| 41. |
- Lindblom, Ted, 1956, et al.
(författare)
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Market Deregulation and the Cost of Capital
- 2005
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Ingår i: The European Integration in Swedish Economic Research Conference, Mölle May 24-27, 2005.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)
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| 42. |
- Lindblom, Ted, 1956, et al.
(författare)
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Modelling banks’ lending and deposits using the aggregate equilibrium approach
- 2023
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Ingår i: 2023 Wolpertinger Annual Conference, August 31th - September 3rd, Finland, University of Vaasa.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- We use the aggregate equilibrium approach (AEA) framework to demonstrate how different degrees of bank competition on lending and deposits markets affect market efficiency, bank profitability, and social welfare. We explain why an interbank market among banks with different costs for producing loans and deposits improves the efficiency of financial intermediation. Banks with imbalances in their loans could benefit by borrowing from banks with surplus of deposits. In the presence of an interbank market for lending and deposits, we show that banks’ aggregate profits increase without affecting the surplus of banks’ customers.
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| 43. |
- Lindblom, Ted, 1956, et al.
(författare)
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Technology Transfers, �Efficiency Gains and Surplus Thresholds:�An Aggregate Equilibrium Approach Analysis
- 2023
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Ingår i: World Finance Conference, Norway August 2nd-4th 2023, University of Agder.
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Konferensbidrag (refereegranskat)abstract
- We illustrate how an aggregate equilibrium approach can be applied to analyze the efficiency gains and social welfare effects of transfers of sufficiently large, but nondrastic, technological innovations among firms in an industry characterized by diseconomies of scale. In particular, we demonstrate how the approach can be used to identify a range of intermediate cost differences between firms where technology transfer through collusion will be optimal for competing firms and the society, including thresholds for when consumers will be indifferent to whether firms in an industry compete or collude. In addition, we discuss how a per-unit royalty license fee, which is partly paid upfront for a minimum required quantity, can be used by the licensor to restrict the quantity output of the licensee(s), and ensure the stability of collusion. We suggest that this licensing contract, which has implications for policymakers and practitioners, may explain why technology transfers often occur in highly technological industries among otherwise competing firms with market power.
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| 44. |
- Lindblom, Ted, 1956, et al.
(författare)
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The Role of Trade Credit and the Cost of Capital
- 2012
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Ingår i: The European Association of University Teachers of Banking and Finance Annual Meeting, Aug. 29 - 1 Sept., Valetta, Malta.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- Abstract In this paper we show that working capital in the form of trade credit may constitute a significant share of firms’ debt capacity. Despite its character of a short-term debt, such capital seems to be a long-term element of the financial structure of the firm. This has implications for the determination of the cost of capital. We analyse the cost of different types of working capital in the context of firms’ investment appraisal arguing that cash com¬mitted to trade credit extended by suppliers should generally be omitted from free cash flow. The required rate of return should then be based on the total weighted average cost of capital, which includes the implicit (market based) interest cost of trade credit. We argue that the opportunity cost of trade credit should be expected to be higher than the average interest cost of interest-bearing debts albeit lower than the partial weighted average cost of capital based on long term (interest-bearing) debt and equity capital. Hence, in a (near) optimal capital structure, the total weighted average cost of capital would be lower than the partial weighted average cost of capital
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| 45. |
- Mallios, Aineas, 1988, et al.
(författare)
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The Relation Between Patent Pledgeability and Credit Rationing
- 2023
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Ingår i: Carbó-Valverde, S., Cuadros-Solas, P.J. (eds) New Challenges for the Banking Industry - Searching for Balance Between Corporate Governance, Sustainability and Innovation. - : Palgrave Macmillan Cham. - 2523-336X .- 2523-3378. - 9783031329302
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Bokkapitel (refereegranskat)abstract
- We analyze the economic issue raised when financial intermediaries refuse to supply credit to a borrower even at a higher rate than that posted by lenders. We suggest that patent-backed loans can be used as a contracting device to reduce credit rationing in loan markets characterized by imperfect information. Patents have become among the most valuable assets of firms in high-technology industries. They determine the production of goods and contain information about the firms’ credit quality. Patents can also be used by banks to screen borrowers. We provide a theoretical foundation showing that patents used as collateral may reduce the level of information asymmetry in loan markets and facilitate also bank lending. Using a setup of financial intermediation with capital constrained entities and imperfect information, we suggest that patent pledging can be used to minimize credit rationing. This may lead to more investment in innovation and more growth
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| 46. |
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| 47. |
- Bergendahl, Göran, 1940, et al.
(författare)
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Duration Analysis – An Exposé
- 2009
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Ingår i: Wolpertinger Conference 2009, European Association of University Teachers of Banking and Finance, Sept 2-5, Rome, Italy.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- Asset and Liability Management (ALM) is usually viewed as the principles and the practice to control movements in the market interest rates. Up to present time these techniques have been used mainly to protect the balance sheet. Today, a focus is also set on how economic value is created in banks and other financial institutions. In this context Duration Analysis is a method for risk management with a focus on strategies for immunization. The purpose of this paper is to give an exposé over the use of the concept duration not only in banking and finance but in some other sectors as well. In 1938 Macaulay introduced duration as a method to estimate how a change in interest rate had influence on the value of a bond. Later on duration has been introduced as a method to determine the effect a change in interest rates has on a life insurance firm. Nowadays one may find a wider use of duration analysis in other sectors such as the management of energy production, the management of customer loyalty, and the management of survival issues. This paper will give an exposé over different methods of duration analysis. It will also demonstrate how methods of this kind may be applied to risk management in different sectors with a certain emphasis on banking, insurance and energy.
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| 48. |
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| 49. |
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| 50. |
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