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Cambridge Centre for Finance (CCFin)

Is debt financing by firms good for economic growth?

by Dr Adelphe Ekponon, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Dr Adelphe Ekponon In addition to internal funds, firms have two main sources of financing: equity and debt (in general, a mix of…

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Balancing equity and debt.

Scholarship scheme at the Cambridge Endowment for Research in Finance

Applications are invited for doctoral funding for up to three years starting in October 2020 from the Cambridge Endowment for Research in Finance (CERF). The scheme is open to PhD students within the University of Cambridge who do research into…

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Female scholarship recipient.

Market gamblers to blame?

by Dr Mehrshad Motahari, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Dr Mehrshad Motahari The Nobel Prize–winning Cumulative Prospect Theory of Tversky and Kahneman (1992) has revolutionised our understanding of how humans make economic…

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Spinning roulette wheel.

Fintech disruption: is it good or bad for consumers?

Dr Scott B. Guernsey Financial technology ("fintech") is a rapidly growing industry that applies recent digital innovations and technology-enabled business model innovations to financial services. A common example is its application of smartphone technologies to banking. For instance, from the…

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Mobile banking.

Agency conflicts and costs of equity

The agency problem, in the context of separation in ownership (shareholders or the principals) and control (managers or the agents), is one of the most important issues in corporate finance. This separation may induce conflicts of interest inherent in the…

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Upward trajectory of a paper aeroplane.

What determines cryptocurrency’s expected return?

by Dr Hui (Frank) Xu, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Dr Hui (Frank) Xu Since the emergence of the cryptocurrencies, they have quickly become the focus of asset managers. Although many ongoing…

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Coins of various cryptocurrencies.

Shadow pills and visible value

Dr Scott B. Guernsey The "poison pill" (formally known as a "shareholder rights plan") has a long and contentious history in the United States as a tactic to deter takeovers.[1] While details can vary across different implementations, the key defensive…

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Poison pills stamped with a skull and crossbones.

Keeping secrets from creditors

Dr Scott B. Guernsey As described in the article "The Choice between Formal and Informal Intellectual Property: A Review", published in the Journal of Economic Literature by Bronwyn Hall (University of California, Berkeley), Christian Helmers (Santa Clara University), Mark Rogers…

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Company liquidation concept. File and tabs with the words insolvency, creditors and debts.

Long-term economic outlook and equity prices

by Dr Adelphe Ekponon, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Dr Adelphe Ekponon The very first asset pricing models (also called Capital Asset Pricing Models or CAPM) have postulated that the only risk…

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businesswomen presentation result of business and discussion at meeting of corporate showing the results of their successful teamwork.

Brexit: investor paranoia and the financing cost of firms

Financial markets faced a bumpy ride in 2018. The Financial Times report that global bond and equity markets shrank $5tn last year. Two major risks have been disrupting the markets during the past year: US-China trade dispute and Brexit. The…

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European Union and British Union flag , UK Brexit, European Union broken

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