida em equilíbrio pelos países e menos uso de default como instrumento de suavização da trajetória de consumo. Além destas características, eu mostro que limitação de colateral pode gerar mais default em equilíbrio do que um modelo sem Investimento Estrangeiro Direto ou colateral.; In this article I introduce collateralization in the Eaton-Gersovitz-Arellano environment. In my
paper, collateral can be understood as Foreign Direct Investment. I find that collateral increases
the equilibrium levels of defaultable debt and, at the same time, avoids the use of default.
Restrictions of collateral leads to higher use of default in equilibrium.
Link permanente para citações:
Collateral or utility penalties ?
Fonte: Escola de Pós-Graduação em Economia da FGV
Publicador: Escola de Pós-Graduação em Economia da FGV
Tipo: Relatório
EN_US
Relevância na Pesquisa
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In a two-period economy with incomplete markets and
possibility of default we consider the two classical ways to enforce the
honor of financial commitments: by using utility penalties and by using
collateral requirements that borrowers have to fulfill. Firstly, we prove
that any equilibrium in an economy with collateral requirements is also
equilibrium in a non-collateralized economy where each agent is
penalized (rewarded) in his utility if his delivery rate is lower (greater)
than the payment rate of the financial market. Secondly, we prove the
converse: any equilibrium in an economy with utility penalties is also
equilibrium in a collateralized economy. For this to be true the payoff
function and initial endowments of the agents must be modified in a quite
natural way. Finally, we prove that the equilibrium in the economy with
collateral requirements attains the same welfare as in the new economy
with utility penalties.
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Role of the oblique ligament in the integrity of the medial collateral ligament of the canine elbow joint
Fonte: Universidade Federal de Minas Gerais (UFMG), Escola de Veterinária
Publicador: Universidade Federal de Minas Gerais (UFMG), Escola de Veterinária
Tipo: Artigo de Revista Científica
Formato: 127-133
ENG
Relevância na Pesquisa
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#Dog#medial collateral ligament#oblique ligament#elbow#collagen fibrils#Cão#ligamento colateral medial#ligamento oblíquo#cotovelo#fibrilas colágenas
Foram estudados o arranjo e o diâmetro médio das fibrilas colágenas do ligamento colateral medial da articulação do cotovelo do cão, isolado ou associado ao ligamento oblíquo e tracionado até a ruptura. Dezoito articulações foram divididas em três grupos. O primeiro grupo teve o ligamento colateral medial coletado, mas não tracionado; o segundo grupo teve o ligamento colateral medial tracionado isoladamente; o terceiro grupo teve os ligamentos colateral medial e oblíquo tracionados associadamente. O ligamento colateral medial não submetido ao ensaio de tração apresentou um padrão ondulado das fibras colágenas, o qual não foi totalmente destruído quando foi tracionado, associado ao ligamento oblíquo, e perdeu totalmente o padrão reticular das fibras colágenas quando testado isoladamente. Quando o ligamento colateral medial foi submetido à tensão isoladamente, o diâmetro médio das fibrilas colágenas aumentou em relação ao grupo não submetido à tensão. Associado ao ligamento oblíquo, o diâmetro médio das fibrilas colágenas foi o maior na região de inserção e o menor na região média, em relação aos outros grupos. Concluiu-se que o ligamento oblíquo pode favorecer a integridade da região de inserção do ligamento colateral medial...
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The role of the oblique ligament in the mechanical behavior of the medial collateral ligament of the mongrel dog elbow joint - Some biomechanical aspects
Fonte: Universidade Estadual Paulista
Publicador: Universidade Estadual Paulista
Tipo: Artigo de Revista Científica
Formato: 135-139
ENG
Relevância na Pesquisa
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#Biomechanics#Dog#Elbow#Medial collateral ligament#Oblique ligament#collagen type 1#collagen type 3#animal experiment#animal tissue#biomechanics#dog
This study investigated the oblique ligament mechanical contribution to the medial collateral ligament of the canine elbow joint. Fifteen dogs were used for the study of the failure load, displacement, and energy absorption of the medial collateral and oblique ligaments of the canine elbow joint, associate and separately in the joint. Medial collateral ligament failure load and energy absorption were significantly higher in relation to the isolated oblique ligament. When the ligaments were associated in the joint, they presented an increment in failure load, displacement and energy absorption in relation to the ligaments analyzed separately. It was concluded, therefore, that the oblique ligament could have an important paper in the stability of the canine elbow joint, as it favors the medial collateral ligament resistance to the tensile load, one of the main stabilizer of the elbow joint.
