The sharp rise in nominal interest rates after 2022 constitutes a substantial test for European non-financial corporations after a prolonged period of exceptionally cheap debt. This paper examines how the cost of debt financing—proxied by the lagged, ex post real long-term sovereign yield, interpreted throughout as an...
This paper examines the real performance and downside risk of thirteen static multi-asset portfolios across U.S. business-cycle phases from 1930 to 2025. Using 1,149 monthly observations, it analyses equities, U.S. government bonds, gold, silver, real estate investment trusts, and selected portfolio combinations. Reces...
This study examined whether Blue Bird's reported recovery in return on equity (ROE) after the 2020 pandemic shock reflected genuine economic value creation. PT Blue Bird Tbk was examined across six fiscal years (2020–2025), with PT Adi Sarana Armada Tbk as a comparative reference at the two most recent fiscal year-ends...
This paper extends the classical Merton structural credit risk model by incorporating dynamic refinancing risk into the measurement of bank default risk. The study addresses a key limitation of traditional structural models, which treat default as a function of asset values relative to liabilities but abstract from deb...
The Reserve Bank of India’s amendment to the Commercial Banks- Capital Market Exposure Directions, 2025, effective 1 July 2026, formally permits Indian commercial banks to finance corporate acquisitions. This marks a significant departure from decades of regulatory restrictions. While the Directions establish a coheren...
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