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Corporate Flexibility in a Time of Crisis

Barry, John W.; Campello, Murillo; Graham, John R.; Ma, … - National Bureau of Economic Research - 2022

We use the COVID shock to study the direct and interactive effects of several forms of corporate flexibility on short- and long-term real business plans. We find that i) workplace flexibility, namely the ability for employees to work remotely, plays a central role in determining firms'...

Persistent link: https://www.econbiz.de/10012938715

Leverage Dynamics and Financial Flexibility

Bolton, Patrick - 2020

frictions are costly equity issuance and incomplete markets. We show that the marginal source of external financing on an on …

Persistent link: https://www.econbiz.de/10012479326

CEO-Board Dynamics

Graham, John R. - 2019

We examine CEO-board dynamics using a new panel dataset that spans 1920 to 2011. The long sample allows us to perform within-firm and within-CEO tests over a long horizon, many for the first time in the governance literature. Consistent with theories of bargaining or dynamic contracting, we find...

Persistent link: https://www.econbiz.de/10012479953

Token-Based Platform Finance

Cong, Lin William - 2020

We develop a dynamic model of platform economy where tokens derive value by facilitating transactions among users and the platform conducts optimal token-supply policy. Token supply increases when new tokens are issued to finance platform growth and to reward platform owners. Token supply...

Persistent link: https://www.econbiz.de/10012481113

Liquidity Management and Corporate Investment During a Financial Crisis

Campello, Murillo - 2010

This paper uses a unique dataset to study how firms managed liquidity during the financial crisis. Our analysis provides new insights on the interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how companies...

Persistent link: https://www.econbiz.de/10012462348

Entrepreneurial Finance and Non-diversifiable Risk

Chen, Hui - 2009

consumption, portfolio allocation, financing, investment, and business exit decisions. The optimal capital structure is determined …

Persistent link: https://www.econbiz.de/10012463800

A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management

Bolton, Patrick - 2009

investment and financing decisions. In our model, corporate risk management involves internal liquidity management, financial … external cost of financing; 3) the firm's liquidation value; 4) the opportunity cost of holding cash; 5) investment adjustment …

Persistent link: https://www.econbiz.de/10012463803

Corporate Misreporting and Bank Loan Contracting

Graham, John R. - 2007

This paper is the first to study the effect of financial restatement on bank loan contracting. Compared with loans initiated before restatement, loans initiated after restatement have significantly higher spreads, shorter maturities, higher likelihood of being secured, and more covenant...

Persistent link: https://www.econbiz.de/10012464938

Investment Under Uncertainty and the Value of Real and Financial Flexibility

Bolton, Patrick - 2014

We develop a model of investment timing under uncertainty for a financially constrained firm. Facing external financing …

Persistent link: https://www.econbiz.de/10012458055

Market Timing, Investment, and Risk Management

Bolton, Patrick - 2011

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 …

Persistent link: https://www.econbiz.de/10012461849