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Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9

Adrian, Tobias - 2012

suggests that although bank lending to firms declines during the crisis, bond financing actually increases to make up much of …

Persistent link: https://www.econbiz.de/10012460315

Trade Credit and Taxes

Desai, Mihir A. - 2012

This paper analyzes the extent to which firms use trade credit to reallocate capital in response to tax incentives. Tax-induced differences in pretax returns encourage the use of trade credit to reallocate capital from firms facing low tax rates to those facing high tax rates. Evidence from the...

Persistent link: https://www.econbiz.de/10012460553

School Governance, Teacher Incentives, and Pupil-Teacher Ratios : Experimental Evidence from Kenyan Primary Schools

Duflo, Esther - 2012

Some education policymakers focus on bringing down pupil-teacher ratios. Others argue that resources will have limited impact without systematic reforms to education governance, teacher incentives, and pedagogy. We examine a program under which Kenyan Parent-Teacher Associations (PTAs) at...

Persistent link: https://www.econbiz.de/10012460720

Debt Financing in Asset Markets

He, Zhiguo - 2012

We study rollover risk and collateral value in a dynamic asset pricing model with endogenous debt financing by … news. We demonstrate the optimality of the maximum riskless short-term debt financing for optimistic borrowers even in the …

Persistent link: https://www.econbiz.de/10012460724

The Housing Market(s) of San Diego

Landvoigt, Tim - 2012

This paper uses an assignment model to understand the cross section of house prices within a metro area. Movers' demand for housing is derived from a lifecycle problem with credit market frictions. Equilibrium house prices adjust to assign houses that differ by quality to movers who differ by...

Persistent link: https://www.econbiz.de/10012460934

Resource Allocation within Firms and Financial Market Dislocation : Evidence from Diversified Conglomerates

Matvos, Gregor - 2011

When external capital markets are stressed they may not reallocate resources between firms. We show that resource allocation within firms' internal capital markets provides an important force countervailing financial market dislocation. Using data on US conglomerates we empirically verify that...

Persistent link: https://www.econbiz.de/10012460940

When Credit Bites Back : Leverage, Business Cycles, and Crises

Jordà, Òscar - 2011

This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts of the modern business cycle: financial-crisis...

Persistent link: https://www.econbiz.de/10012461036

Results-Based Climate Finance in Practice : Delivering Climate Finance for Low-Carbon Development

World Bank Group - 2017

Results-based financing is a well-established financing modality in the health and education sectors but it is still in … an early stage of deployment in the area of climate change. This report reviews 74 results-based climate financing (RBCF … sector activity and financing. RBCF can thus play a critical role in mobilizing the resources and supporting the policies and …

Persistent link: https://www.econbiz.de/10012247940

Pledgeability, Industry Liquidity, and Financing Cycles

Diamond, Douglas W. - 2017

when they anticipate high valuations, and underperform subsequently? In this paper, we propose a theory of financing cycles …

Persistent link: https://www.econbiz.de/10012455625

Khan, B. Zorina - 2017

Scholars engage in extensive debate about the role of families and corporations in economic growth. Some propose that personal ties provide a mechanism for overcoming such transactions costs as asymmetrical information, while others regard familial connections as conduits for inefficiency, with...

Persistent link: https://www.econbiz.de/10012455628