Link permanente para citações:
Collateral, default penalties and infinite horizon equilibrium
Fonte: Nova SBE
Publicador: Nova SBE
Tipo: Artigo de Revista Científica
Publicado em //2012
ENG
Relevância na Pesquisa
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Pascoa and Seghir (2009) noticed that when collateralized promises become subject to
utility penalties on default, Ponzi schemes may occur. However, equilibrium exists in some interesting
cases. Under low penalties, equilibrium exists if the collateral does not yield utility (for example, when
it is a productive asset or a security). Equilibrium exists also under more severe penalties and collateral
utility gains, when the promise or the collateral are nominal assets and the margin requirements are
endogenous: relative inflation rates and margin coefficients can make the income effects dominate the
penalty effects. An equilibrium refinement avoids no-trade equilibria with unduly repayment beliefs.
Our refinement differs from the one used by Dubey, Geanakoplos and Shubik (2005) as it does not
eliminate no trade equilibria whose low delivery rates are consistent with the propensity to default of
agents that are on the verge of selling.
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Role of the oblique ligament in the integrity of the medial collateral ligament of the canine elbow joint
Fonte: Universidade Federal de Minas Gerais, Escola de Veterinária
Publicador: Universidade Federal de Minas Gerais, Escola de Veterinária
Tipo: Artigo de Revista Científica
Formato: text/html
Publicado em 01/02/2007
EN
Relevância na Pesquisa
37.03%
It was studied the arrangement of the collagen fibrils of the medial collateral ligament of the canine elbow joint and evaluated its diameter, when it was isolated or associated to the oblique ligament and loaded in tension until failure. Eighteen joints were divided in three groups. The first group had the medial collateral ligament collected and not loaded, the second group had the medial collateral ligament tested separately and the third group had both ligaments associately tested. Medial collateral ligament not submitted to strain presented a wavy and reticular pattern of the collagen fibers, which was not totally destroyed when it was loaded associated to the oblique ligament, and totally loses the reticular pattern when stretched separately. When the medial collateral ligament was loaded in tension separately, the mean collagen fibrils diameter increased in relation to the group not submitted to the tensile strain. Associated to the oblique ligament, the mean collagen fibrils diameter was the largest in the insertion area and the smallest in the mid-substance, in relation to the other groups. It was concluded that the oblique ligament could favor the integrity of the medial collateral ligament insertion area, facilitating its reconstruction after lesion with larger efficiency.
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Influence on collateral flow of recanalising chronic total coronary occlusions: a case-control study
Fonte: PubMed
Publicador: PubMed
Tipo: Artigo de Revista Científica
Publicado em /10/2001
EN
Relevância na Pesquisa
27.16%
OBJECTIVE—To assess the effect of recanalisation on collateral flow in a case-control study in patients with and without chronic total coronary occlusions.
DESIGN—In 54 patients undergoing percutaneous transluminal coronary angioplasty (PTCA) (mean (SD) age 61 (6) years), coronary collateral flow was measured by intracoronary pressure or Doppler guide wires at the end of repeated balloon occlusions. Coronary collateral flow index (collateral flow relative to normal antegrade flow) during the first two balloon inflations in 27 patients with a chronic total occlusion (occlusion group) was compared with that of 27 patients matched for age, sex, and collateral flow index at the first occlusion and with a coronary artery diameter stenosis ⩽ 80% (stenosis group).
RESULTS—Following revascularisation, collateral flow index decreased in 17 of the patients in the occlusion group (63%) and in eight of the patients in the stenosis group (30%) (p = 0.03 between groups). The overall change of collateral flow index between the first and the second balloon occlusion was −0.04 (0.01) in the occlusion group (p = 0.07 for paired comparison; from 0.29 (0.17) to 0.25 (0.14)), and +0.02 (0.06) in the stenosis group (p = 0.06 for paired comparison; from 0.27 (0.13) to 0.30 (0.15)). The trend to collateral enhancement in the stenosis group differed significantly from the occlusion group (p = 0.01).
CONCLUSIONS—While repeated coronary balloon occlusions induce collateral recruitment in the majority of patients with moderate stenoses...
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Switching type valuation and design problems in general OTC contracts with CVA, collateral and funding issue.
