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Statistical measures of corporate bond financing since 1900

Hickman, W. Braddock - 1960

Persistent link: https://www.econbiz.de/10014375797

Cecchetti, Stephen G. - 2004

Countries around the world differ substantially in the relative importance of their banks and capital markets in providing investment financing. This paper examines one potential explanation for the cross-country differences in the importance of banks and capital market financing of investment....

Persistent link: https://www.econbiz.de/10012467779

Behavioral Corporate Finance : A Survey

Baker, Malcolm - 2004

preferences and judgmental biases on managerial decisions. This survey reviews the theory, empirical challenges, and current …

Persistent link: https://www.econbiz.de/10012467826

Aggregate Consequences of Limited Contract Enforceability

Cooley, Thomas - 2003

We study a general equilibrium model in which entrepreneurs finance investment with optimal financial contracts. Because of enforceability problems, contracts are constrained efficient. We show that limited enforceability amplifies the impact of technological innovations on aggregate output....

Persistent link: https://www.econbiz.de/10012468562

Behavioral Corporate Finance

Malmendier, Ulrike - 2018

Behavioral Corporate Finance provides new and testable explanations for long-standing corporate-finance puzzles by applying insights from psychology to the behavior of investors, managers, and third parties (e. g., analysts or bankers). This chapter gives an overview of the three leading streams...

Persistent link: https://www.econbiz.de/10012480814

Behavioral Corporate Finance : The Life Cycle of a CEO Career

Guenzel, Marius - 2020

One of the fastest-growing areas of finance research is the study of managerial biases and their implications for firm outcomes. Since the mid-2000s, this strand of behavioral corporate finance has provided theoretical and empirical evidence on the influence of biases in the corporate realm,...

Persistent link: https://www.econbiz.de/10012481183

The Risk Anomaly Tradeoff of Leverage

Baker, Malcolm - 2016

for corporate leverage. The risk anomaly generates a simple tradeoff theory: At zero leverage, the overall cost of capital …. Empirically, the risk anomaly tradeoff theory and the traditional tradeoff theory are both consistent with the finding that firms … with low-risk assets choose higher leverage. More uniquely, the risk anomaly theory helps to explain why leverage is …

Persistent link: https://www.econbiz.de/10012456558

Competition and R&D Financing Decisions : Theory and Evidence from the Biopharmaceutical Industry

Thakor, Richard T. - 2015

How does competition affect innovation and how it is financed in R&D-intensive firms? We study the interaction between competition, R&D investments, and the financing choices of such firms using data on biopharmaceutical firms. To motivate the empirical hypotheses, we develop a model for such...

Persistent link: https://www.econbiz.de/10012457763

Corporate Debt Structure and the Financial Crisis

De Fiore, Fiorella - 2014

We present a DSGE model where firms optimally choose among alternative instruments of external finance. The model is used to explain the evolving composition of corporate debt during the financial crisis of 2008-09, namely the observed shift from bank finance to bond finance, at a time when the...

Persistent link: https://www.econbiz.de/10012457936

Equilibrium Corporate Finance and Intermediation

Bisin, Alberto - 2014

Furthermore, equilibria may display specialization on the part of identical firms and, when equilibria are constrained inefficient, may exhibit excessive aggregate risk. Financial decisions of the corporate sector are determined at equilibrium and depend not only on the nature of financial...

Persistent link: https://www.econbiz.de/10012458322