دانلود رایگان مقاله ISI درباره زمان بندی بازار، سرمایه گذاری و مدیریت ریسک
چهارشنبه, ۹ آبان ۱۳۹۷، ۰۱:۴۰ ب.ظ
دانلود رایکان مقاله انگلیسی ISI با موضوع زمان بندی بازار، سرمایه گذاری و مدیریت ریسک
عنوان فارسی مقاله:
زمان بندی بازار، سرمایه گذاری و مدیریت ریسک
عنوان انگلیسی مقاله:
Market timing, investment, and risk management
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1. Introduction
The financial crisis of 2008 and the European debt crisis of 2011 are fresh reminders that corporations at times face substantial uncertainties about their external financing conditions. Recent studies show dramatic changes in firms’ financing and investment behaviors during these crises. For example, Ivashina and Scharfstein (2010) find aggressive credit line drawdowns by firms for precautionary reasons. Campello, Graham, and Harvey (2010) and Campello, Giambona, Graham, and Harvey (2011) show that more financially constrained firms planned deeper cuts in investment and spending, burned more cash, drew more credit from banks, and engaged in more asset sales during the crisis.
1- مقدمه
بحران مالی سال 2008 و بحران بدهی سال 2011 اروپا، یادآور شرکت‌هایی است که در آن زمان با عدم قطعیت‌های قابل توجهی در مورد شرایط تامین مالی خارجی خود مواجه بودند. پژوهش‌های اخیر حاکی از تغییرات چشمگیر در تامین مالی شرکت و رفتارهای سرمایه‌گذاری در طول این بحران‌ها است. برای نمونه، ایواشینا و اسکارفستین (2010) افت حد اعتبار پویایی را از سوی شرکت‌ها به دلایل احتیاطی پیدا کرده‌اند. کامپلو ، گراهام و هاروی (2010) و کامپلو، گیامبونا ، گراهام و هاروی (2011) نشان دادند که شرکت‌هایی که به لحاظ مالی در محدودیت بیشتری قرار داشتند کاهش هزینه‌های بیشتری را در امر سرمایه‌گذاری و هزینه، یعنی سوخت هزینۀ بیشتر، جذب اعتبار بیشتر از بانک‌ها و درگیری در فروش‌های دارایی بیشتر در طول بحران را برنامه‌ریزی نموده بودند.
کلمات کلیدی
Market timing, investment, and risk management - ScienceDirect https://www.sciencedirect.com/science/article/pii/S0304405X13000494 by P Bolton - 2013 - Cited by 233 - Related articles We then study the impact of market timing in a good state on investment, financing, and payout (Section 5), risk and return (Section 6), and hedging (Section 7). Market Timing, Investment, and Risk Management - NBER https://www.nber.org/papers/w16808 by P Bolton - 2011 - Cited by 233 - Related articles Published: Bolton, Patrick & Chen, Hui & Wang, Neng, 2013. "Market timing, investment, and risk management," Journal of Financial Economics, Elsevier, vol. [PDF]Market Timing, Investment, and Risk Management - Columbia ... https://www0.gsb.columbia.edu/faculty/.../Bolton_Chen_Wang_market_timing.pdf by P Bolton - 2012 - Cited by 233 - Related articles Sep 9, 2012 - that market timing responses can result in investment that is decreasing ... and risk management for firms facing stochastic financing conditions. [PDF]Market timing, investment, and risk management - Columbia Business ... https://www0.gsb.columbia.edu/faculty/.../Bolton_Chen_Wang_JFE_forthcoming.pdf by P Bolton - 2012 - Cited by 233 - Related articles Risk management. Liquidity. Financial crisis. Market timing. Investment q theory. a b s t r a c t. The 2008 financial crisis exemplifies significant uncertainties in ... Market Timing, Investment, and Risk Management by Patrick Bolton ... https://www.ssrn.com/abstract=1571149 by P Bolton - 2012 - Cited by 233 - Related articles Market Timing, Investment, and Risk Management. AFA 2012 Chicago Meetings Paper. 59 Pages Posted: 16 Mar 2010 Last revised: 29 Mar 2012 ... Market timing, investment, and risk management - IDEAS/RePEc https://ideas.repec.org/a/eee/jfinec/v109y2013i1p40-62.html by P Bolton - 2013 - Cited by 233 - Related articles The model predicts (1) cuts in investment and payouts in bad times and equity issues in good times even ... Market timing, investment, and risk management. Market Timing , Investment , and Risk Management ∗ - Semantic ... https://www.semanticscholar.org/.../Market-Timing...Investment...Risk-Management.../5... by P Bolton - 2011 - Cited by 233 - Related articles The stochastic financing conditions have rich implications for investment and risk management: (1) investment can be decreasing in financial slack; (2) firms may ... [PDF]Market Timing, Investment, and Risk Management - Berkeley Haas www.haas.berkeley.edu/groups/finance/bcw_regime32.pdf by P Bolton - 2010 - Cited by 233 - Related articles Market Timing, Investment, and Risk Management. ∗. Patrick Bolton†. Hui Chen‡. Neng Wang§. September 27, 2010. Preliminary and Incomplete; please do ... RESEARCH: MARKET TIMING VS RISK MANAGEMENT ... https://www.factorresearch.com/research-market-timing-vs-risk-management SUMMARY. Behavioural biases cause the average human to make sub-optimal investment decisions; Market timing should not be attempted; Simple and robust ... [PDF]Market Timing and Risk Management - Morgan Stanley Locator www.morganstanleyfa.com/public/facilityfiles/.../markettimingriskmanagement.pdf Market Timing and Risk Management. By. Peter Desnoyers. A series of studies in the early 1950's began to change the way investment managers viewed the ...
