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Carlos Carvalho, Mr. Gee Hee Hong, and Jing Zhou

does flexibility in extensive margin adjustment benefit firms’ performance and productivity? In this paper, we shed light on these questions by studying firms’ product scope adjustment from an asset pricing point of view, in particular, connecting to firms’ financial risk diversification. We find that firms that can adjust their product scopes more flexibly have lower financial risks, reflected by lower excess asset returns and lower asset volatility. Why do firms with higher product turnover exhibit lower financial risks? A simple framework of consumption

Ms. Yingbin Xiao, Mr. Dale F Gray, Cheng Hoon Lim, and Michael T. Gapen

: Distance to Distress by Sector in March 2002 4. Brazil: Distance to Distress by Sector in September 2002 5. Brazil Utility Sector: Assets Relative to Distress Barrier 6. Estimated Actual Default Probability Versus Distance to Distress Utility Sector 7. Brazil Utility Sector: Implied Asset Volatility 8. Thailand: Assets Minus Distress Barrier: 1992 Versus 1996 9. Thailand: Distance to Distress by Sector: July 1997 10. Thailand: Distance to Distress by Sector: October 1997 11. Brazil: Convertibility Risk and Capital Outflows through CC5 Accounts 12