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  • 1
    Online Resource
    Online Resource
    Exchange rate risk management : evidence fron East Asia (2001)
    Washington, D.C. :World Bank, Development Research Group, Finance,
    Details
    UID:
    almafu_9958067484702883
    Format: 35, 1, 8 pages : , illustrations ; , 28 cm.
    Series Statement: Policy research working paper ; 2606
    Content: In a large sample of East Asian nonfinancial corporations, firms using foreign currency derivatives had distinctive characteristics, such as larger size and foreign debt exposures. Unlike in studies of U.S. firms, there was only weak evidence that liquidity-constrained firms with greater growth opportunities hedged more. Firms appeared to use foreign earnings as a substitute for hedging with derivatives, and to engage in "selective" hedging. There was no evidence that East Asian firms eliminated their foreign exchange exposure by using derivatives. And firms using derivatives before the crisis performed just as poorly as nonhedgers during the crisis.
    Note: "May 2001"--Cover. , Also available in print under title Capital structure and financial risk.
    Language: English
    URL: Volltext
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    FU Berlin
    HWR Berlin
    UB Potsdam
    EUV Frankfurt
    TH Brandenburg
    HTW Berlin
    Charité
    MPI Bildungsforschung
  • 2
    Online Resource
    Online Resource
    Legal effectiveness and external capital : the role of foreign debt (2005)
    [Washington, D.C] : World Bank
    Details
    UID:
    b3kat_BV049075094
    Format: 1 Online-Ressource
    Edition: Online-Ausg Also available in print
    Series Statement: Policy research working paper 3530
    Content: "Previous research has documented weak, and sometimes conflicting, effects of legal quality on measures of firm debt. Using WorldScope data for 1,689 firms, as well as more detailed proprietary data for 315 firms across nine East Asian countries, the authors find that access to foreign financing appears to loosen borrowing constraints associated with poor legal systems. This helps resolve inconsistencies in prior findings and explains how legal protection is important for borrowing by firms. In particular, they find that legal effectiveness is important for determining the amount, maturity, and currency denomination of debt. The authors discuss several mechanisms by which firms can avoid the costs of poor legal systems with foreign borrowing. The paper contributes to the policy debate surrounding the importance of creditor rights for domestic lending. "--World Bank web site
    Note: Includes bibliographical references , Title from PDF file as viewed on 4/7/2005
    Additional Edition: Allayannis, George Legal effectiveness and external capital
    Language: English
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    HWR Berlin
    EUV Frankfurt
    TH Brandenburg
    HTW Berlin
  • 3
    Online Resource
    Online Resource
    Exchange rate risk management : evidence fron East Asia (2001)
    Washington, D.C : World Bank, Development Research Group, Finance
    Details
    UID:
    b3kat_BV049075987
    Format: 1 Online-Ressource (35, 1, 8 Seiten) , ill , 28 cm
    Edition: Online-Ausg Also available in print under title Capital structure and financial risk
    Series Statement: Policy research working paper 2606
    Content: In a large sample of East Asian nonfinancial corporations, firms using foreign currency derivatives had distinctive characteristics, such as larger size and foreign debt exposures. Unlike in studies of U.S. firms, there was only weak evidence that liquidity-constrained firms with greater growth opportunities hedged more. Firms appeared to use foreign earnings as a substitute for hedging with derivatives, and to engage in "selective" hedging. There was no evidence that East Asian firms eliminated their foreign exchange exposure by using derivatives. And firms using derivatives before the crisis performed just as poorly as nonhedgers during the crisis
    Note: "May 2001"--Cover , Includes bibliographical references (p. 30-32)
    Additional Edition: Allayannis, George Exchange rate risk management
    Language: English
    URL: Volltext  (URL des Erstveröffentlichers)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    EUV Frankfurt
    HTW Berlin
  • 4
    Online Resource
    Online Resource
    Legal effectiveness and external capital : the role of foreign debt (2005)
    [Washington, D.C] : World Bank
    Details
    UID:
    gbv_724214801
    Format: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 3530
    Content: "Previous research has documented weak, and sometimes conflicting, effects of legal quality on measures of firm debt. Using WorldScope data for 1,689 firms, as well as more detailed proprietary data for 315 firms across nine East Asian countries, the authors find that access to foreign financing appears to loosen borrowing constraints associated with poor legal systems. This helps resolve inconsistencies in prior findings and explains how legal protection is important for borrowing by firms. In particular, they find that legal effectiveness is important for determining the amount, maturity, and currency denomination of debt. The authors discuss several mechanisms by which firms can avoid the costs of poor legal systems with foreign borrowing. The paper contributes to the policy debate surrounding the importance of creditor rights for domestic lending. "--World Bank web site
    Note: Includes bibliographical references , Title from PDF file as viewed on 4/7/2005 , Also available in print.
    Additional Edition: Allayannis, George Legal effectiveness and external capital
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    UB Potsdam
    MPI Bildungsforschung
  • 5
    Online Resource
    Online Resource
    Legal effectiveness and external capital : the role of foreign debt (2005)
    [Washington, D.C. :World Bank,
    Details
    UID:
    almafu_9958111652502883
    Series Statement: Policy research working paper ; 3530
    Content: "Previous research has documented weak, and sometimes conflicting, effects of legal quality on measures of firm debt. Using WorldScope data for 1,689 firms, as well as more detailed proprietary data for 315 firms across nine East Asian countries, the authors find that access to foreign financing appears to loosen borrowing constraints associated with poor legal systems. This helps resolve inconsistencies in prior findings and explains how legal protection is important for borrowing by firms. In particular, they find that legal effectiveness is important for determining the amount, maturity, and currency denomination of debt. The authors discuss several mechanisms by which firms can avoid the costs of poor legal systems with foreign borrowing. The paper contributes to the policy debate surrounding the importance of creditor rights for domestic lending. "--World Bank web site.
