All Outputs (3)

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.

Systemic risk and the optimal seniority structure of banking liabilities (2018)
Journal Article
Bougheas, S., & Kirman, A. (2018). Systemic risk and the optimal seniority structure of banking liabilities. International Journal of Finance and Economics, 23(1), 47-54. https://doi.org/10.1002/ijfe.1602

The paper argues that systemic risk must be taken into account when designing optimal bankruptcy procedures in general, and priority rules in particular. Allowing for endogenous formation of links in the interbank market we show that the optimal poli... Read More about Systemic risk and the optimal seniority structure of banking liabilities.