This paper studies the effect of durability on the financing of durable assets. We show that more durable assets … the price of an asset and hence the overall financing need more than its collateral value. This insight has implications … dominated technologies. More durable assets are more likely to be rented given their larger financing need. Legal enforcement …

, while the Q literature has used cash flow sensitivity analysis to test whether financing constraints hinder investment. This … banks continued to facilitate investment once non-bank financing options became available. Using the explicit bond issuing …

competition, R&D investments, and the financing choices of such firms using data on biopharmaceutical firms. To motivate the …

Firms face uncertain financing conditions and are exposed to the risk of a sudden rise in financing costs during … issuance, risk management, and payout policies) for a financially constrained firm facing time-varying external financing costs … financing opportunities also induce firms to rationally time the equity market, even if they have no immediate needs for cash …

We study the implications of hedging for firm financing and investment. We do so using an extensive, hand … loan agreements. These favorable financing terms, in turn, allow hedgers to invest more. Our tests characterize two exact … present shows that hedging has a first-order effect on firm financing and investment, and provides new insights into how …

average, the cumulative financing impact of the decrease in net equity issuance from the start to the peak of the crisis is …