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Journal Article
Are the distinctions between debt and equity disappearing? An overview

uring the 1980s, the proportion of business assets financed by debt exceeded that of any other period since World War II. The characteristics of financial securities also changed, as junk bonds, variants of preferred stock, warrants, and other forms of mezzanine financing became more common in credit markets and in private loan contracts. Furthermore, the potential risks and returns offered by all securities have been altered as otherwise familiar financial instruments increasingly contain novel options. ; These innovations have challenged the traditional financial and legal distinctions ...
New England Economic Review , Issue Mar , Pages 3-10

Journal Article
Pension contributions and the stock market

New England Economic Review , Issue Nov , Pages 3-14

Journal Article
Capital costs, industrial mix, and the composition of business investment

The composition of business investment in the United States changed dramatically during the 1980s. Workplaces were transformed as a result of investments in information processing equipment such as computers, fax machines, copiers, and sophisticated telephones. Businesses built new office towers and shopping malls, but few industrial facilities. ; This article considers the extent to which changes in the cost of capital can account for these shifts. A number of developments occurred in the 1980s that affected the cost of capital more for some industries and assets than others. It is well ...
New England Economic Review , Issue Jan , Pages 67-92

Journal Article
The capital crunch in New England

The increase in real estate lending was a major reason for the rapid expansion of New England banks during the 1980s. When nominal real estate prices began to decline in New England, collateral became impaired and many loans stopped performing. The consequent increased provision for expected loan losses (loan loss reserves) caused a rapid deterioration in bank capital throughout the region. ; Having just lost a significant proportion of their capital, many banks tried to satisfy their capital/asset ratio requirements by shrinking their institutions. This article discusses why banks facing ...
New England Economic Review , Issue May , Pages 21-31

Journal Article
Capital gains rates and revenues

New England Economic Review , Issue Jan , Pages 3-20

Journal Article
No gain, no pain: some consequences of taxing capital gains

New England Economic Review , Issue Mar , Pages 39-55

Journal Article
The performance of traditional macroeconomic models of businesses' investment spending

The rate of capital formation by businesses has long been among the most closely watched elements of the national accounts. During the last decade, this component of investment attracted considerable interest as capital spending helped support our uncommonly high rate of economic growth. Not only did this spending lift the growth of aggregate demand, it also increased our capacity for supplying goods and services, which in turn could allow output to continue growing rapidly in the future. ; This article analyzes the performance of conventional models of investment spending by comparing their ...
New England Economic Review

Observations on global financial cycles and recent emerging market volatility

Remarks at the Thirty-Seventh Annual Jackson Hole Symposium, Jackson Hole, Wyoming.
Speech , Paper 112

Journal Article
Relative cost of capital for marginal firms over the business cycle

The authors compare the effects of the business cycle on the cost of capital faced by small, distressed firms and their larger, more financially secure counterparts. The analysis draws on stock market returns data for a broad range of traded companies during the 1963-91 period.
Quarterly Review , Volume 17 , Issue Aut

Journal Article
Capital requirements of commercial and investment banks: contrasts in regulation

Quarterly Review , Volume 12 , Issue Aut



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Kopcke, Richard W. 8 items

anonymous 8 items

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