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  1. Unconventional monetary policy, funding expectations and firm decisions
    Autor*in: Ferrando, Annalisa; Popov, Alexander; Udell, Gregory F.
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We study the transmission of (unconventional) monetary policy to the real sector when firm decisions depend on both current and future credit market conditions. For a given level of current credit access, investment and employment increases more at... mehr

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    We study the transmission of (unconventional) monetary policy to the real sector when firm decisions depend on both current and future credit market conditions. For a given level of current credit access, investment and employment increases more at firms expecting bank credit to improve in the future. Three separate unconventional policies by the ECB- the OMT, the introduction of negative rates, and the CSPP-improved expectations of future credit access for SMEs borrowing from banks that were expected to increase SME lending due to the policy. Our results enhance our understanding of the bank balance sheet channel of monetary policy.

     
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    ISBN: 9789289948210
    Weitere Identifier:
    hdl: 10419/246175
    Schriftenreihe: Working paper series / European Central Bank ; no 2598 (October 2021)
    Schlagworte: Unconventional monetary policy; funding expectations; corporate investment
    Umfang: 1 Online-Ressource (circa 58 Seiten)
  2. Investment: what holds Romanian firms back?
    Autor*in: Pal, Rozalia; Wruuck, Patricia; Stamate, Amalia; Dumitrescu, Constantin Cătălin
    Erschienen: February 2021
    Verlag:  National Bank of Romania, [Bucureşti]

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    Schriftenreihe: Occasional papers / National Bank of Romania ; no. 33
    Schlagworte: corporate investment; access to finance; financial constraints
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  3. Market feedback
    evidence from the horse's mouth
    Autor*in: Goldstein, Itay; Liu, Bibo; Yang, Liyan
    Erschienen: 2021
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    We surveyed all Chinese public firms in 2019 and 2022 to examine the real effects of financial markets. The response rates were close to 100%. More than 90% of firms reported that they care about the stock market for the purposes of learning... mehr

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    We surveyed all Chinese public firms in 2019 and 2022 to examine the real effects of financial markets. The response rates were close to 100%. More than 90% of firms reported that they care about the stock market for the purposes of learning information to guide real investment decisions and of accessing external financing. These findings provide direct evidence for the wide existence of market feedback through a learning channel and a financing channel. We analyze firms’ responses and how they relate to firm characteristics and actions, and provide direct evidence about what firms learn from the stock prices. We also show what firms do is highly consistent with what they report by exploring their actions on trading suspensions. Overall, our analysis suggests that financial markets are not only a side show, but instead, do affect the real economy

     
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    Auflage/Ausgabe: This version: July 04, 2021
    Schriftenreihe: [Rotman School of Management working paper ; no. 3874756]
    Schlagworte: Market feedback; corporate investment; learning; fin
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  4. Does stock market listing boost or impede corporate investment?
    Autor*in: Yarba, İbrahim; Yassa, Ahmet Duhan
    Erschienen: [2021]
    Verlag:  Central Bank of the Republic of Turkey, Head Office, Structural Economic Research Department, Ankara, Turkey

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    Schriftenreihe: Working paper / Türkiye Cumhuriyet Merkez Bankası ; no: 21, 12 (July 2021)
    Schlagworte: Stock market listing; corporate investment; firm growth; coarsened exact matching; difference-in-differences
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  5. Heterogeneous effect of uncertainty on corporate investment
    evidence from listed firms in the Republic of Korea
    Autor*in: Kim, Cheonkoo; Park, Jungsoo; Park, Donghyun; Tian, Shu
    Erschienen: [2022]
    Verlag:  Asian Development Bank, Metro Manila, Philippines

    In this paper, we analyze the effect of financial uncertainty on corporate investment using firm-level panel data from the Republic of Korea. We find that financial uncertainty has a significant negative effect on corporate investment, and that the... mehr

