WorldCat Identities

Minton, Bernadette A.

Overview
Works: 40 works in 98 publications in 1 language and 553 library holdings
Roles: Author
Classifications: HB1, 330
Publication Timeline
.
Most widely held works by Bernadette A Minton
How much do banks use credit derivatives to reduce risk? by Bernadette A Minton( )

11 editions published in 2005 in English and held by 84 WorldCat member libraries worldwide

"This paper examines the use of credit derivatives by US bank holding companies from 1999 to 2003 with assets in excess of one billion dollars. Using the Federal Reserve Bank of Chicago Bank Holding Company Database, we find that in 2003 only 19 large banks out of 345 use credit derivatives. Though few banks use credit derivatives, the assets of these banks represent on average two thirds of the assets of bank holding companies with assets in excess of $1 billion. Few banks are net buyers of credit protection and disclose using credit derivatives to hedge loans. Banks are more likely to be net protection buyers if they engage in asset securitization, originate foreign loans, and have lower capital ratios. The likelihood of a bank being a net protection buyer is positively related to the percentage of commercial and industrial loans in a bank's loan portfolio and negatively or not related to other types of bank loans. The use of credit derivatives by banks is limited because adverse selection and moral hazard problems make the market for credit derivatives illiquid for the typical credit exposures of banks"--National Bureau of Economic Research web site
'Outside' intervention in Japanese companies : its determinants and its implications for managers by Steven N Kaplan( Book )

15 editions published between 1992 and 1994 in English and held by 84 WorldCat member libraries worldwide

This paper estimates the determinants of appointments of 'outsiders' -- directors previously employed by banks or other non-financial firms -- to the boards of large (non-financial) Japanese companies. Appointments of both types of 'outsiders' increase with poor stock performance; those of bank outsiders also increase with negative current income. Appointments of bank outsiders are related to firm debt levels; those of corporate outsiders, to shareholder concentration and group affiliation, Both types of outsider appointments appear to be disciplinary -- top executive turnover increase substantially in the same year. Additional evidence on subsequent firm performance suggests that "bank" directors are appointed in financially distressed or contracting firms, while "corporate" directors are appointed in firms with temporary problems
Corporate liquidity, acquisitions, and macroeconomic conditions by Isil Erel( )

5 editions published in 2017 in English and held by 72 WorldCat member libraries worldwide

Firms hold liquid assets to enhance their ability to invest efficiently when external financing costs are high, especially during poor macroeconomic conditions. Using a sample of 47,378 acquisitions from 36 countries between 1997 and 2014, we study how the relation between firms' cash holdings and their acquisition decisions changes over macroeconomic cycles. We find that higher cash holdings increase the likelihood a firm will make an acquisition. Better macroeconomic conditions, which lower the cost of external finance, also increase the likelihood of an acquisition. However, larger cash holdings decrease the sensitivity of acquisitions to macroeconomic factors, suggesting that cash holdings lower financing constraints during times when the cost of external finance is high. Announcement day abnormal returns for acquirers follow a consistent pattern: they decrease with acquirer cash holdings and with better macroeconomic conditions. The results are consistent with the view that firms choose liquidity levels to insure against poor macroeconomic conditions
How has CEO turnover changed? : increasingly performance sensitive boards and increasingly uneasy CEOs by Steven N Kaplan( )

8 editions published in 2006 in English and held by 70 WorldCat member libraries worldwide

We study CEO turnover - both internal (board driven) and external (through takeover and bankruptcy) - from 1992 to 2005 for a sample of large U.S. companies. Annual CEO turnover is higher than that estimated in previous studies over earlier periods. Turnover is 14.9% from 1992 to 2005, implying an average tenure as CEO of less than seven years. In the more recent period since 1998, total CEO turnover increases to 16.5%, implying an average tenure of just over six years. Internal turnover is significantly related to three components of firm performance - performance relative to industry, industry performance relative to the overall market, and the performance of the overall stock market. Also in the more recent period since 1998, the relation of internal turnover to performance is more strongly related to all three measures of performance in the contemporaneous year. External turnover is not significantly related to any of the measures of stock performance over the entire sample period, nor over the two sub-periods. We discuss the implications of these findings for various issues in corporate governance
Equity-holding institutional lenders : do they receive better terms? by Jongha Lim( )

7 editions published in 2012 in English and held by 59 WorldCat member libraries worldwide

The past decade has seen significant changes in the structure of the corporate lending market, with non-commercial bank institutional investors playing larger roles than they historically have played. In addition, non-commercial bank institutional lenders are often equity holders in their borrowing firms. In our sample of 11,137 tranches of institutional "leveraged" loans, 2,008 (18%) have a non-commercial bank institution that also owns at least 0.1% of the firm's equity. Such "dual holder" loan tranches have higher spreads than otherwise similar loan tranches without equity holder participation. The dual holder premium is present for both revolver and term loans, and exists within all non-investment grade credit rating classes. Contrary to risk-based explanations of this finding, dual holder tranches are priced with premiums relative to other tranches of the same loan package. Dual holding premiums are higher when the equity-holder's stake is larger, when the dual-holder's share in the loan is larger, and when the equity holder is a hedge fund or a private equity fund. These premiums likely represent additional compensation to dual holders for providing capital to firms when the firms are having difficulty raising capital otherwise
Are larger banks valued more highly? by Bernadette A Minton( )

