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Displaying results 1 to 12 of 12.

  1. Capital structure and hedging demand with incomplete markets
    Author: Bisin, Alberto; Clementi, Gian Luca; Gottardi, Piero
    Published: 30 January 2022
    Publisher:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16968
    Subjects: Capital Structure; leverage; incomplete markets; hedging demand; agency
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  2. Does private equity over-lever portfolio companies?
    Author: Haque, Sharjil Muktafi
    Published: November 2022
    Publisher:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 412
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Edition: This version: November 2022
    Series: Finance and economics discussion series ; 2023, 009
    Subjects: Private Equity; Capital Structure; Default Risk; Trade-off Theory
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  3. Finance capitalism in industrializing autocracies
    evidence from corporate balance sheets in imperial Germany and Russia
    Author: Fohlin, Caroline; Gregg, Amanda
    Published: 10 February 2022
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17029
    Subjects: Law and Finance; financial markets; Capital Structure; Industrialization
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  4. The dominant currency financing channel of external adjustment
    Author: Casas, Camila; Meleshchuk, Sergii; Timmer, Yannick
    Published: [2022]
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: International finance discussion papers ; number 1343 (May 2022)
    Subjects: Imports; Exports; Foreign Currency Exposure; Capital Structure; Exchange Rates; Debt Revaluation; Hedging
    Scope: 1 Online-Ressource (circa 86 Seiten), Illustrationen
  5. Banks vs. markets: are banks more effective in facilitating sustainability?
    Author: Newton, David P.; Ongena, Steven; Xie, Ru; Zhao, Binru
    Published: 09 March 2022
    Publisher:  Swiss Finance Institute, Geneva

    Is bank- versus market-based financing different in its attitudes towards Environmental, Social, and Governance (ESG) risk? Using a novel sample covering 3,783 U.S. public firms from 2007 to 2020, we study how firm-level ESG risk affects its... more

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    Is bank- versus market-based financing different in its attitudes towards Environmental, Social, and Governance (ESG) risk? Using a novel sample covering 3,783 U.S. public firms from 2007 to 2020, we study how firm-level ESG risk affects its financing outcomes. We find that companies with higher ESG risk borrow less from banks than from markets, potentially to avoid bank monitoring and scrutiny. The Social and Governance components, in particular, matter. Furthermore, firms suffering higher numbers of negative ESG reputation shocks are less likely to continue to rely on bank credit in response to lenders' threats to end the lending arrangements. Finally, our results indicate that firms' ESG risk reduces after borrowing from banks but increases after bond issuance, suggesting that banks are more effective than public bond markets in shaping borrowers' ESG performance

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Research paper series / Swiss Finance Institute ; no 22, 22
    Subjects: ESG Risk; Debt Structure; Capital Structure; Debt Choices; Bank Monitoring
    Other subjects: Array; Array
    Scope: 1 Online-Ressource (circa 45 Seiten)
  6. Corporate investment and financing dynamics
    Author: Hackbarth, Dirk; Sun, Dongming
    Published: 23 January 2023
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17845
    Subjects: Capital Structure; Investment Policy; Financial Flexibility; Real Options
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  7. Macro uncertainties and tests of capital structure theories across renewable and non-renewable resource companies
    Author: Irawan, Denny; Okimoto, Tatsuyoshi
    Published: August 6, 2021
    Publisher:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, Canberra

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: CAMA working paper ; 2021, 73 (August 2021)
    Subjects: Capital Structure; Trade-Off Theory; Pecking Order Theory; Market Timing Theory,Macro Uncertainties
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  8. Trois essais sur l'influence de la culture nationale sur la finance d'entreprise
    = Three essays on the influence of national culture on corporate finance
    Author: Mogha, Vipin
    Published: [2020]

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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    Subjects: Topology; National Culture; Capital Structure; Target Ratio; Industry Sectors; Financial Crisis; Trade Credit; Short-Term Financing; Firm Value; Goodwill; Business Systems
    Scope: 1 Online-Ressource (circa 294 Seiten), Illustrationen
    Notes:

    Dissertation, Université Clermont Auvergne, 2020
  9. Information transparency of firm financing
    Author: Noël, Antoine L.; Sun, Amy Hongfei
    Published: 11-2021
    Publisher:  Department of Economics, Queen's University, Kingston, Ontario, Canada

