Browsing Schriftenreihen und Sammelbände by Author "Adam, Tim"

Now showing items 1-4 of 4

2013-05-21Diskussionspapier

Bank Lending Relationships and the Use of Performance-Sensitive Debt

Adam, Tim; Streitz, Daniel

We show that performance-sensitive debt (PSD) is used to reduce hold-up problems in repeated lending relationships. Using a large sample of bank loans, we find a more frequent use of PSD if hold-up is more likely, e.g. if ...
2012-02-21Diskussionspapier

Managerial Overconfidence and Corporate Risk Management

Adam, Tim; Fernando, Chitru S.; Golubeva, Evenia

We show that managerial overconfidence, which has been found to influence a number of corporate financial decisions, also affects corporate risk management. We find that managers increase their speculative activities using ...
2015-03-12Diskussionspapier

Pitfalls and Perils of Financial Innovation

Adam, Tim; Guettler, Andre

We use the financial crisis of 2007–2009 as a laboratory to examine the costs and benefits of teams versus single managers in asset management. We find that when a fund uses complex trading strategies involving the use ...
2012-02-21Diskussionspapier

Why Do Firms Engage in Selective Hedging?

Adam, Tim; Fernando, Chitru S.; Salas, Jesus M.

Surveys of corporate risk management document that selective hedging, where managers incorporate their market views into firms’ hedging programs, is widespread in the U.S. and other countries. Stulz (1996) argues that ...