5 editions published in 2017 in English and held by 58 WorldCat member libraries worldwide

We investigate whether the value of large banks, defined as banks with assets in excess of the Dodd-Frank threshold for enhanced supervision, increases with the size of their assets using Tobin's q and market-to-book as our valuation measures. Many argue that large banks receive subsidies from the regulatory safety net, so they should be worth more and their valuation should increase with size. Instead, using a variety of approaches, we find (1) no evidence that large banks are valued more highly, (2) strong cross-sectional evidence that the valuation of large banks falls with size, and (3) strong evidence of a within-bank negative relation between valuation and size for large banks from 1987 to 2006 but not when the post-Dodd-Frank period is included in the sample. The negative relation between bank value and bank size for large banks cannot be systematically explained by differences in ROA or ROE, equity volatility, tail risk, distress risk, and equity discount rates. However, we find that banks with more trading assets are worth less. A 1% increase in trading assets is associated with a Tobin's q lower by 0.2% in regressions with year and bank fixed effects. This relation between bank value and trading assets helps explain the cross-sectional negative relation between large bank valuation and size. Our results hold when we use instrumental variables for bank size
Syndicated loan spreads and the composition of the syndicate by Jongha Lim( )

8 editions published in 2012 in English and held by 57 WorldCat member libraries worldwide

Abstract: The past decade has seen significant changes in the structure of the corporate lending market, with non-bank institutional investors playing larger roles than they historically have played. These non-bank institutional lenders typically have higher required rates of return than banks, but invest in the same loan facilities. We hypothesize that non-bank institutional lenders invest in loan facilities that would not otherwise be filled by banks, so that the arranger has to offer a higher spread to attract the non-bank institution. In a sample of 20,031 leveraged loan facilities originated between 1997 and 2007, we find that, loan facilities including a non-bank institution in their syndicates have higher spreads than otherwise identical bank-only facilities. Contrary to risk-based explanations of this finding, non-bank facilities are priced with premiums relative to bank-only facilities of the same loan package. These premiums for non-bank facilities are substantially larger when a hedge or private equity fund is one of the syndicate members. Consistent with the notion that firms are willing to pay spread premiums when loan facilities are particularly important to the firm, we find that firms spend the capital raised by loan facilities priced at a premium faster than other loan facilities, especially when the premium is associated with a non-bank institutional investor
Interest-rate derivatives and bank lending by Elijah Brewer( Book )

3 editions published in 1996 in English and held by 18 WorldCat member libraries worldwide

The effect of bank-held derivatives on credit accessibility by Elijah Brewer( Book )

1 edition published in 1994 in English and held by 16 WorldCat member libraries worldwide

Choices among alternative risk management strategies : evidence from the natural gas industry by Christopher C Géczy( Book )

2 editions published between 1999 and 2000 in English and held by 3 WorldCat member libraries worldwide

Two essays on interest rate swaps by Bernadette Alcamo Minton( )

2 editions published in 1994 in English and held by 2 WorldCat member libraries worldwide

Taking a view : corporate speculation, governance and compensation by Christopher C Géczy( Book )

2 editions published in 2004 in English and held by 2 WorldCat member libraries worldwide

Taking a view : corporate speculation, governance and compensation( )

2 editions published in 2004 in English and held by 2 WorldCat member libraries worldwide

How has CEO turnover changed? [increasingly performance sensitive boards and increasingly uneasy CEOs] by Steven Kaplan( )

1 edition published in 2006 in English and held by 1 WorldCat member library worldwide

How much do banks use credit derivatives to reduce risk?( )

1 edition published in 2005 in English and held by 1 WorldCat member library worldwide

Financial conservatism : evidence on capital structure from low leverage firms by Bernadette A Minton( Book )

1 edition published in 2001 in English and held by 1 WorldCat member library worldwide

The Impact of cash flow volatility on discretionary investment and the costs of debt and equity financing by Bernadette A Minton( Book )

1 edition published in 1998 in English and held by 1 WorldCat member library worldwide

Commodity price exposure and ownership clienteles( )

1 edition published in 2008 in English and held by 1 WorldCat member library worldwide

Improving cash flow forecasts for valuation : the role of cash flow volatility and firm characeristics( )

1 edition published in 2000 in English and held by 1 WorldCat member library worldwide

The market for comeback CEOs( )

1 edition published in 2007 in English and held by 1 WorldCat member library worldwide

 
moreShow More Titles
fewerShow Fewer Titles
Audience Level
0
Audience Level
1
  Kids General Special  
Audience level: 0.67 (from 0.59 for Corporate ... to 0.97 for Taking a v ...)

Alternative Names
Alcamo Minton, Bernadette

Minton, B. A.

Minton, Bernadett A.

Minton, Bernadette

Minton, Bernadette Alcamo

Languages
English (78)