Download or read book Bank Monitoring and Investment written by Takeo Hoshi and published by . This book was released on 1989 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: During this decade the structure of corporate finance in Japan has changed dramatically. Japanese firms that once used bank debt as their prime source of financing now rely more heavily on the public capital markets. This trend was facilitated by the substantial deregulation of the Japanese capital markets. In an earlier paper (Moshi, Kashyap, and Scharfstein 1988). we demonstrated that investment by firms with close bank relationships appears to be less liquidity constrained than investment by firms without close bank ties. We interpreted this finding as evidence that bank ties tend to mitigate information problems in the capital market. This paper tracks the investment behavior of firms that have recently weakened their bank ties in favor of greater reliance on the bond market. The results suggest that these firms are now more liquidity constrained. The paper concludes with a discussion of why firms would loosen their bank ties in light of these liquidity costs.

Download or read book The Role of Banks in Monitoring Firms written by Elisabeth Paulet and published by Routledge. This book was released on 1999-05-20 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a timely examination of banks and corporate finance. It addresses such issues as credit constraints, the supervisions of managers and the stabilization of share prices.

Download or read book Bank monitoring and investment written by Takeo Hoshi and published by . This book was released on 1989 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Bank Monitoring and Investment written by Takeo Hoshi and published by . This book was released on 2002 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: During this decade the structure of corporate finance in Japan has changed dramatically. Japanese firms that once used bank debt as their prime source of financing now rely more heavily on the public capital markets. This trend was facilitated by the substantial deregulation of the Japanese capital markets. In an earlier paper (Moshi, Kashyap, and Scharfstein 1988). we demonstrated that investment by firms with close bank relationships appears to be less liquidity constrained than investment by firms without close bank ties. We interpreted this finding as evidence that bank ties tend to mitigate information problems in the capital market. This paper tracks the investment behavior of firms that have recently weakened their bank ties in favor of greater reliance on the bond market. The results suggest that these firms are now more liquidity constrained. The paper concludes with a discussion of why firms would loosen their bank ties in light of these liquidity costs.

Download or read book Investment Bank Monitoring and Bonding of Security Analysts Research written by Oya Altinkilic and published by . This book was released on 2019 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: We assess investment banks' influence over the agreement between their analysts' research behavior and their clients' interests, in the post-reform era. Competing banks discipline their analysts with worse career outcomes for producing biased reports, issuing shirking reports, and for involvement in the earnings guidance game, showing meaningful monitoring of their analysts. Highly reputable banks provide more monitoring discipline of their analysts and bonding of their moral hazard than other banks. Bank reputation is uniquely important because the expected benefits from analyst personal reputation are too little to bond the typical analyst's moral hazard. The findings agree with the banks taking responsibility for aligning analysts' behavior with clients' interests.

Download or read book The Operations of Federal Agencies in Monitoring Reporting On and Analyzing Foreign Investments in the United States Foreign investments in U S banks written by United States. Congress. House. Committee on Government Operations. Commerce, Consumer, and Monetary Affairs Subcommittee and published by . This book was released on 1978 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book On Investment Banker Monitoring in the New Issues Market written by Bharat A. Jain and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This article primarily addresses two largely unanswered questions in the financial economics literature: (1) Is there a demand for lead bank monitoring in the IPO market? and (2) Does monitoring by lead investment banker lead to better post-issue performance? We find evidence consistent with the demand for underwriter monitoring in the IPO market. We examine variables which proxy for the incentives of lead underwriters to supply monitoring post-issue. These variables include lead investment bank reputation and whether warrants are issued to the underwriter by the issuing firm. We find that lead bank reputation is positively associated with the post-issue performance of IPO firms. We also examine whether additional valude added monitoring is provided by unaffiliated analysts. The number of unaffiliated analysts following is positively correlated with post-issue performance. Our results are consistent with thid party monitoring in the new issues market.

Download or read book Monitoring Moral Hazard and Market Power written by Daniel Covitz and published by . This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Asymmetric Information Corporate Finance and Investment written by R. Glenn Hubbard and published by University of Chicago Press. This book was released on 2009-05-15 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.

Download or read book Ten Steps to a Results based Monitoring and Evaluation System written by Jody Zall Kusek and published by World Bank Publications. This book was released on 2004-06-15 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: An effective state is essential to achieving socio-economic and sustainable development. With the advent of globalization, there are growing pressures on governments and organizations around the world to be more responsive to the demands of internal and external stakeholders for good governance, accountability and transparency, greater development effectiveness, and delivery of tangible results. Governments, parliaments, citizens, the private sector, NGOs, civil society, international organizations and donors are among the stakeholders interested in better performance. As demands for greater accountability and real results have increased, there is an attendant need for enhanced results-based monitoring and evaluation of policies, programs, and projects. This Handbook provides a comprehensive ten-step model that will help guide development practitioners through the process of designing and building a results-based monitoring and evaluation system. These steps begin with a OC Readiness AssessmentOCO and take the practitioner through the design, management, and importantly, the sustainability of such systems. The Handbook describes each step in detail, the tasks needed to complete each one, and the tools available to help along the way."

Download or read book Turmoil in the U S Credit Markets written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment and published by . This book was released on 2010 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Investing in Private Equity Partnerships written by Kay Müller and published by Springer Science & Business Media. This book was released on 2008-06-17 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kay Müller provides insight into the monitoring activities of private equity fund investors and explores their information requirements. He analyzes the reporting of private equity fund managers, reveals information gaps and provides guidance on how to improve investor relations.

Download or read book FDIC Statistics on Banking written by and published by . This book was released on 1993 with total page 554 pages. Available in PDF, EPUB and Kindle. Book excerpt: A statistical profile of the United States banking industry.

Download or read book Monitoring Characteristics of the Main Bank System written by Masahiko Aoki and published by . This book was released on 1994 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Stability Monitoring written by Tobias Adrian and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a recently released New York Fed staff report, we present a forward-looking monitoring program to identify and track time-varying sources of systemic risk.

Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Does Bank Ownership Imply Efficient Monitoring Evidence from Bank Lending and Firm Investment Efficiencies in China written by Xiaofei Pan and published by . This book was released on 2016 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the effect of bank ownership on lending and firm investment efficiencies to give reasons for the mixed evidence that exists on the impact of bank ownership on firm performance. Using China's listed firms as an example, we find that bank ownership reduces the efficiency of bank lending and harms investment efficiency for state-owned enterprises (SOEs), while simultaneously relating to optimal lending decisions and enhanced investment efficiency for non-SOEs. Our findings suggest that banks monitor non-SOEs effectively, but are less effective at monitoring SOEs. We document that banks' ex post monitoring on non-SOEs' investment policy results from their more effective ex ante monitoring of their lending decisions. Further analysis suggests that bank ownership hurts firm performance for SOEs while enhancing firm performance for non-SOEs. Overall, we document that in an emerging market where SOEs and non-SOEs co-exist, bank ownership affects firm performance by influencing the lending decision and firm investment policy, while the effectiveness of their monitoring varies with the firm's ownership structure.