    We propose a theory of optimal firm financing given nested information problems of adverse selection and agency cost. We prove that there exists a unique perfect Bayesian equilibrium with novel features: First, three types of optimal contracts arise... more

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    We propose a theory of optimal firm financing given nested information problems of adverse selection and agency cost. We prove that there exists a unique perfect Bayesian equilibrium with novel features: First, three types of optimal contracts arise endogenously, i.e., equity, transparent debt and opaque debt. Equity and transparent debt are both informationally transparent because these contracts require firms to take on a costly technology for verifying types. Opaque debt, however, merely reflects the general information of firms seeking external funds. Any signaling contract that does not involve costly verification does not survive the equilibrium. Second, the equilibrium is either pooling on opaque debt, or mixing with transparent and opaque financing. Third, debt weakly dominates equity. Finally, the optimal debt-to-equity ratio is unique for all firms in a pooling equilibrium, but only for a strict subset of firms in a mixing equilibrium.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/247201
    Series: Queen's Economics Department working paper ; no. 1459
    Subjects: Optimal Contracts; Capital Structure; External Financing; Asymmetric Information; Information Transparency
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  10. Market depth, leverage, and speculative bubbles
    Author: Enders, Zeno; Hakenes, Hendrik
    Published: [2021]
    Publisher:  ECONtribute, Bonn

    We develop a model of rational bubbles based on leverage and the assumption of an imprecisely known maximum market size. In a bubble, traders push the asset price above its fundamental value in a dynamic way, driven by rational expectations about... more

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    We develop a model of rational bubbles based on leverage and the assumption of an imprecisely known maximum market size. In a bubble, traders push the asset price above its fundamental value in a dynamic way, driven by rational expectations about future price developments. At a previously unknown date, the bubble will endogenously burst. Households optimally decide whether to lend to traders with limited liability. Bubbles increase welfare of the initial asset holders, but reduce welfare of future households. We provide general conditions for the possibility of bubbles depending on uncertainty about market size, traders' degree of leverage and the risk-free rate. This allows us to discuss several policy measures. Capital requirements and a correctly implemented Tobin tax can prevent bubbles. Implemented incorrectly, however, these measures may create the possibility of bubbles and can reduce welfare.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/228861
    Series: ECONtribute discussion paper ; no. 058 (January 2021)
    Subjects: Bubbles; Rational Expectations; Market Size; Liquidity; Financial Crises; Leveraged Investment; Capital Structure
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  11. Reorganization or liquidation: bankruptcy choice and firm dynamics
    Author: Corbae, Dean; D'Erasmo, Pablo N.
    Published: 2020
    Publisher:  Federal Reserve Bank of Minneapolis, Minneapolis, MN

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Edition: This Version: July 24, 2020
    Series: Working paper / Research Division, Federal Reserve Bank of Minneapolis ; no. 769 (July 2020)
    Subjects: Corporate Bankruptcy; Capital Structure; Firm Dynamics; Capital Misallocation
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  12. Debt Maturity Structure and Corporate Investment
    Author: Hong, Claire Yurong; Hou, Kewei; Nguyen, Thien T.
    Published: 2023
    Publisher:  SSRN, [S.l.]

    We show that firms’ debt maturity structure plays an important role in investment above and beyond that of leverage. Firms with a longer debt maturity structure tend to invest more. These results are stronger for firms with high leverage,... more

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    We show that firms’ debt maturity structure plays an important role in investment above and beyond that of leverage. Firms with a longer debt maturity structure tend to invest more. These results are stronger for firms with high leverage, profitability, and growth potential. We rationalize our results in a model in which debt maturity structure is determined by the trade-off between liquidity cost and the repayment flexibility of long-term debt. In our model, highly productive firms invest more and prefer to use long-term debt to free up funds for future investment. This mechanism is supported by the data. Our findings highlight the importance of debt maturity structure in understanding corporate investment decisions

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Fisher College of Business Working Paper ; No. 2022-03-03
    Subjects: Investment; Debt Maturity; Capital Structure
    Other subjects: Array
    Scope: 1 Online-Ressource (44 p)
    Notes:

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 18, 2023 erstellt