The Experts below are selected from a list of 326127 Experts worldwide ranked by ideXlab platform
Mehmet Orhan - One of the best experts on this subject based on the ideXlab platform.
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market risk of developed and emerging countries during the global Financial Crisis
Emerging Markets Finance and Trade, 2013Co-Authors: Bulent Koksal, Mehmet OrhanAbstract:This study compares the performance of the widely used risk measure, value at risk (VaR), across a large sample of developed and emerging countries. The performance of VaR is assessed using both the unconditional and conditional tests of Kupiec and Christoffersen, respectively, as well as the quadratic loss function. The results indicate that VaR performs much more poorly when measuring the risk of developed countries than of emerging ones. One possible reason might be the deeper initial impact of the global Financial Crisis on developed countries. The results also provide evidence of the decoupling of the market risk of emerging and developed countries during the global Financial Crisis.
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market risk of developed and emerging countries during the global Financial Crisis
Social Science Research Network, 2012Co-Authors: Bulent Koksal, Mehmet OrhanAbstract:This study compares the performance of the widely used risk measure Value-at-Risk (VaR) across a large sample of developed and emerging countries. The performance of the VaR is assessed by both unconditional and conditional tests of Kupiec and Christoffersen, respectively, as well as the Quadratic Loss Function. Results indicate that the performance of VaR as a measure of risk is much worse for developed countries than the emerging ones during our sample period. One possible reason might be the deeper initial impact of global Financial Crisis on developed countries than emerging markets. Results also provide evidence of decoupling between emerging and developed countries in terms of market risk during the global Financial Crisis.
Xiaohong Huang - One of the best experts on this subject based on the ideXlab platform.
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does the Financial Crisis change the effect of financing on investment evidence from private smes
Journal of Business Research, 2020Co-Authors: Siraz Zubair, Rezaul Kabir, Xiaohong HuangAbstract:Abstract This paper examines the real effects of the Financial Crisis on private firms in the Netherlands. We find that investments of small and medium-sized private enterprises declined significantly both during and after the Financial Crisis. We also find that investments become less dependent on internal finance than on external finance during the Crisis period. However, the impacts of the two financing sources on firm investment during the post-Crisis period do not differ. The findings of the study suggest that borrowing from banks remained critical in determining the investments of private SMEs during the Financial Crisis of 2008–2009.
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does the Financial Crisis change the effect of financing on investment evidence from private smes
Social Science Research Network, 2019Co-Authors: Siraz Zubair, Rezaul Kabir, Xiaohong HuangAbstract:The paper examines the real effects of the Financial Crisis for private firms. Analyzing a novel dataset from the Netherlands and controlling for multiple key factors, we find that investments of small and medium-sized private enterprises reduced significantly during and after the Financial Crisis. We find that both internal and external financing sources had a significant positive relationship with investment during the pre-Crisis and post-Crisis periods. But, during the Crisis period, internal finance became significantly less influential on investment compared to external finance. The findings of the study suggest that borrowing from banks played a more prominent role in determining the investments of SMEs during the Financial Crisis of 2008-2009.
Campbell R Harvey - One of the best experts on this subject based on the ideXlab platform.
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liquidity management and corporate investment during a Financial Crisis
Review of Financial Studies, 2011Co-Authors: Murillo Campello, Erasmo Giambona, John R Graham, Campbell R HarveyAbstract:This article uses a unique dataset to study how firms managed liquidity during the 2008- 2009 Financial Crisis. Our analysis provides new insights on interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how companies used credit lines during the Crisis (access, size of facilities, and drawdown activity), the characteristics of these facilities (fees, markups, maturity, and collateral), and whether managers had difficulties in renewing or initiating lines. We also describe the dynamics of credit line violations and the outcome of subsequent renegotiations. We show how companies substitute between credit lines and internal liquidity (cash and profits) when facing a severe credit shortage. Looking at real-side decisions, we find that credit lines are associated with greater spending when companies are not cashstrapped. Firms with limited access to credit lines, in contrast, appear to choose between saving and investing during the Crisis. Our evidence indicates that credit lines eased the impact of the Financial Crisis on corporate spending.
