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51. Animal Respiratory Control Mechanisms: A Quantitative Demonstration.

Author

Cizadlo, Gerald R. and Brown, Gregory W.

Abstract

Describes an inexpensive, easy-to-construct manometric device that is a substitute for an expensive commercial transducer that is sensitive to slight pressure fluctuations. An activity for demonstrating the importance of CO-2 as a humoral regulator of respiration is described. (Author/SA)

Published
1980

62. Should "In God We Trust" be removed from United States coins? Why or why not?

Author

Robertson, Roy E., Schaefer, Kim, Bumpus, Richard, Kern, James, Pittman, Richard, Lessnau, Bob, Pavlik, Randy, Lavertu, Lorne, Finnan, Robert, Cestaro, Thomas, G., Joe, C., Brian, Burhop, Gary, Brown, Gregory W., Davis, J. M., Evanchuck, Ken, Friel, Steve, Drewnowski, Mike, and Lustig, Andy

Subjects
TRUST in God, COINS, PAPER money, NATURAL law
Published
2023

66. Legal effectiveness and external capital : the role of foreign debt

Author

Allayannis, George, Brown, Gregory W., and Klapper, Leora F.

Subjects
Municipal Financial Management,Banks&Banking Reform,Economic Theory&Research,Financial Intermediation,Environmental Economics&Policies
Abstract

Previous research has documented weak, and sometimes conflicting, effects of legal quality on measures of firm debt. Using WorldScope data for 1,689 firms, as well as more detailed proprietary data for 315 firms across nine East Asian countries, the authors find that access to foreign financing appears to loosen borrowing constraints associated with poor legal systems. This helps resolve inconsistencies in prior findings and explains how legal protection is important for borrowing by firms. In particular, they find that legal effectiveness is important for determining the amount, maturity, and currency denomination of debt. The authors discuss several mechanisms by which firms can avoid the costs of poor legal systems with foreign borrowing. The paper contributes to the policy debate surrounding the importance of creditor rights for domestic lending.

Published
2005

68. Exchange rate risk management : evidence from East Asia

Author

Allayannis, George*Brown, Gregory W.*Klapper,Leo

Subjects
Strategic Debt Management,Payment Systems&Infrastructure,Financial Intermediation,Environmental Economics&Policies,Economic Theory&Research,Banks&Banking Reform
Abstract

The recent East Asian financial crisis provides a natural experiment for investigating foreign exchange risk management by nonfinancial corporations. During this period, the financial crisis exposed local firms to large depreciations in exchange rates and reduced access to foreign capital. The authors explore the exchange rate hedging practices of firms that hedged exposure to foreign debt in eight East Asian countries between 1996 and 1998. They identify and characterize East Asian companies that used foreign currency derivatives, documenting differences in size, financial characteristics, and exposure to domestic and foreign debt. They investigate the factors improtant in the use of foreign currency derivatives. Unlike studies of US firms, they find limited support for existing theories of optimal hedging. Instead, they find that firms use foreign earnings as a substitute for hedging with derivatives. And they find evidence that firms engage in"selective"hedging. They investigate the relative performance of hedgers during and after the crisis. They find no evidence that East Asian firms eliminated their foreign exchange exposure by using derivatives. Firms that used derivatives before the crisis performed just as poorly as nonhedgers during the crisis. After the crisis, firms that hedged performed somewhat better than nonhedgers, but this result appears to be explained by a larger post-crisis currency exposure for hedgers (an exchange rate risk premium), which had limited access to derivatives during this period.

Published
2001

69. Why are U.S. stocks more volatile?

Author

Bartram, Sohnke, Brown, Gregory W., Stulz, Rene M., Bartram, Sohnke, Brown, Gregory W., and Stulz, Rene M.

Abstract

U.S. stocks are more volatile than stocks of similar foreign firms. A firm's stock return volatility can be higher for reasons that contribute positively (good volatility) or negatively (bad volatility) to shareholder wealth and economic growth. We find that the volatility of U.S. firms is higher mostly because of good volatility. Specifically, stock volatility is higher in the United States because it increases with investor protection, stock market development, new patents, and firm-level investment in R&D. Each of these factors is related to better growth opportunities for firms and better ability to take advantage of these opportunities.

Published
2012

70. The effects of derivatives on firm risk and value

Author

Bartram, Sohnke, Brown, Gregory W., Conrad, Jennifer S., Bartram, Sohnke, Brown, Gregory W., and Conrad, Jennifer S.

Abstract

Using a large sample of nonfinancial firms from 47 countries, we examine the effect of derivative use on firm risk and value. We control for endogeneity by matching users and nonusers on the basis of their propensity to use derivatives. We also use a new technique to estimate the effect of omitted variable bias on our inferences. We find strong evidence that the use of financial derivatives reduces both total risk and systematic risk. The effect of derivative use on firm value is positive but more sensitive to endogeneity and omitted variable concerns. However, using derivatives is associated with significantly higher value, abnormal returns, and larger profits during the economic downturn in 2001–2002, suggesting that firms are hedging downside risk.

Published
2011

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