1,720,965 research outputs found
The effectiveness of graphics in disclosing quantitative information on market risk: an experimental investigation
No full textMarket risk, corporate governance and the regulation of financial firms
No full textProposals and recommendations have been made in a number of reports in an attempt to encourage firms to adopt "best practice", as identified by the Group of Thirty, through public disclosure requirements and rules for determining the amount of regulatory capital to support trading and derivatives activitie
The financing decisions of innovative firms
No full textThe paper examines the relation between forms of financing and the level of expenditure on research and development (R&D). The paper shows that the probability of issuing new equity rises monotonically with the level of expenditure on R&D, whilst the use of debt finance follows an inverted U curve, rising and then falling as R&D expenditure rises. The analysis confirms ‘control rights’ theories of financing, in which firms follow an established hierarchy of preferences for modes of financing, with debt preferred to equity since it involves less loss of control rights. The mode of financing is linked to characteristic types of innovation, with debt financing associated with incremental innovation and equity funding with R&D intensive innovation, as in pharmaceuticals. The paper concludes by suggesting a linkage between modes of financing, types of innovation and business systems, with the UK's innovation pattern linked to market financing contrasting with the relationship financing of bank oriented systems such as Germany.<br/
The communication of quantitative information on market risk using graphics in the annual reports of banks and securities firms
Full text linkThe explosive growth of the derivatives markets1 and the highly publicised recent
losses11 have created concerns among various parties about the possibility of
increasing systemic risk. Systemic risk is the risk that a disruption ( in a firm, in a
market segment, to a settlement system, etc.) causes widespread difficulties in other
firms, in other market segments or to the financial system as a whole (see Shah
1977 for details)
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