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    In this paper, we analyze the effect of financial uncertainty on corporate investment using firm-level panel data from the Republic of Korea. We find that financial uncertainty has a significant negative effect on corporate investment, and that the effect is heterogeneous across firms of different sizes. Small firms and large firms are more exposed to the negative effect of uncertainty than are mediumsized firms. The negative effect of uncertainty on large firms slightly declined after the global financial crisis, but it increased for small and medium-sized enterprises (SMEs). Financial constraints and investment irreversibility amplify the negative effect of uncertainty. The inverted U-shaped curve of the uncertainty effect along the firm-size spectrum can be understood as follows: Small firms are more financially constrained and large firms' investments are more irreversible in nature. Lastly, contrary to widespread belief, uncertainty has waned since 1990, dampening the trend of declining investment ratios. To counter the negative effect of uncertainty on SMEs, policies need to be directed toward the development of capital markets and bond markets for SMEs. Furthermore, SME policies should be redirected to target competitiveness, not protection.

     
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    hdl: 10419/259486
    Schriftenreihe: ADB economics working paper series ; no. 648 (February 2022)
    Schlagworte: uncertainty; corporate investment; financial constraints; investment irreversibility
    Umfang: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  6. How does economic policy uncertainty affect corporate debt maturity?
    Autor*in: Li, Xiang
    Erschienen: [01. Februar 2022]
    Verlag:  Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, Halle (Saale), Germany

    This paper investigates whether and how economic policy uncertainty affects corporate debt maturity. Using a large firm-level dataset for four European countries, we find that an increase in economic policy uncertainty is significantly associated... mehr

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    This paper investigates whether and how economic policy uncertainty affects corporate debt maturity. Using a large firm-level dataset for four European countries, we find that an increase in economic policy uncertainty is significantly associated with a shortened debt maturity. Moreover, the impacts are stronger for innovation-intensive firms. We use firms’ flexibility in changing debt maturity and the deviation to leverage target to gauge the causal relationship, and identify the reduced investment and steepened term structure as the transmission mechanisms.

     
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    Schriftenreihe: IWH discussion papers ; 2022, no. 5 (February 2022)
    Schlagworte: capital structure; corporate investment; debt maturity; economic policy uncertainty
    Umfang: 1 Online-Ressource (III, 44 Seiten, A18, 0,97 MB), Diagramme
  7. Strategic learning and corporate investment
    Autor*in: Décaire, Paul H.; Wittry, Michael D.
    Erschienen: January 30, 2022
    Verlag:  The Ohio State University, Fisher College of Business, Charles A. Dice Center for Research in Financial Economics, [Columbus, Ohio]

    Using detailed project-level data, we document a novel mechanism through which information externalities distort investment. Firms anticipate information spillover from peers’ investment decisions and delay project exercise to learn from their peers’... mehr

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    Using detailed project-level data, we document a novel mechanism through which information externalities distort investment. Firms anticipate information spillover from peers’ investment decisions and delay project exercise to learn from their peers’ outcomes. To establish a causal interpretation of our results, we exploit local exogenous variation from the 1800s that shapes the number of peers that a firm can learn from today. The strategic learning incentive is most salient for projects with uncertain profitability, when peers’ underlying assets are similar, and in environments where peers are skilled. Finally, our results suggest that the anticipation of peer information dampens aggregate investment

     
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    Schriftenreihe: Working papers series / Charles A. Dice Center for Research in Financial Economics ; WP 2021, 15
    Fisher College of Business working paper series ; WP 2021-03, 15
    Schlagworte: Real options; corporate investment; strategic interactions; peer learning; his-torical data
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  8. The collateral channel and bank credit
    Autor*in: Gupta, Arun; Sapriza, Horacio; Yankov, Vladimir
    Erschienen: May 5, 2022
    Verlag:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    Schriftenreihe: Finance and economics discussion series ; 2022, 024
    Schlagworte: Collateral channel; firm borrowing constraints; bank credit allocation; corporate investment; macro-finance; transmission mechanism
    Umfang: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  9. The collateral channel and bank credit
    Autor*in: Gupta, Arun; Sapriza, Horacio; Yankov, Vladimir
    Erschienen: 2022
    Verlag:  Federal Reserve Bank of Richmond, Richmond

