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Using a database of more than 180,000 private companies from 2000 to 2009, we find that the benefits of holding more cash vary substantially with a firm’s size and the conditions it faces. Cash holdings matter most for small firms: when there are negative shocks to industry or macroeconomic...
Persistent link: https://www.econbiz.de/10010862263
This paper examines the financial policies and balance sheet adjustment of companies. Using a large panel of quoted UK firms, we estimate models for dividends, new equity issuance and investment, relating them to debt adjustment. The results suggest that while dividends are sticky in the short...
Persistent link: https://www.econbiz.de/10004980998
This paper examines the dividend policies of firms in Spain. Using firm-level panel data, models are estimated for dividend omissions as functions of financial characteristics, whilst also considering a role for persistence. The results are consistent with a tax discrimination model in which...
Persistent link: https://www.econbiz.de/10004965265
of their expectations on future income growth rates: the shadow of unemployment. Using consumption panel data that …
Persistent link: https://www.econbiz.de/10010791506
Inflation-indexed bonds are fixed-income securities whose nominal cash flows are adjusted to an inflation index. In …
Persistent link: https://www.econbiz.de/10005022247
The EFF collects detailed information on household assets, debts, income, consumption, and demographic variables. One … the changes in income, asset holdings, and wealth of Spanish households between the end of 2002 and 2005. …
Persistent link: https://www.econbiz.de/10005022300
Empirical evidence shows that fixed exchange rates do not provide more fiscal discipline than flexible regimes, despite the fact that, in priciple, fixing the exchange rate imposes important restrictions on seignoriage revenues. A more detailed analysis of seignoriage allows to explain the...
Persistent link: https://www.econbiz.de/10005155239
It is well-known in the literature that income per capita is strongly correlated with the level of democracy across … income to democracy even after controlling for country-specifi c effects. While a positive effect emerges for poor countries …
Persistent link: https://www.econbiz.de/10009197206
skipping the imputation methods used by the previous literature to mitigate the significant lack of income and consumption … obtain that durable purchases are a source of insurance with respect to transitory shocks and the effect of family income …
Persistent link: https://www.econbiz.de/10010678680
Should rational agents take into consideration government policy announcements? A skilled agent (an econometrician) could set up a model to combine the following two pieces of information in order to anticipate the future course of fiscal policy in real-time: (i) the ex-ante path of policy as...
Persistent link: https://www.econbiz.de/10011210761