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The Effects of Short-Term Liabilities on Profitability: A Comparison of German and US Firms
Baum, Christopher; Schäfer, Dorothea; Talavera, Oleksandr - Department of Economics, Boston College - 2006
The paper adopts the methodology of the empirical finance literature to analyze a common question that liability maturity structure has an impact on firm performance. A comparison is made between two countries, the US and Germany, with different types of financial systems. We find that German...
Persistent link: https://www.econbiz.de/10004970571
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The Impact of the Financial System's Structure on Firms' Financial Constraints
Baum, Christopher; Schäfer, Dorothea; Talavera, Oleksandr - Department of Economics, Boston College - 2008
We estimate firms' cash flow sensitivity of cash to empirically test how the financial system's structure and activity … development, influences the cash flow sensitivity of cash of constrained firms but leaves unconstrained firms unaffected. We test …
Persistent link: https://www.econbiz.de/10005027842
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Firm Risk and Leverage Based Business Cycles
Chugh, Sanjay K. - Department of Economics, Boston College - 2013
-financial firms. In the model, risk shocks calibrated to micro data induce large and empirically-relevant fluctuations in leverage, a …
Persistent link: https://www.econbiz.de/10010721319
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Good News is Bad News: Leverage Cycles and Sudden Stops
Chahrour, Ryan; Akinci, Ozge - Department of Economics, Boston College - 2014
leverage during times of expansions, increasing the probability that the constraint binds, and a Sudden Stop occurs, in future …
Persistent link: https://www.econbiz.de/10011096186
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The Impact of Macroeconomic Uncertainty on Firms' Changes in Financial Leverage
Baum, Christopher; Chakraborty, Atreya; Liu, Boyan - Department of Economics, Boston College - 2008
changes in leverage. Recent research highlights the role of governance in financing decisions. Previous research also …
Persistent link: https://www.econbiz.de/10005041762
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The Effects of Uncertainty on the Leverage of Non-Financial Firms
Baum, Christopher; Stephan, Andreas; Talavera, Oleksandr - Department of Economics, Boston College - 2004
This paper investigates the link between the optimal level of nonfinancial firms' leverage and macroeconomic … uncertainty increases, firms decrease their levels of leverage. Furthermore, we demonstrate that our results are robust with …
Persistent link: https://www.econbiz.de/10004992130
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The Impact of Macroeconomic Uncertainty on Trade Credit for Non-Financial Firms
Baum, Christopher; Caglayan, Mustafa; Ozkan, Neslihan - Department of Economics, Boston College - 2003
In this paper we hypothesize that greater macroeconomic uncertainty would cause firms to increasingly turn to their suppliers as a source of finance, making greater use of trade credit. We test this hypothesis using a panel of non-financial firms drawn from the annual COMPUSTAT database and show...
Persistent link: https://www.econbiz.de/10004968829
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The Effects of Uncertainty and Corporate Governance on Firms' Demand for Liquidity
Baum, Christopher; Chakraborty, Atreya; Han, Liyan; … - Department of Economics, Boston College - 2009
firms' cash holdings. Our results also indicate that the interactions between uncertainty and governance measures are …
Persistent link: https://www.econbiz.de/10008505312
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The Roots of the Financial Collapse: Going Way, Way Back
Petersen, Harold - Department of Economics, Boston College - 2010
of the limited liability corporation, to separation of ownership from control, tax incentives for debt financing …
Persistent link: https://www.econbiz.de/10009493196
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On the Investment Sensitivity of Debt under Uncertainty
Baum, Christopher; Caglayan, Mustafa; Talavera, Oleksandr - Department of Economics, Boston College - 2008
We investigate the impact of debt on a panel of U.S. manufacturing firms' capital investment behavior as the underlying … firm-specific and macroeconomic uncertainty changes. Our estimates show that the influence of leverage on capital …
Persistent link: https://www.econbiz.de/10004981537