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    Schriftenreihe: Working paper series / Federal Reserve Bank of Richmond ; WP 22, 04
    Schlagworte: Collateral channel; firm borrowing constraints; bank credit allocation; corporate investment; macro-finance; transmission mechanism
    Umfang: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  10. Debt overhang, credit demand and financial conditions
    Autor*in: Argimón, Isabel; Roibás, Irene
    Erschienen: 2023
    Verlag:  Banco de España, Madrid

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    Schriftenreihe: Documentos de trabajo / Banco de España, Eurosistema ; no. 2308
    Schlagworte: credit demand; corporate investment; debt overhang; financial conditions; interest rates; leverage
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  11. Real effects of corporate cash holdings
    evidence from Japan
    Autor*in: Hattori, Masazumi; Fujitani, Ryosuke; Nakajima, Jouchi; Yasuda, Yukihiro
    Erschienen: [2023]
    Verlag:  RIETI, [Tokyo, Japan]

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    Schriftenreihe: RIETI discussion paper series ; 23-E, 084 (December 2023)
    Schlagworte: corporate investment; corporate cash holdings; financial crisis; credit constraints; firm-bank relationship
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  12. The Real Effects of Sentiment and Uncertainty
    Autor*in: Birru, Justin; Young, Trevor
    Erschienen: [2023]
    Verlag:  SSRN, [S.l.]

    The effects of sentiment should be strongest during times of heightened valuation uncertainty. As such, we document a significant amplifying role for market uncertainty in the relation between sentiment and aggregate investment. A... mehr

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    The effects of sentiment should be strongest during times of heightened valuation uncertainty. As such, we document a significant amplifying role for market uncertainty in the relation between sentiment and aggregate investment. A one-standard-deviation increase in uncertainty more than doubles the effect of sentiment on investment. Moreover, allowing uncertainty-dependent sentiment effects substantially increases explanatory power (i.e., R2). Our results are robust to many sentiment, uncertainty, and investment measures. We also document similar effects for aggregate equity issuance. Consistent with theory, we find even stronger results in the cross-section of valuation uncertainty. The evidence suggests that the importance of sentiment for corporate decisions varies over time and depends crucially on the underlying level of market uncertainty

     
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    Schriftenreihe: Fisher College of Business Working Paper ; No. 2023-03-011
    Schlagworte: sentiment; uncertainty; corporate investment; equity issuance; mispricing; behavioral finance
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (51 p)
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    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 13, 2023 erstellt
  13. Effects of economic policy uncertainty on corporate investment and strategic cash holdings
    evidence from Japan
    Autor*in: Fujitani, Ryosuke; Hattori, Masazumi; Yasuda, Yukihiro
    Erschienen: [2021]
    Verlag:  RIETI, [Tokyo, Japan]

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    Schriftenreihe: RIETI discussion paper series ; 21-E, 069 (August 2021)
    Schlagworte: economic policy uncertainty; corporate investment; real option; cash holding
    Umfang: 1 Online-Ressource (circa 37 Seiten)
  14. Policy uncertainty and investment in Spain
    Autor*in: Dejuán, Daniel; Ghirelli, Corinna
    Erschienen: 2018
    Verlag:  Banco de España, Madrid

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    Schriftenreihe: Documentos de trabajo / Banco de España, Eurosistema ; no. 1848
    Schlagworte: corporate investment; policy uncertainty; financial frictions
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  15. Bank loan maturity and corporate investment
    Autor*in: Deniz, Burak; Yarba, İbrahim
    Erschienen: [2024]
    Verlag:  Central Bank of the Republic of Turkey, Head Office, Structural Economic Research Department, Ankara, Turkey

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    Schriftenreihe: Çalışma Tebliği / Türkiye Cumhuriyet Merkez Bankası ; no: 24, 05 (May 2024)
    Schlagworte: bank loans; corporate investment; debt maturity structure
    Umfang: 1 Online-Ressource (circa 22 Seiten), Illustrationen