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  • 11 Feb 2015
  • Research & Ideas

Politicians Benefited From Using Toxic Loans

Saint-Etienne saw the interest rates on one of its major loans rise from 4 percent to 24 percent in 2010, due to the depreciation of the pound sterling. In total, losses on toxic loans doubled the city's debt levels. More than 72% of the... View Details
Keywords: by Carmen Nobel; Financial Services
  • 13 Mar 2018
  • First Look

March 13, 2018

Yanping Liu Abstract—We evaluate manufacturing firms' responses to changes in the real exchange rate (RER) using detailed firm-level data for a large set of countries for the period 2001–2010. We uncover the following stylized facts: In emerging Asia, real View Details
Keywords: Sean Silverthorne
  • 14 Oct 2013
  • Research & Ideas

Time that Government Reopens for Business

making good money in developing markets, but those opportunities are now considerably diminished due to depreciating currencies in the face of high commodity prices, specifically energy prices, which are dollar denominated. Meanwhile,... View Details
Keywords: by Jim Aisner
  • 01 Sep 2015
  • First Look

First Look -- September 1, 2015

currency), the asset valuation effects occasioned by currency depreciation (or appreciation) act to absorb global shocks and render consumption smoother. In this setting, countries do not accumulate high levels of reserves to be depleted... View Details
Keywords: Sean Silverthorne
  • 26 Sep 2017
  • First Look

First Look at New Research and Ideas, September 26, 2017

during the AFC. Regression estimates suggest that the relationship between leverage, exchange rate depreciations, and corporate financial distress is time varying. Also, a central finding is that firm size is correlated with corporate distress and, further, that... View Details
Keywords: Sean Silverthorne
  • 12 Dec 2017
  • First Look

New Research and Ideas, December 12, 2017

countries for the period 2001–2010. We uncover the following stylized facts: In emerging Asia, real depreciations are associated with faster growth of firm-level total factor productivity (TFP), sales and cash-flow, higher probabilities... View Details
Keywords: Sean Silverthorne
  • 19 Jul 2016
  • First Look

July 19, 2016

probability of default causes a 6% decline in the value of Argentine equities and a 1% depreciation of a measure of the exchange rate. We examine the channels through which a sovereign default may affect the economy. Harvard Business... View Details
Keywords: Sean Silverthorne
  • 01 Jul 2008
  • First Look

First Look: July 1, 2008

offshorability and wage level, where Blinder found no correlation. While Blinder found a slight wage penalty for the most offshorable jobs, the student data exhibited no evidence of wage depreciation from job contestability due to... View Details
Keywords: Martha Lagace
  • 01 Mar 2009
  • News

Buddy, Can You Spare a Trillion

currency manipulation. In the first phase of the crisis, between mid-2007 and mid-2008, the dollar depreciated roughly 25 percent against the currencies of its major trading partners, including 9 percent against the renminbi. Because this... View Details
Keywords: Finance; Publishing Industries (except Internet); Information
  • 23 May 2017
  • First Look

First Look at New Ideas and Research: May 23, 2017

the GFC, firms with higher leverage have Z-scores that are closer to the financial distress range. The data also corroborate two macro-related hypotheses: first, that leverage interacted with currency depreciation had a statistically... View Details
Keywords: Carmen Nobel
  • 01 Jun 2024
  • News

Conducting Business

1971) launched into a treatise on income statements and balance sheets and generally accepted accounting principles, and that’s why there are auditors, and the sandwich shop is clearly losing money, losing even more than the bank manager said because there is View Details
Keywords: Michael Farmer (MBA 1971); illustration by Lucinda Rogers; Business Schools & Computer & Management Training; Educational Services
  • 14 Nov 2017
  • First Look

New Research and Ideas: November 14, 2017

Regression estimates suggest that the relationship between leverage, exchange rate depreciations, and corporate financial distress is time varying. A central finding is that firm size is correlated with corporate distress and, further, that currency View Details
Keywords: Carmen Nobel
  • 09 May 2017
  • First Look

New Research and Ideas, May 9

sovereign default induced by legal rulings in the case of Republic of Argentina v. NML Capital. We find that a 10% increase in the probability of default causes a 6% decline in the value of Argentine equities and a 1% depreciation of a... View Details
Keywords: Sean Silverthorne
  • 14 Jun 2016
  • First Look

June 14, 2016

data to recover parameters including the depreciation rate and adjustment costs of managerial capital (both found to be larger than for tangible non-managerial capital). Our model also predicts (i) a positive effect of management on firm... View Details
Keywords: Sean Silverthorne
  • 15 Oct 2008
  • First Look

First Look: October 15, 2008

sales, earnings before interest, taxes, depreciation and amortization (EBITDA), and other metrics. In particular, we find that IT-intensive industries account for most of this increase in turbulence, especially after 1995. In addition, we... View Details
Keywords: Martha Lagace