1,270 research outputs found
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The Real Effects of Asset Market Bubbles: Loan- and Firm-Level Evidence of a Lending Channel
This paper studies how a shock to the financial health of banks, caused by a decline in the asset markets, affects the real economy. The land-market collapse in Japan provides an ideal testing field in separating the impact of a loan supply shock from demand shocks. I find that banks with greater real estate exposure have to reduce lending. Firms' investment and market valuation are negatively associated with their top lender's real estate exposure. The lending channel is economically important: it accounts for one-third of lending contraction, one-fifth of the decline in investment, and a quarter of value loss
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Collateral, Debt Capacity, and Corporate Investment: Evidence from a Natural Experiment
This paper examines how a shock to collateral value, caused by asset market fluctuations, influences the debt capacities and investments of firms. Using a source of exogenous variation in collateral value provided by the land market collapse in Japan, I find a large impact of collateral on the corporate investments of a large sample of manufacturing firms. For every 10 percent drop in collateral value, the investment rate of an average firm is reduced by 0.8 percentage point. Further, exploiting a unique data set of matched bank-firm lending, I provide direct evidence on the mechanism by which collateral affects investment. In particular, I show that collateral losses results in lower debt capacities: firms with greater collateral losses are less likely to sustain their banking relationships and, conditional on lending being renewed, they obtain a smaller amount of bank credit. Moreover, the collateral channel is independent of the contemporaneous influence of worsened bank financial conditions
Full-Duplex Cloud Radio Access Network: Stochastic Design and Analysis
Full-duplex (FD) has emerged as a disruptive communications paradigm for
enhancing the achievable spectral efficiency (SE), thanks to the recent major
breakthroughs in self-interference (SI) mitigation. The FD versus half-duplex
(HD) SE gain, in cellular networks, is however largely limited by the
mutual-interference (MI) between the downlink (DL) and the uplink (UL). A
potential remedy for tackling the MI bottleneck is through cooperative
communications. This paper provides a stochastic design and analysis of FD
enabled cloud radio access network (C-RAN) under the Poisson point process
(PPP)-based abstraction model of multi-antenna radio units (RUs) and user
equipments (UEs). We consider different disjoint and user-centric approaches
towards the formation of finite clusters in the C-RAN. Contrary to most
existing studies, we explicitly take into consideration non-isotropic fading
channel conditions and finite-capacity fronthaul links. Accordingly,
upper-bound expressions for the C-RAN DL and UL SEs, involving the statistics
of all intended and interfering signals, are derived. The performance of the FD
C-RAN is investigated through the proposed theoretical framework and
Monte-Carlo (MC) simulations. The results indicate that significant FD versus
HD C-RAN SE gains can be achieved, particularly in the presence of
sufficient-capacity fronthaul links and advanced interference cancellation
capabilities
Transparency, price informativeness, and stock return synchronicity: Theory and evidence
This paper argues that contrary to the conventional wisdom, stock return synchronicity (or R(2)) can Increase when transparency improves In a simple model, we show that in more transparent environments stock prices should be more informative about future events Consequently when the events actually happen in the future there should be less surprise" (i e less new information is impounded into the stock price) Thus a more informative stock price today means higher return synchronicity in the future We find empirical support for our theoretical predictions in 3 settings namely firm age seasoned equity offerings (SEOs), and listing of American Depositary Receipts (ADRs
OCCURRENCE AND FATE OF ARTIFICIAL SWEETENERS AND PERFLUORINATED COMPOUNDS IN A WASTEWATER RECLAMATION PLANT IN SINGAPORE
Master'sMASTER OF ENGINEERIN
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