The belt and road initiative and the over-leverage of securities companies
Author
Abstract
Suggested Citation
DOI: 10.1016/j.pacfin.2024.102340
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Ivo Welch, 2004.
"Capital Structure and Stock Returns,"
Journal of Political Economy, University of Chicago Press, vol. 112(1), pages 106-131, February.
- Ivo Welch, 2002. "Capital Structure and Stock Returns," Yale School of Management Working Papers ysm263, Yale School of Management, revised 01 Aug 2003.
- Ivo Welch, 2002. "Capital Structure and Stock Returns," Yale School of Management Working Papers ysm263, Yale School of Management, revised 01 Aug 2003.
- Wang, Li & Menkhoff, Lukas & Schröder, Michael & Xu, Xian, 2019.
"Politicians’ promotion incentives and bank risk exposure in China,"
Journal of Banking & Finance, Elsevier, vol. 99(C), pages 63-94.
- Wang, Li & Menkhoff, Lukas & Schröder, Michael & Xu, Xian, 2015. "Politicians' promotion incentives and bank risk exposure in China," ZEW Discussion Papers 15-026, ZEW - Leibniz Centre for European Economic Research.
- Wang, Li & Menkhoff, Lukas & Schröder, Michael & Xu, Xian, 2015. "Politicians' promotion incentives and bank risk exposure in China," Frankfurt School - Working Paper Series 216, Frankfurt School of Finance and Management.
- Pennacchi, George G. & Santos, João A.C., 2021.
"Why do banks target ROE?,"
Journal of Financial Stability, Elsevier, vol. 54(C).
- George Pennacchi & João A. C. Santos, 2018. "Why Do Banks Target ROE?," Liberty Street Economics 20181010, Federal Reserve Bank of New York.
- George Pennacchi & João A. C. Santos, 2018. "Why do banks target ROE?," Staff Reports 855, Federal Reserve Bank of New York.
- Galo Nuño & Carlos Thomas, 2017.
"Bank Leverage Cycles,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 9(2), pages 32-72, April.
- Galo Nuño & Carlos Thomas, 2012. "Bank leverage cycles," Working Papers 1222, Banco de España.
- Carlos Thomas & Galo Nuno, 2013. "Bank Leverage Cyles," 2013 Meeting Papers 220, Society for Economic Dynamics.
- Thomas, Carlos & Nuño, Galo, 2013. "Bank leverage cycles," Working Paper Series 1524, European Central Bank.
- Michael J. Cooper & Huseyin Gulen & Michael J. Schill, 2008. "Asset Growth and the Cross‐Section of Stock Returns," Journal of Finance, American Finance Association, vol. 63(4), pages 1609-1651, August.
- Bernanke, Ben & Gertler, Mark, 1989.
"Agency Costs, Net Worth, and Business Fluctuations,"
American Economic Review, American Economic Association, vol. 79(1), pages 14-31, March.
- Bernanke, Ben & Gertler, Mark, 1988. "Agency Costs, Net Worth, And Business Fluctuations," SSRI Workshop Series 292693, University of Wisconsin-Madison, Social Systems Research Institute.
- Valentina Salotti & Natalya A. Schenck & John H. Thornton Jr., 2016. "The Impact Of Real Estate Lending On Thrifts' Franchise Values During The 2007–2009 Crisis: A Comparison With Commercial Banks," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 39(1), pages 35-62, March.
- Thomas Dangl & Josef Zechner, 2021.
"Debt Maturity and the Dynamics of Leverage [Rollover risk and market freezes],"
The Review of Financial Studies, Society for Financial Studies, vol. 34(12), pages 5796-5840.
- Dangl, Thomas & Zechner, Josef, 2016. "Debt maturity and the dynamics of leverage," CFS Working Paper Series 547, Center for Financial Studies (CFS).
- Shikimi, Masayo, 2020. "Bank loan supply shocks and leverage adjustment," Economic Modelling, Elsevier, vol. 87(C), pages 447-460.
