Refine
Year of publication
- 2009 (21) (remove)
Document Type
- Report (21) (remove)
Language
- English (21) (remove)
Has Fulltext
- yes (21) (remove)
Is part of the Bibliography
- no (21)
Keywords
- Event Study (2)
- Slawische Sprachen (2)
- Baltoslawische Sprachen (1)
- British Rule in Palestine (1)
- Chabad (1)
- Chassidismus (1)
- Credit Default Swaps (1)
- Credit Rating Reasons (1)
- Credit Ratings (1)
- Energie-Modell (1)
Institute
This paper addresses the question whether close borrower-lender relationships, so called hausbank-relationships, facilitate the funding and beneficial development of SME. To this end, we derive a model which relates a firm's growth rate to its need for external funds and subsequently compute the firms that exceed their predicted growth rate. We then use this measure to identify specific characteristics that are associated with long- and short-term financing of firm growth, in particular the influence of relationship lending. We find that close ties with savings banks predict firms' access to external finance to fund growth. Moreover, the long-term liabilities of firms with hausbank-relationships almost double those with multiple relationships while the overall leverage is about the same. In turn, we find an strong empirical relationship between the provision of long-term funds and firm growth. Keywords: small business lending, credit access, public banks JEL Classifications: G21, D21
Local interactions between particles of a collection causes all particles to reorganize in new positions. The purpose of this paper is to construct an energy-based model of self-organizing subgroups, which describes the behavior of singular local moves of a particle. The present paper extends the Hegselmann-Krause model on consensus dynamics, where agents simultaneously move to the barycenter of all agents in an epsilon neighborhood. The Energy-based model presented here is analyzed and simulated on finite metric space. AMS Subject Classifications:81T80; 93A30; 37M05; 68U20
When at the end of Hans Sachs' tragedy of Tristrant, dated February 7th, 1553, the herold takes the floor, he calls to the audience to recognize that this is a tragedy, Auß der wird offentlich erkendt, Wie solche unorndliche lieb Hat so ein starck mechtigen trieb, Wo sie einnimbt ein junges hertz Mit bitter angst, senenden schmertz, Darinn sie also heftig wüt, Verkert hertz, sin, vernunft und gmüt, Wird leichtfertig, verwegen gantz, Schlecht seel, lieb, ehr, gut in die schantz, Acht fürbas weder sitten noch tugent, (184,32-185,3) (1) ....
Over the last four decades the literature on bond rating changes and its effects on security prices increased significantly with almost all studies not controlling for the respective reason for those. We therefore investigate the impact of rating events on the stock and the credit default swap (CDS) market incorporating rating reviews and rating changes together with the reason mentioned by the rating agency. Our results for the general effects are in line with prior findings but conditioning on the respective reason shows that the markets’ anticipation of rating actions is largely driven by events due to changes in firms’ operating performance. Furthermore, we provide empirical evidence for the hypothesis in prior literature that a surprise downgrade does not necessarily have to be bad news for stockholders when wealth is transferred from bondholders, but negative rating actions are always bad news for bondholders. The results additionally reveal increasing rating announcement effects by declining credit quality of firms for both rating reviews and changes. JEL Classification: D82, G14, G20. Keywords: Credit Default Swaps, Credit Ratings, Credit Rating Reasons, Event Study.
There is every reason to welcome the revised edition (2009) of Thomas Olander’s dissertation (2006), which I have criticized elsewhere (2006). The book is very well written and the author has a broad command of the scholarly literature. I have not found any mistakes in Olander’s rendering of other people’s views. This makes the book especially useful as an introduction to the subject. It must be hoped that the easy access to a complex set of problems which this book offers will have a stimulating effect on the study of Balto-Slavic accentology.
West Slavic accentuation
(2009)
At the time of the earliest reconstructible dialectal divergences, which belong to the Late Middle Slavic period of my chronology (stages 7.0 - 8.0 of Kortlandt 1989a, 2003, 2008), the West Slavic languages represented the most conservative part of the Slavic dialects (cf. Kortlandt 1982b: 191 and 2003: 231).
It appears that the complexity of Slavic historical accentology is prohibitive for most non-specialists in the field. It may therefore be useful to approach the subject from a number of different angles in order to render it more accessible to a wider audience. In the following I shall discuss the separate accent paradigms and their development from the Late Balto-Slavic system, which is structurally similar to that of modern Lithuanian, up to the end of the Proto-Slavic period, when the system resembled what we find in modern Serbo-Croatian. The numbering of the stages 1.0 through 10.12 is the same as in my earlier publications (1989, 2003, 2005, 2006a, 2008b). For the rise and development of the accentual system up to the end of the Balto-Slavic period I may refer to my discussion (2006b, 2008a) of Olander’s dissertation (2006). It resulted in a system of four major and two minor accent types.
The northern plains of Saudi Arabia are an area of approximately 231,000 km2, or roughly equivalent to the size of the whole of the United Kingdom. During previous ABBA Surveys in this area in late winter and spring significant numbers of wintering species such as Dotterel Charadrius morinellus, sandgrouse Pterocles sps and eagles and vultures have been recorded, as well as the threatened Sociable Plover Vanellus gregarius. The main objective of ABBA Survey 40 (30 January - 28 February 2009) was to assess wintering populations of these birds in northern Arabia through sampling methods. In all 21 timed walked censuses in the early morning and 25 driven transect counts (over a total distance of 1511 km) were carried out. Unfortunately most of the region had suffered a severe drought over an extended period, perhaps the previous ten years or longer, and in most of the survey area there had been no rain at all during the winter/spring period of 2008/2009. This lack of rain had resulted in a complete lack of green vegetation in most of the western part of the area studied. Consequently the census results showed low species diversity and small populations.