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World & Business
"Liquidity Risk and Correlation Risk: Implications for Risk Management"
by: shinta, 0 pagesThere has been a surge in the recent academic literature on issues concerning liquidity (starting with Amihud and Mendelson, 1986) and liquidity risk (Pastor and Stambaugh, 2003, and ...
The Effect of Information Quality on Liquidity Risk
by: shinta, 0 pagesThe relation between information quality and cost of capital is of significant academic interest and many explanations (e.g., estimation risk, market risk, liquidity) have been posited ...
Limit Order Book as a Market for Liquidity
by: shinta, 0 pagesWe develop a dynamic model of an order-driven market populated by discretionary liquidity traders. These traders differ by their impatience and seek to minimize their trading costs by ...
The public Limit Order Book of the Korea Exchange: Market capitalization dependent endogenous effects on spreads, volatility and volume
by: shinta, 0 pagesIn 1999 the Korea Exchange [KE] introduced its public limit order book displaying volume, price and broker identity to all market participants. Going against the general trend in market ...
The Components of the Bid-Ask Spread in a Limit-Order Market: Evidence from the Tokyo Stock Exchange
by: shinta, 0 pagesThis paper analyzes the components of the bid-ask spread in the limit-order book of the Tokyo Stock Exchange (TSE). While the behavior of spread components in U.S. markets has been extensively ...
The Impact of Debt and Leverage on the Valuation of a Business How Company Vehicles can Influence Business Valuation
by: shinta, 0 pagesThis white paper will help you better understand that a firm’s cost of capital plays a critical role in assessing the value of a business. Capital is simply the means by which business assets ...
The Causes and Consequences of Leveraged Buyouts
by: shinta, 0 pagesIN THE MARKET for corporate control during the past decade, leveraged buyouts have become increasingly popular. Many observers, speculat- ing about the causes of this recent trend, ...
Pre-Buyout Bondholders' Reaction to Leveraged Buyouts
by: shinta, 0 pagesIn this paper the authors study the impact of leveraged buyouts on pre- buyout bondholders’ wealth. The paper analyses the bondholders’ excess returns over a period 12 months prior to ...
Leveraged Buyouts of Private Companies
by: shinta, 0 pagesOver the last two decades, the number (enterprise value) of leveraged buyout transactions involving privately held targets totals 10,013 ($855 billion), accounting for 46% (21%) of the ...
Leveraged Buyouts and Private Equity
by: shinta, 0 pagesIn a leveraged buyout, a company is acquired by a specialized investment firm using a relatively small portion of equity and a relatively large portion of outside debt financing. The ...