Fonte: La Sapienza Universidade de Roma
Publicador: La Sapienza Universidade de Roma
Tipo: Tese de Doutorado
EN
Relevância na Pesquisa
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#Counterparty risk, CVA, stochastic switching control model#Collateral, funding risk#Counterparty risk assessment, CVA/DVA, collateralisation mechanisms of switching type, funding risk, stochastic differential game, reflected backward SDE, dynamic programming, Snell envelope, viscosity solutions
In this work, we think to a possible real situation where two defaultable counterparties want to
de fine a CSA in which both of them need the
flexibility and the possibility to activate the collateralization
during the life of the underlying claim/contract. We refer speci cally to a contingent
risk mitigation mechanism that allows the counterparty to switch from zero to full/perfect collateralization
(or even partial) and switch back whenever she wants until maturity paying some
switching costs and taking into account the running costs that emerge over time.
The running costs that we model and consider in the analysis of this problem are - by one side -
those related to CVA namely counterparty risk hedging costs and - by the other side - the collateral
and funding/liquidity costs that emerge when collateralization is active. We show the solution existence and uniqueness for the problem so defined, we build also an algorithm to determine numerically the value function and the optimal switching strategy. We also generalize the analysis allowing the strategic interaction between the parties and facing in the end the pricing problem of a general contract of this kind through reflected backward SDE technique.
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Increasing Access to Credit through Reforming Secured Transactions in the MENA Region
Fonte: Banco Mundial
Publicador: Banco Mundial
Relevância na Pesquisa
27.16%
#ACCESS TO CREDIT#ACCOUNT RECEIVABLES#ACCOUNTS RECEIVABLE#ARBITRATION#ASSET VALUE#AUCTIONS#BAILIFFS#BANK ACCOUNT#BANK ACCOUNTS#BANK DEBT#BANK FINANCING
This paper provides a comparative
summary of secured transactions systems related to the use
of movable property as collateral in the MENA region vis a
vis international practices in countries with modern secured
transactions systems. The paper sets out the importance of
introducing reforms in the area of secured transactions with
the objective of increasing access to credit for businesses,
particularly SMEs. The MENA region clearly lags behind all
other regions in the introduction of secured transactions
reforms. The paper summarizes many of the weaknesses common
across the region. The two main critical areas that need
urgent reforms are the creation of modern secured
transactions laws and electronic movable collateral
registries, and the need to improve enforcement mechanisms
for security interests in movable property.
Link permanente para citações:
Reforming Collateral Laws to Expand Access to Finance
Fonte: Washington, DC: World Bank
Publicador: Washington, DC: World Bank
EN_US
Relevância na Pesquisa
37.08%
#ASSETS#ASYMMETRIC INFORMATION#BALANCE SHEETS#BANK SUPERVISION#BANKING SECTOR#BANKING SYSTEMS#BANKRUPTCY#BANKRUPTCY PROCEDURES#BANKS#BONDS#BORROWING
Most readers, especially those with car
loans or home mortgages, know about collateral--property
that the lender can take away from the borrower in the event
that the borrower defaults. In low/middle income countries,
it is understood that conservative lenders exclude firms
from credit markets with their excessive collateral
requirements. Usually, this is because only some property is
acceptable as collateral: large holdings of urban real
estate and, sometimes, new motor vehicles. Microenterprises,
SMEs, and the poor have little of this property but they do
have an array of productive assets that could easily be
harnessed to serve as collateral. It is only the legal
framework which prevents firms from using these assets to
secure loans. In countries with reformed laws governing
collateral, property such as equipment, inventory, accounts
receivable, livestock are considered excellent collateral.
This book aims to better equip project managers to implement
reforms to the legal and institutional framework for
collateral (secured transactions). It discusses the
importance of movable property as a source of collateral for
firms...
Link permanente para citações:
The Power of Collateral : How Problems in Securing Transections Limit Private Credit from Movable Property
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Relevância na Pesquisa
36.79%
#AGRICULTURAL SYSTEMS#BANK EXAMINERS#BORROWER#BORROWING#COLLATERAL#DEBT#DEPOSITS#ECONOMISTS#INTEREST RATES#INVENTORY#LAWYERS
In many developing countries, faulty
laws and regulations make it hard to use livestock,
machines, equipment, standing crops, and other movable
property as collateral. The resulting constraints on access
to credit hurt economies. In Bolivia, for example, a faulty
legal and regulatory framework for the use of movable
property as collateral has led to a loss in GDP estimated at
between 5 and 10 percent. The author explains the problem.
