All Outputs (2)

Portfolio sales and signaling (2018)
Journal Article
Bougheas, S., & Worrall, T. (2019). Portfolio sales and signaling. Journal of Banking and Finance, 99, 182-191. https://doi.org/10.1016/j.jbankfin.2018.12.008

This paper extends the DeMarzo and Duffie (1999) signaling model from single sales to portfolio sales. It shows that the extended model can account for retention of low quality assets and help explain why retained assets may be of varying quality.

Foreign currency borrowing, exports and firm performance: evidence from a currency crisis (2018)
Journal Article
Bougheas, S., Lim, H., Mateut, S., Mizen, P., & Yalcin, C. (2018). Foreign currency borrowing, exports and firm performance: evidence from a currency crisis. European Journal of Finance, 24(17), 1649-1671. https://doi.org/10.1080/1351847x.2017.1421246

This paper develops a simple signaling model of foreign currency borrowing that yields predictions about firm survival and performance during a currency crisis. Using a large panel of firm level data for South Korea we offer empirical support for man... Read More about Foreign currency borrowing, exports and firm performance: evidence from a currency crisis.