    Note: Title from PDF file as viewed on 4/7/2005. , Also available in printing.
    Language: English
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    FU Berlin
    Charité
  • 6
    Book
    Book
    Legal effectiveness and external capital : the role of foreign debt (2005)
    Washington, DC : World Bank, Development Research Group, Finance Team
    Details
    UID:
    gbv_483221686
    Format: 29 S
    Series Statement: Policy research working paper 3530
    Note: Internetausg.: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2005/03/02/000012009_20050302161615/Rendered/PDF/wps3530.pdf
    Language: English
    Keywords: Graue Literatur ; Arbeitspapier
    Library Location Call Number Volume/Issue/Year Availability
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    Book
    Stabi Berlin get availability status
  • 7
    Online Resource
    Online Resource
    Exchange rate risk management : evidence fron East Asia (2001)
    Washington, D.C. :World Bank, Development Research Group, Finance,
    Details
    UID:
    edoccha_9958067484702883
    Format: 35, 1, 8 pages : , illustrations ; , 28 cm.
    Series Statement: Policy research working paper ; 2606
    Content: In a large sample of East Asian nonfinancial corporations, firms using foreign currency derivatives had distinctive characteristics, such as larger size and foreign debt exposures. Unlike in studies of U.S. firms, there was only weak evidence that liquidity-constrained firms with greater growth opportunities hedged more. Firms appeared to use foreign earnings as a substitute for hedging with derivatives, and to engage in "selective" hedging. There was no evidence that East Asian firms eliminated their foreign exchange exposure by using derivatives. And firms using derivatives before the crisis performed just as poorly as nonhedgers during the crisis.
    Note: "May 2001"--Cover. , Also available in print under title Capital structure and financial risk.
    Language: English
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Charité
  • 8
    Online Resource
    Online Resource
    Exchange rate risk management : evidence fron East Asia (2001)
    Washington, D.C. :World Bank, Development Research Group, Finance,
    Details
    UID:
    edocfu_9958067484702883
    Format: 35, 1, 8 pages : , illustrations ; , 28 cm.
    Series Statement: Policy research working paper ; 2606
    Content: In a large sample of East Asian nonfinancial corporations, firms using foreign currency derivatives had distinctive characteristics, such as larger size and foreign debt exposures. Unlike in studies of U.S. firms, there was only weak evidence that liquidity-constrained firms with greater growth opportunities hedged more. Firms appeared to use foreign earnings as a substitute for hedging with derivatives, and to engage in "selective" hedging. There was no evidence that East Asian firms eliminated their foreign exchange exposure by using derivatives. And firms using derivatives before the crisis performed just as poorly as nonhedgers during the crisis.
    Note: "May 2001"--Cover. , Also available in print under title Capital structure and financial risk.
    Language: English
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    FU Berlin
  • 9
    Online Resource
    Online Resource
    Legal Effectiveness and External Capital : The Role of Foreign Debt (2012)
    Washington, DC : World Bank
    Details
    UID:
    gbv_797548092
    Format: Online-Ressource
    Series Statement: Policy Research Working Paper 3530
    Content: Previous research has documented weak, and sometimes conflicting, effects of legal quality on measures of firm debt. Using WorldScope data for 1,689 firms, as well as more detailed proprietary data for 315 firms across nine East Asian countries, the authors find that access to foreign financing appears to loosen borrowing constraints associated with poor legal systems. This helps resolve inconsistencies in prior findings and explains how legal protection is important for borrowing by firms. In particular, they find that legal effectiveness is important for determining the amount, maturity, and currency denomination of debt. The authors discuss several mechanisms by which firms can avoid the costs of poor legal systems with foreign borrowing. The paper contributes to the policy debate surrounding the importance of creditor rights for domestic lending.
    Note: English
    Language: English
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Fulltext
    Stabi Berlin
  • 10
    Online Resource
    Online Resource
    Exchange Rate Risk Management : Evidence from East Asia (2001)
    World Bank, Washington, DC
    Details
    UID:
    gbv_1759670812
    Format: 1 Online-Ressource
    Series Statement: Policy Research Working Paper No. 2606
    Content: The recent East Asian financial crisis provides a natural experiment for investigating foreign exchange risk management by nonfinancial corporations. During this period, the financial crisis exposed local firms to large depreciations in exchange rates and reduced access to foreign capital. The authors explore the exchange rate hedging practices of firms that hedged exposure to foreign debt in eight East Asian countries between 1996 and 1998. They identify and characterize East Asian companies that used foreign currency derivatives, documenting differences in size, financial characteristics, and exposure to domestic and foreign debt. They investigate the factors improtant in the use of foreign currency derivatives. Unlike studies of US firms, they find limited support for existing theories of optimal hedging. Instead, they find that firms use foreign earnings as a substitute for hedging with derivatives. And they find evidence that firms engage in "selective" hedging. They investigate the relative performance of hedgers during and after the crisis. They find no evidence that East Asian firms eliminated their foreign exchange exposure by using derivatives. Firms that used derivatives before the crisis performed just as poorly as nonhedgers during the crisis. After the crisis, firms that hedged performed somewhat better than nonhedgers, but this result appears to be explained by a larger post-crisis currency exposure for hedgers (an exchange rate risk premium), which had limited access to derivatives during this period
    Note: East Asia and Pacific , English , en_US
    Language: English
    URL: kostenfrei
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Stabi Berlin
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