- Chan, Marc K. & Kwok, Simon, 2017. "Risk-sharing, market imperfections, asset prices: Evidence from China’s stock market liberalization," Journal of Banking & Finance, Elsevier, vol. 84(C), pages 166-187.
- Murray Z. Frank & Vidhan K. Goyal, 2009.
"Capital Structure Decisions: Which Factors Are Reliably Important?,"
Financial Management, Financial Management Association International, vol. 38(1), pages 1-37, March.
- Frank, Murray Z. & Goyal, Vidhan K., 2009. "Capital Structure Decisions: Which Factors are Reliably Important?," MPRA Paper 22525, University Library of Munich, Germany.
- Sascha O. Becker & Andrea Ichino, 2002. "Estimation of average treatment effects based on propensity scores," Stata Journal, StataCorp LP, vol. 2(4), pages 358-377, November.
- Shen, Jianfu & Firth, Michael & Poon, Winnie P.H., 2016. "Credit Expansion, Corporate Finance and Overinvestment: Recent Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 39(C), pages 16-27.
- Dick-Nielsen, Jens & Nielsen, Mads Stenbo & von Rüden, Stine Louise, 2021. "The value of bond underwriter relationships," Journal of Corporate Finance, Elsevier, vol. 68(C).
- Yulan Wang & Xiaochen Dou & Jinglin Li, 2019. "Are group control associated with excess leverage? Empirical evidence," China Journal of Accounting Studies, Taylor & Francis Journals, vol. 7(1), pages 1-24, January.
- Sharjil M. Haque & Mr. Richard Varghese, 2021. "The COVID-19 Impact on Corporate Leverage and Financial Fragility," IMF Working Papers 2021/265, International Monetary Fund.
- Schclarek, Alfredo & Xu, Jiajun & Amuchastegui, Pedro, 2022. "Panda bond financing of the Belt and Road Initiative: An analysis of monetary mechanisms and financial risks," Research in International Business and Finance, Elsevier, vol. 61(C).
- Surenderrao Komera & P. J. Jijo Lukose, 2016. "Heterogeneity and Asymmetry in Speed of Leverage Adjustment: The Indian Experience," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(03), pages 1-26, September.
- Amemiya, Takeshi, 1984. "Tobit models: A survey," Journal of Econometrics, Elsevier, vol. 24(1-2), pages 3-61.
- Jianhui Jian & Xiaojie Fan & Shiyong Zhao, 2022. "The Green Incentives and Green Bonds Financing under the Belt and Road Initiative," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(5), pages 1430-1440, April.
- Arvind Krishnamurthy, 2010.
"Amplification Mechanisms in Liquidity Crises,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 2(3), pages 1-30, July.
- Arvind Krishnamurthy, 2009. "Amplification Mechanisms in Liquidity Crises," NBER Working Papers 15040, National Bureau of Economic Research, Inc.
- Yang, Xiaodong & Cai, Gangshu (George) & Chen, Ying-Ju & Yang, Shu-Jung Sunny, 2017. "Competitive Retailer Strategies for New Market Research, Entry and Positioning Decisions," Journal of Retailing, Elsevier, vol. 93(2), pages 172-186.
- Murillo Campello & Mauricio Larrain, 2016.
"Enlarging the Contracting Space: Collateral Menus, Access to Credit, and Economic Activity,"
The Review of Financial Studies, Society for Financial Studies, vol. 29(2), pages 349-383.
- Murillo Campello & Mauricio Larrain, 2015. "Enlarging the Contracting Space: Collateral Menus, Access to Credit, and Economic Activity," NBER Working Papers 21690, National Bureau of Economic Research, Inc.
- James J. Heckman & Hidehiko Ichimura & Petra Todd, 1998. "Matching As An Econometric Evaluation Estimator," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 65(2), pages 261-294.
- Huang, Chao-Hsi & Hsieh, Yi-Shan, 2021. "Leverage dynamics over the business cycle: Evidence from Taiwan listed and unlisted firms," International Review of Economics & Finance, Elsevier, vol. 74(C), pages 373-391.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Wenlian Gao & Feifei Zhu & Kai Chen, 2023. "The role of bank lenders in firm leverage adjustments," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(1), pages 63-97, February.
