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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

Liquidity Management and Corporate Investment During a Financial Crisis

Campello, Murillo - 2010

investment and employment. We first describe how companies used credit lines during the crisis (access, size of facilities, and … whether managers had difficulties in renewing or initiating lines. We also describe the dynamics of credit line violations and … the outcome of subsequent renegotiations. We show how companies substitute between credit lines and internal liquidity …

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

The Macroeconomic Expectations of Firms

Candia, Bernardo; Coibion, Olivier; Gorodnichenko, Yuriy - National Bureau of Economic Research - 2022

Using surveys of firms around the world, we review existing evidence on how firms form their macroeconomic expectations. Several facts stand out. First, the mean inflation forecasts of firms often deviate significantly from those of professional forecasters and households. Second, disagreement...

Persistent link: https://www.econbiz.de/10013210070

The Subjective Inflation Expectations of Households and Firms : Measurement, Determinants, and Implications

Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - National Bureau of Economic Research - 2022

Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households' and firms' economic...

Persistent link: https://www.econbiz.de/10013210074

Inflation Expectations and Misallocation of Resources : Evidence from Italy

Ropele, Tiziano; Gorodnichenko, Yuriy; Coibion, Olivier - National Bureau of Economic Research - 2023

Using Italian data that includes both inflation forecasts of firms and external information on their balance sheets, we study the causal effect of changes in the dispersion of beliefs about future inflation on the misallocation of resources. We find that as disagreement increases, so does...

Persistent link: https://www.econbiz.de/10014250207

Lifetime Memories of Inflation : Evidence from Surveys and the Lab

Salle, Isabelle; Gorodnichenko, Yuriy; Coibion, Olivier - National Bureau of Economic Research - 2023

We study how individuals' memories of inflation shape their expectations about future inflation using both surveys and laboratory experiments. Recalling having lived through prior disinflations has pronounced effects on how long-lived people expect the current inflation episode to last....

Persistent link: https://www.econbiz.de/10014447317

Inflation Expectations and Firm Decisions : New Causal Evidence

Coibion, Olivier - 2018

credit, and reduce their employment and capital. However, when policy rates are constrained by the effective lower bound …

Persistent link: https://www.econbiz.de/10012481059

Employee Costs of Corporate Bankruptcy

Graham, John R. - 2019

credit rating falls from AA to BBB, about the same magnitude as debt tax benefits. Thus, wage premia for expected costs of …

Persistent link: https://www.econbiz.de/10012479872

Employee Stock Options, Corporate Taxes and Debt Policy

Graham, John R. - 2002

We find that employee stock option deductions lead to large aggregate tax savings for Nasdaq 100 and S&P 100 firms and also affect corporate marginal tax rates. For Nasdaq firms, the median marginal tax rate is 31 percent when option deductions are ignored but falls to 5 percent when one...

Persistent link: https://www.econbiz.de/10012469419

Capital Allocation and Delegation of Decision-Making Authority within Firms

Graham, John R. - 2011

We survey more than 1,000 CEOs and CFOs to understand how capital is allocated, and decision-making authority is delegated, within firms. We find that CEOs are least likely to share or delegate decision-making authority in mergers and acquisitions, relative to delegation of capital structure,...

Persistent link: https://www.econbiz.de/10012461288