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Exploitation of disruptive technologies often requires resource deployment that creates conflict if there are divergent beliefs regarding the efficacy of a new technology. This arises when a visionary agent has more optimistic beliefs about a technological opportunity. Exploration in the form of...
Persistent link: https://www.econbiz.de/10013210119
capital-to-output ratios, which could reflect more-constrained financial access and other distortions. Female …
Persistent link: https://www.econbiz.de/10014576604
We examine how sell-side equity analysts strategically disclose information of differing quality to the public versus the buy-side mutual fund managers to whom they are connected. We consider cases in which analysts recommend that the public buys a stock, but some fund managers sell it. We...
Persistent link: https://www.econbiz.de/10013210060
Using firm-level administrative tax data on the 43% of business liabilities in the United States tied to privately held firms, we document dramatic reductions in leverage since the Great Recession. Leverage for the average private firm fell fifteen percent between 2004 and 2018. In contrast,...
Persistent link: https://www.econbiz.de/10013210062
This study examines "tunneling" practices through which health care providers covertly extract profit by making inflated payments for goods and services to commonly-owned related parties. While incentives to tunnel exist across sectors, health care providers may find it uniquely advantageous to...
Persistent link: https://www.econbiz.de/10014512112
We use administrative credit registry data from Europe to study the impact of voluntary lender net zero commitments. We have two sets of findings. First, we find no evidence of lender divestment. Net zero banks neither reduce credit supply to the sectors they target for decarbonization nor do...
Persistent link: https://www.econbiz.de/10014544681
.S. companies in the "treated industries" suffer a valuation loss afterwards. Firms shift production to upstream or downstream …
Persistent link: https://www.econbiz.de/10014544690
We study how the macroeconomic dynamics following credit cycles vary with business bankruptcy institutions. Using data on bankruptcy efficiency and business credit around the world, we document that business credit booms are followed by severe declines in output, investment, and consumption in...
Persistent link: https://www.econbiz.de/10014576584
improve the allocation of capital relative to current corporate practice. The deviations in the perceived cost of capital …We study hand-collected data on firms' perceptions of their cost of capital. Firms with higher perceived cost of … capital earn higher returns on invested capital and invest less, suggesting that the perceived cost of capital shapes long …
Persistent link: https://www.econbiz.de/10014576640
The use of private capital to finance biodiversity conservation and restoration is a new practice in sustainable … can be financed by i) pure private capital and ii) blended financing structures. In the latter, private capital is blended … with public or philanthropic capital, whose aim is to de-risk private capital investments. The main element underlying both …
Persistent link: https://www.econbiz.de/10014247943