- Myint Moe Chit & Marian Rizov, 2024. "SMEs' diversification of financing sources: Strategy or desperation?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 3123-3146, July.
- Brennan, Michael J. & Kraft, Holger, 2016. "Leaning against the wind: Debt financing in the face of adversity," SAFE Working Paper Series 119, Leibniz Institute for Financial Research SAFE, revised 2016.
- Andrea Pufahl & Christoph R. Weiss, 2009.
"Evaluating the effects of farm programmes: results from propensity score matching,"
European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 36(1), pages 79-101, March.
- Pufahl, Andrea & Weiss, Christoph, 2007. "Evaluating the effects of farm programs. Results from propensity score matching," Department of Economics Working Paper Series 113, WU Vienna University of Economics and Business.
- Pufahl, Andrea & Weiss, Christoph R., 2008. "Evaluating the Effects of Farm Programs: Results from Propensity Score Matching," 107th Seminar, January 30-February 1, 2008, Sevilla, Spain 6635, European Association of Agricultural Economists.
- Pufahl, Andrea & Weiss, Christoph R., 2008. "Evaluating the Effects of Farm Programs: Results from Propensity Score Matching," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 44149, European Association of Agricultural Economists.
- Andrea Pufahl & Christoph Weiss, 2007. "Evaluating the effects of farm programs: Results from propensity score matching," Department of Economics Working Papers wuwp113, Vienna University of Economics and Business, Department of Economics.
- Francesco Serti & Chiara Tomasi, 2008.
"Self-Selection and Post-Entry Effects of Exports: Evidence from Italian Manufacturing Firms,"
Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 144(4), pages 660-694, December.
- Francesco Serti & Chiara Tomasi, 2007. "Self Selection and Post-Entry effects of Exports. Evidence from Italian Manufacturing firms," LEM Papers Series 2007/20, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
- Cédric Afsa & Pauline Givord, 2009.
"Le rôle des conditions de travail dans les absences pour maladie : le cas des horaires irréguliers,"
Économie et Prévision, Programme National Persée, vol. 187(1), pages 83-103.
- Cédric Afsa & Pauline Givord, 2009. "Le rôle des conditions de travail dans les absences pour maladie : le cas des horaires irréguliers," Economie & Prévision, La Documentation Française, vol. 0(1), pages 83-103.
- Ramírez-Álvarez, Aurora Alejandra, 2019. "Land titling and its effect on the allocation of public goods: Evidence from Mexico," World Development, Elsevier, vol. 124(C), pages 1-1.
- Tymon Słoczyński, 2015.
"The Oaxaca–Blinder Unexplained Component as a Treatment Effects Estimator,"
Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 77(4), pages 588-604, August.
- Tymon Sloczynski, 2012. "The Oaxaca-Blinder unexplained component as a treatment effects estimator," Working Papers 61, Department of Applied Econometrics, Warsaw School of Economics.
- Słoczyński, Tymon, 2013. "The Oaxaca–Blinder Unexplained Component as a Treatment Effects Estimator," MPRA Paper 50660, University Library of Munich, Germany.
- Afonso, Oscar & Silva, Armando, 2012.
"Non-scale endogenous growth effects of subsidies for exporters,"
Economic Modelling, Elsevier, vol. 29(4), pages 1248-1257.
- Óscar Afonso & Armando Silva, 2011. "Non-scale endogenous growth effects of subsidies for exporters," FEP Working Papers 429, Universidade do Porto, Faculdade de Economia do Porto.
- Marco Biagetti & Sergio Scicchitano, 2016. "Are women in supervisory positions more discriminated against? A multinomial approach," Working Papers 2, Department of the Treasury, Ministry of the Economy and of Finance.
- Victor Lavy & Analia Schlosser, 2005.
"Targeted Remedial Education for Underperforming Teenagers: Costs and Benefits,"
Journal of Labor Economics, University of Chicago Press, vol. 23(4), pages 839-874, October.