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liquidity management and corporate investment during a Financial Crisis
Social Science Research Network, 2010Co-Authors: Murillo Campello, Erasmo Giambona, John R Graham, Campbell R HarveyAbstract:This paper uses a unique dataset to study how firms managed liquidity during the 2008-09 Financial Crisis. Our analysis provides new insights on interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how companies used credit lines during the Crisis (access, size of facilities, and drawdown activity), the characteristics of these facilities (fees, markups, maturity, and collateral), and whether managers had difficulties in renewing or initiating lines. We also describe the dynamics of credit line violations and the outcome of subsequent renegotiations. We show how companies substitute between credit lines and internal liquidity (cash and profits) when facing a severe credit shortage. Looking at real-side decisions, we find that credit lines are associated with greater spending when companies are not cash-strapped. Firms with limited access to credit lines, on the other hand, appear to choose between saving and investing during the Crisis. Our evidence indicates that credit lines eased the impact of the Financial Crisis on corporate spending.
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liquidity management and corporate investment during a Financial Crisis
National Bureau of Economic Research, 2010Co-Authors: Murillo Campello, Erasmo Giambona, John R Graham, Campbell R HarveyAbstract:This paper uses a unique dataset to study how firms managed liquidity during the Financial Crisis. Our analysis provides new insights on the interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how companies used credit lines during the Crisis (access, size of facilities, and drawdown activity), the conditions under which these facilities were granted (fees, markups, maturity, and collateral), and whether managers had difficulties in renewing or initiating lines. We also describe the dynamics of credit line violations and the outcome of subsequent renegotiations. We show how companies substitute between credit lines and internal liquidity (cash and profits) when facing a severe credit shortage. Looking at real-side decisions, we find that credit lines are associated with greater spending when companies are not cash-strapped. Firms with limited access to credit lines, on the other hand, appear to choose between saving and investing during the Crisis. Our evidence indicates that credit lines eased the impact of the Financial Crisis on corporate spending.
Bulent Koksal - One of the best experts on this subject based on the ideXlab platform.
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market risk of developed and emerging countries during the global Financial Crisis
Emerging Markets Finance and Trade, 2013Co-Authors: Bulent Koksal, Mehmet OrhanAbstract:This study compares the performance of the widely used risk measure, value at risk (VaR), across a large sample of developed and emerging countries. The performance of VaR is assessed using both the unconditional and conditional tests of Kupiec and Christoffersen, respectively, as well as the quadratic loss function. The results indicate that VaR performs much more poorly when measuring the risk of developed countries than of emerging ones. One possible reason might be the deeper initial impact of the global Financial Crisis on developed countries. The results also provide evidence of the decoupling of the market risk of emerging and developed countries during the global Financial Crisis.
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market risk of developed and emerging countries during the global Financial Crisis
Social Science Research Network, 2012Co-Authors: Bulent Koksal, Mehmet OrhanAbstract:This study compares the performance of the widely used risk measure Value-at-Risk (VaR) across a large sample of developed and emerging countries. The performance of the VaR is assessed by both unconditional and conditional tests of Kupiec and Christoffersen, respectively, as well as the Quadratic Loss Function. Results indicate that the performance of VaR as a measure of risk is much worse for developed countries than the emerging ones during our sample period. One possible reason might be the deeper initial impact of global Financial Crisis on developed countries than emerging markets. Results also provide evidence of decoupling between emerging and developed countries in terms of market risk during the global Financial Crisis.
Siraz Zubair - One of the best experts on this subject based on the ideXlab platform.
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does the Financial Crisis change the effect of financing on investment evidence from private smes
Journal of Business Research, 2020Co-Authors: Siraz Zubair, Rezaul Kabir, Xiaohong HuangAbstract:Abstract This paper examines the real effects of the Financial Crisis on private firms in the Netherlands. We find that investments of small and medium-sized private enterprises declined significantly both during and after the Financial Crisis. We also find that investments become less dependent on internal finance than on external finance during the Crisis period. However, the impacts of the two financing sources on firm investment during the post-Crisis period do not differ. The findings of the study suggest that borrowing from banks remained critical in determining the investments of private SMEs during the Financial Crisis of 2008–2009.
-
does the Financial Crisis change the effect of financing on investment evidence from private smes
Social Science Research Network, 2019Co-Authors: Siraz Zubair, Rezaul Kabir, Xiaohong HuangAbstract:The paper examines the real effects of the Financial Crisis for private firms. Analyzing a novel dataset from the Netherlands and controlling for multiple key factors, we find that investments of small and medium-sized private enterprises reduced significantly during and after the Financial Crisis. We find that both internal and external financing sources had a significant positive relationship with investment during the pre-Crisis and post-Crisis periods. But, during the Crisis period, internal finance became significantly less influential on investment compared to external finance. The findings of the study suggest that borrowing from banks played a more prominent role in determining the investments of SMEs during the Financial Crisis of 2008-2009.
