Financial institutions, asymmetric information and capital structure adjustments

Ripamonti, Alexandre

doi:10.1016/j.qref.2020.01.010

Cited by 10 publications

(8 citation statements)

References 51 publications

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“…In fact, developed economies have the advantage of asymmetrical information. Different organizations and industries quickly respond to positive GDP signals by financing their projects through the financial sector [43]. On the other hand, emerging and low-income economies face problems regarding asymmetrical information causing industries to take more time to respond to GDP signals.…”

Section: Resultsmentioning

confidence: 99%

The Dynamics of Financial Development, Government Quality, and Economic Growth in Different Groups of Economies

Iqbal

Khan

et al. 2021

Sustainability

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This study examines the causal relationship between economic growth, financial development, and national governance. To analyze the three-way link of the stated variables, the Panel Vector Auto-Regressive (PVAR) model was applied to 115 economies between 1996 to 2018. The impact of each variable shock is explored through Impulse Response Function (IRF) and variance decomposition. The results indicate that the financial development and national governance shocks have a more persistent impact on economic growth in low-income economies than emerging and developed economies. In contrast, output shock influences long-term financial development in developed economies and affects national governance in a monotonic fashion in all three sets of economies. Moreover, national governance is explored as a critical factor for economic growth especially in low-income economies.

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Section: Resultsmentioning

confidence: 99%

The Dynamics of Financial Development, Government Quality, and Economic Growth in Different Groups of Economies

Iqbal

Khan

et al. 2021

Sustainability

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“…The findings show a negative association between liquidity and asymmetric information. Ripamonti (2020) examined the impact of asymmetric information on the capital structure adjustments of financial institutions, using Corwin and Schultz (2012) as the measure of asymmetric information.…”

Section: Asymmetric Informationmentioning

confidence: 99%

Asymmetric information and daily stock prices in Brazil

Ichimura

Videira²,

Ripamonti

2020

estud.gerenc.

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This paper has the goal of analyzing the association between asymmetric information, measured by Corwin-Schultz bid ask spread estimator, and stock prices in the Brazilian stock market. Daily data from 64 corporations over a period of 10 years were examined using the Johansen-Fisher panel cointegration technique in order to assess the validity of asymmetric information measurements in shorter periods than in previous studies. The results indicate that asymmetric information anticipates stock prices over a period of up to two days in a theoretically consistent way. Future research may control the results via traditional finance variables.

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“…Alexandre Ripamonti discovered that reliability of various figures of target structure of capital and methods of dynamic panel data which lies in correspondence of the dynamic theory of compromise with the expectation of financial decisions of financial institutions [11]. Zachary Feinstein discovered the existence and unique nature of a joint system of behavior of a company and assets prices [12].…”

Section: Introductionmentioning

confidence: 99%

Movement of the components of Russian financial capital

et al. 2021

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In the article there is revealed movement of financial capital components as a substance – the unity of diversity and the diversity of unity. Analysis of USD / RUB, RGBI, RTSI, SBER, IMOEX dynamics revealed speculative behavior of financial capital owners (IMOEX, USD / RUB, SBER) in relation to internal (RGBI) and external (RTSI) market. Analysis of importance of growth rates of GDP and its components revealed the state priority of GDP deflator regulation (Central Bank – inflation targeting) in the context of state revenues growth and, as a structural consequence, reduction of importance of growth rates of GDP and expenditures of households consumption against the background of increase of importance of commodities and services import. At the same time the quite high values of importance of growth rates of export of Russian commodities and services are identical to ones of such countries as Australia, Estonia and Columbia. Analysis of capital growth rates revealed fixation of interrelations between the Central Bank and financial corporations in the context of regulation of money supply and currency outside financial corporations and internal claims. These relations strengthen due to focusing of monetary and credit policy at “clear requirements to central government” and at inflation targeting. Research of the Russian financial capital components movement demonstrated corporate strengthening of interrelations between the Central Bank and the financial corporations and also defined the options for regulation of speculative behavior of financial capital owners.

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Financial institutions, asymmetric information and capital structure adjustments

Cited by 10 publications

References 51 publications

The Dynamics of Financial Development, Government Quality, and Economic Growth in Different Groups of Economies

The Dynamics of Financial Development, Government Quality, and Economic Growth in Different Groups of Economies

Asymmetric information and daily stock prices in Brazil

Movement of the components of Russian financial capital

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