Link permanente para citações:
Financial Sector Assessment Program : Malawi - Legal Framework for Acceptance, Registration and Realization of Collateral
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
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#ASSETS#AUDITORS#BAILIFF#BANKING SECTOR#BANKRUPTCY#BANKRUPTCY PETITIONS#BANKRUPTCY PROCEEDINGS#BANKRUPTCY SYSTEM#BANKS#BUSINESSES#CAPACITY BUILDING
A well-functioning legal framework for
secured lending needs to provide for the creation,
recognition and enforcement of security interests. This
includes making it possible for all types of assets to be
collateralized, effective notice and registration rules to
be adapted to all types of property, and clear rules of
priority on competing claims or interests in the same
assets. This working paper includes the following headings:
procedure and costs for a secured transaction; registration
system; credit reference bureau; realization of collateral;
judicial framework; insolvency and corporate rehabilitation;
and recommendations.
Link permanente para citações:
Secured Transaction Systems and Collateral Registries
Fonte: Washington, DC
Publicador: Washington, DC
EN_US
Relevância na Pesquisa
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#ACCESS TO INFORMATION#ACCESS TO LOANS#ACCOUNTS RECEIVABLE#AMOUNT OF CREDIT#ASSET CLASSES#AUCTION#AUCTIONS#BAILIFFS#BALANCE SHEET#BANK CREDIT#BANK LENDING
The main objective of this toolkit is to
provide technical advice and guidance to World Bank Group
staff, donor institutions, government officials and other
practitioners on the implementation of secured transactions
law and institutional reforms in emerging market countries.
However, the Toolkit has not been designed to eliminate the
need for in-person expert advice for governments that
undertake to introduce a secured transactions system. It is
necessary to take into account the factors that are unique
to each jurisdiction. The content of the Toolkit will guide
the reader through the various stages of the project cycle
(identification, diagnostic, solution design,
implementation, and monitoring and evaluation) involved in
the introduction of secured transactions reforms. The
recommendations presented in the Toolkit are based on IFC s
experience in the secured transactions area, the
contributions of a number of experts in this field, existing
literature, and reform experience in a number of emerging
market countries and the existing best practices in
jurisdictions with advanced secured transactions systems.
While the Toolkit does not cover all aspects of secured
transactions reform...
Link permanente para citações:
Risk and the Role of Collateral in Debt Renegotiation
Fonte: Universidade de Tubinga
Publicador: Universidade de Tubinga
Tipo: ResearchPaper
EN
Relevância na Pesquisa
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In his basic model of debt renegotiation, BESTER [1994] argues that collateral is more effective if high risk projects are financed. This result, however, crucially depends on the definition of risk. Using the second-order stochastic dominance criterion introduced by ROTHSCHILD AND STIGLITZ [1970], we show that it is not a project’s high risk, induced by a high probability of default, that makes collateral more effective. Instead it turns out that, given the expected return, the probability of default has no impact on the collateral’s effectiveness. Moreover, a higher risk of the project caused by a higher loss given default makes the use of collateral even less effective.
Link permanente para citações:
Collateral Registries for Movable Assets : Does Their Introduction Spur Firms' Access to Bank Finance?
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
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#ACCESS TO BANK#ACCESS TO CREDIT#ACCESS TO FINANCE#ACCESS TO FINANCING#ACCESS TO LOAN#ACCESS TO LOANS#ACCOUNTS RECEIVABLE#ADVERSE SELECTION#ASYMMETRIC INFORMATION#AVAILABILITY OF COLLATERAL#BANK CREDIT
Using firm-level surveys for up to 73
countries, this paper explores the impact of introducing
collateral registries for movable assets on firms'
access to bank finance. It compares firms' access to
bank finance in seven countries that introduced collateral
registries for movable assets against three control groups:
firms in all countries that did not introduce a registry,
firms in a sample of countries matched by location and
income per capita to the countries that introduced
registries for movable assets, and firms in countries that
undertook other types of collateral reforms but did not set
up registries for movable assets. Overall, the analysis
finds that introducing collateral registries for movable
assets increases firms' access to bank finance. There
is also some evidence that this effect is larger among
smaller firms.
