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3721 items in total found

Journal Articles | 2022

Earnings-based borrowing constraints & corporate investments in 2007–2009 financial crisis

Ankitkumar Kariya

Journal of Corporate Finance

Recent work on the debt composition of non-financial firms finds that most of the large firms’ debt is cash flow-based with earnings-based borrowing constraints (EBCs), limiting the maximum debt relative to firms’ EBITDA. During the 2007–2009 crisis, EBCs tightened in the leveraged loan market. Consistent with the reduction in the supply of credit, I find that investments and debt issues of firms with binding EBCs reduce significantly compared to control firms. Furthermore, firms with binding EBCs cut their share repurchases and total payout during the crisis. In the cross-section, the reduction in investments and total payout is larger in the subsample of firms whose marginal borrowings are more likely to come from cash flow-based debt.

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Journal Articles | 2022

Dynamic vehicle allocation policies for shared autonomous electric fleets

Yuxuan Dong, René De Koster, Debjit Roy, and Yugang Yu

Transportation Science

In the future, vehicle sharing platforms for passenger transport will be unmanned, autonomous, and electric. These platforms must decide which vehicle should pick up which type of customer based on the vehicle’s battery level and customer’s travel distance. We design dynamic vehicle allocation policies for matching appropriate vehicles to customers using a Markov decision process model. To obtain the model parameters, we first model the system as a semi-open queuing network (SOQN) with multiple synchronization stations. At these stations, customers with varied battery demands are matched with semi-shared vehicles that hold sufficient remaining battery levels. If a vehicle’s battery level drops below a threshold, it is routed probabilistically to a nearby charging station for charging. We solve the analytical model of the SOQN and obtain approximate system performance measures, which are validated using simulation. With inputs from the SOQN model, the Markov decision process minimizes both customer waiting cost and lost demand and finds a good heuristic vehicle allocation policy. The experiments show that the heuristic policy is near optimal in small-scale networks and outperforms benchmark policies in large-scale realistic scenarios. An interesting finding is that reserving idle vehicles to wait for future short-distance customer arrivals can be beneficial even when long-distance customers are waiting.

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Journal Articles | 2022

Modeling landside container terminal queues: Exact analysis and approximations

Debjit Roy, Jan-Kees van Ommeren, René De Koster, and Amir Gharehgozli Ommeren

Transportation Research Part B: Methodological

With the growth of ocean transport and with increasing vessel sizes, managing congestion at the landside of container terminals has become a major challenge. The landside of a sea terminal handles containers that arrive or depart via train or truck. Large sea terminals have to handle thousands of trucks and dozens of trains per day. As trains run on fixed schedule, their containers are prioritized in stacking and internal transport handling. This has consequences for the service of external trucks, which might be subject to delays. We analyze the impact of prioritization on such delays using a stochastic stylized semi-open queuing network model with bulk arrivals (of containers on trains), shared stack crane resources, and multi-class containers. We use the theory of regenerative processes and Markov chain analysis to analyze the network. The proposed network solution algorithm works for large-scale systems and yields sufficiently accurate estimates for performance measurement. The model can capture priority service for containers at the shared stack cranes, while preserving strict handling priorities. The model is used to explore the choice of different internal transport vehicles (with coupled versus decoupled operations at the stack and train gantry cranes) to understand the effect on delays. Our results show that decoupled transport vehicles in comparison to coupled vehicles can mitigate the external truck container handling delays at shared stack cranes by a large extent (up to 12%). However, decoupled vehicles marginally increase the train container handling delays at shared stack cranes (up to 6%). When train arrival rates are low, prioritizing the handling of train containers at the stack cranes significantly reduces their delays. Further, such prioritization hardly delays external truck containers.

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Research handbook on strategic entrepreneurship

Books | 2022

Research handbook on strategic entrepreneurship

Vishal K. Gupta, A. Banu Goktan, Galina V. Shirokova and Amit Karna

Edward Elgar

Studies in quantitative decision making

Books | 2022

Studies in quantitative decision making

Diptesh Ghosh, Avijit Khanra, S.V. Vansmalla, Faiz Hamid and Raghu Nandan Sengupta

Springer

Doing business in India: The PESTEL framework

Books | 2022

Doing business in India: The PESTEL framework

Anurag K. Agarwal

Springer

Pulses for food and nutritional security of India: Production, markets and trade

Books | 2022

Pulses for food and nutritional security of India: Production, markets and trade

Poornima Varma

Springer

Causes and symptoms of socio-cultural polarization: Role of information and communication technologies

Books | 2022

Causes and symptoms of socio-cultural polarization: Role of information and communication technologies

Israr Qureshi, Babita Bhat, Samrat Gupta and Amit Anand Tiwari

Journal Articles | 2022

Impact of price path on disposition bias

Avijit Bansal and Joshy Jacob

Journal of Banking & Finance

Recent experimental studies have illustrated the influence of price-path, particularly the `non-straight' price-path on several aspects of investor behavior. The paper computes a proxy for price-path based on Cumulative Prospect Theory and with investor- level high-frequency trade data from the commodities futures market, demonstrates that the nature of the price-path significantly impacts the degree of disposition bias, after controlling for the level of returns and volatility of the commodity. We find that the experience of a favorable (unfavorable) price-path, decreases (increases) disposition bias among the traders with Prospect Theory preferences. The decline (increase) in disposition bias is an outcome of the decline (increase) in the propensity for gain realization, accompanied by a concurrent increase (decline) in the propensity for loss realization among the traders. We conjecture that both investor preferences and beliefs about future price movement, inferred from the price-path experienced, influence their trading decisions.

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Working Papers | 2022

Risk information - normal markets and the COVID-19 pandemic period

Pranjal Srivastava and Joshy Jacob

The paper investigates how the market infers changes in the firm-level discount rate (risk information) in normal and turbulent times. The study focuses on two key sources of risk information, earnings announcements of firms and changes in the market risk premium. We employ a recently proposed measure that limits the impact of event risk while estimating the forward-looking risk information from option prices. We find that both earnings announcements and the changes in market risk impact firm-level discount rates, but both sources exhibit a significant time variation. The impact of market risk changes is lower in favorable conditions and higher during crisis periods. Using COVID19 as an exogenous shock, we show that the influence of earnings announcements becomes insignificant during a crisis. The results suggest lower attention to firm-specific risk factors in times of a systemic crisis, in contrast to normal times.

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IIMA