- Victor Lavy & Analia Schlosser, 2004. "Targeted Remedial Education for Under-Performing Teenagers: Costs and Benefits," NBER Working Papers 10575, National Bureau of Economic Research, Inc.
- Lavy, Victor & Schlosser, Analia, 2004. "Targeted Remedial Education for Underperforming Teenagers: Costs and Benefits," CEPR Discussion Papers 4381, C.E.P.R. Discussion Papers.
- Lambrinoudakis, Costas & Skiadopoulos, George & Gkionis, Konstantinos, 2019.
"Capital structure and financial flexibility: Expectations of future shocks,"
Journal of Banking & Finance, Elsevier, vol. 104(C), pages 1-18.
- Costas Lambrinoudakis & Michael Neumann & George Skiadopoulos, 2014. "Capital Structure and Financial Flexibility: Expectations of Future Shocks," Working Papers 731, Queen Mary University of London, School of Economics and Finance.
- Davidson Heath & Giorgo Sertsios, 2022. "Profitability and Financial Leverage: Evidence from a Quasi-Natural Experiment," Management Science, INFORMS, vol. 68(11), pages 8386-8410, November.
- Lin, Shannon & Tong, Naqiong & Tucker, Alan L., 2014. "Corporate tax aggression and debt," Journal of Banking & Finance, Elsevier, vol. 40(C), pages 227-241.
- Hamid R. Oskorouchi & Alfonso Sousa-Poza & David E. Bloom, 2020.
"The Long-Term Cognitive and Schooling Effects of Childhood Vaccinations in China,"
NBER Working Papers
27217, National Bureau of Economic Research, Inc.
- Oskorouchi, Hamid R. & Sousa-Poza, Alfonso & Bloom, David E., 2020. "The Long-Term Cognitive and Schooling Effects of Childhood Vaccinations in China," IZA Discussion Papers 13106, Institute of Labor Economics (IZA).
- Dettmann, Eva & Becker, Claudia & Schmeißer, Christian, 2010. "Is there a Superior Distance Function for Matching in Small Samples?," IWH Discussion Papers 3/2010, Halle Institute for Economic Research (IWH).
- Caiani, Alessandro & Godin, Antoine & Caverzasi, Eugenio & Gallegati, Mauro & Kinsella, Stephen & Stiglitz, Joseph E., 2016. "Agent based-stock flow consistent macroeconomics: Towards a benchmark model," Journal of Economic Dynamics and Control, Elsevier, vol. 69(C), pages 375-408.
- Coimbra, Nuno, 2020.
"Sovereigns at risk: A dynamic model of sovereign debt and banking leverage,"
Journal of International Economics, Elsevier, vol. 124(C).
- Nuno Coimbra, 2019. "Sovereigns at Risk: A Dynamic Model of Sovereign Debt and Banking Leverage," NBER Chapters, in: NBER International Seminar on Macroeconomics 2019, National Bureau of Economic Research, Inc.
- Nuno Coimbra, 2020. "Sovereigns at risk: A dynamic model of sovereign debt and banking leverage," Post-Print halshs-02491806, HAL.
- Nuno Coimbra, 2020. "Sovereigns at risk: A dynamic model of sovereign debt and banking leverage," PSE-Ecole d'économie de Paris (Postprint) halshs-02491806, HAL.
- Ashok K. Mishra & Anjani Kumar & Pramod K. Joshi & Alwin D'Souza, 2018. "Cooperatives, contract farming, and farm size: The case of tomato producers in Nepal," Agribusiness, John Wiley & Sons, Ltd., vol. 34(4), pages 865-886, October.
- Sánchez-Braza, Antonio & Pablo-Romero, María del P., 2014. "Evaluation of property tax bonus to promote solar thermal systems in Andalusia (Spain)," Energy Policy, Elsevier, vol. 67(C), pages 832-843.
More about this item
Keywords
Belt and road initiative; Bond maturity extension; Over-leverage;All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:pacfin:v:85:y:2024:i:c:s0927538x2400091x. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/pacfin .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.