Link permanente para citações:
The Cross-Country Magnitude and Determinants of Collateral Borrowing
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
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#ACCESS TO CREDIT#ACCESS TO FINANCE#ACCESSIBILITY#ACCOUNT RECEIVABLE#ACCOUNTS RECEIVABLE#AMOUNT OF COLLATERAL#AMOUNT OF LOAN#ASSET PRICES#ASSET VALUE#AVAILABILITY OF CREDIT#BANK LENDING
Using the World Bank Enterprise Survey
covering 6,800 firms across 43 developing countries, this
paper investigates the prevalence and determinants of
collateralized borrowing. It focuses on the following two
aspects: (1) whether firms' loans from financial
institutions require collateral (the extensive margin) and
(2) the collateral value relative to the loan value (the
intensive margin). On the first aspect, it finds that
collateral borrowing is prevalent. On average, 73 percent of
loans from financial institutions require collateral. Firms
that are small or sell domestically are significantly less
likely to pledge collateral. Shorter loans and loans from
non-bank financial institutions are also less often
associated with collateral. On the second aspect, it finds
that on average the loan value is at least 72 percent of the
collateral value. The only robust and significant
determinants of the collateral value are the type of assets
used for collateral. The analysis also checks whether
countries' income and institutions affect
collateralized borrowing. It finds that firms in countries
with higher income and better institutions and credit
information are significantly less likely to pledge
collateral. These factors...
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It Started in Ghana : Implementing Africa's First Collateral Registry
Fonte: World Bank, Washington, DC
Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
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#ACCESS TO CREDIT#ACCESS TO FINANCE#ADVISORY SERVICES#BENEFICIARIES#BUSINESS ACTIVITIES#BUSINESS CREDIT#BUSINESSES#CENTRAL BANK#CENTRAL BANKS#COLLATERAL#COLLATERAL FOR LOANS
The author all want to build something
that matters. From the advisory Services perspective, no
matter the business line, it's about helping meaningful
players accomplish sustainable results. However, entering a
continent with a new product is something that can be
extremely challenging. This smart lesson tells of a project
that, against all odds, installed the first online
collateral registry in Africa, designed in line with
international best practices and following principles
established by the United Nations Commission on
International Trade Law.
Link permanente para citações:
Belief Disagreements and Collateral Constraints
Fonte: Econometric Society
Publicador: Econometric Society
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
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#belief disagreements#heterogeneous priors#collateral constraints#leverage#margin#asymmetric disciplining#short selling
Belief disagreements have been suggested as a major contributing factor to the recent financial crisis. This paper theoretically evaluates this hypothesis. I assume that optimists have limited wealth and take on leverage in order to take positions in line with their beliefs. To have a significant effect on asset prices, they need to borrow from traders with pessimistic beliefs using loans collateralized by the asset itself. Since pessimists do not value the collateral as much as optimists do, they are reluctant to lend, which provides an endogenous constraint on optimist's ability to borrow and to influence asset prices. I demonstrate that the tightness of this constraint depends on the nature of belief disagreements. Optimism concerning the probability of downside states has no or little effect on asset prices because these types of optimism are disciplined by this constraint. Instead, optimism concerning the relative probability of upside states could have significant effects on asset prices. This asymmetric disciplining effect is robust to allowing for short selling because pessimists that borrow the asset face a similar endogenous constraint. These results emphasize that what investors disagree about matters for asset prices, to a greater extent than the level of disagreements. When richer contracts are available...
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Firm age, collateral value, and access to debt financing in an emerging economy: evidence from South Africa
Fonte: South African Journal of Economic and Management Sciences
Publicador: South African Journal of Economic and Management Sciences
Tipo: Artigo de Revista Científica
Formato: text/html
Publicado em 01/01/2012
AF
Relevância na Pesquisa
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This paper applies the Blundell and Bond system generalised method of moments (GMM) two-step estimator to examine the impact of age and collateral value on debt financing, using a panel of 177 non-financial companies listed on the Johannesburg Stock Exchange over the period 1999 to 2009. The results show that South African firms have target leverage ratios and adjust their capital structures from time to time to achieve their respective targets, that the relationship between firm age and debt financing is nonmonotonic, and that firms with higher collateral value are likely to face fewer constraints on borrowing and therefore have greater access to medium-term and long-term debts. Robustness tests also reveal that during start-up and maturity stages, a firm's access to debt markets is significantly influenced by investments in assets that are acceptable to external creditors as collateral. These findings suggest that debt financing policies could be more critical for firms in the start-up and maturity stages
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