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Do Measures of Financial Constraints Measure Financial Constraints?
Farre-Mensa, Joan - 2013
and sources of financing. On the other hand, privately held firms (particularly small ones) and public firms with below …
Persistent link: https://www.econbiz.de/10012459110
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Creditor-on-Creditor Violence and Secured Debt Dynamics
Antill, Samuel; Wang, Neng; Jiang, Zhaoli - National Bureau of Economic Research - 2024
Secured lenders have recently demanded a new condition in distressed debt restructurings: competing secured lenders must lose priority. We model the implications of this "creditor-on-creditor violence" trend. In our dynamic model, secured lenders enjoy higher priority in default. However,...
Persistent link: https://www.econbiz.de/10015056182
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Taxes Depress Corporate Borrowing : Evidence from Private Firms
Ivanov, Ivan T.; Pettit, Luke; Whited, Toni Marion - National Bureau of Economic Research - 2024
We use variation in state corporate income tax rates to re-examine the relation between taxes and corporate leverage. Contrary to prior research, we find that corporate leverage rises after tax cuts for small private firms. An estimated dynamic equilibrium model shows that tax cuts make capital...
Persistent link: https://www.econbiz.de/10014544677
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Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts
Axelson, Ulf - 2010
on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated … availability of financing impacts booms and busts in the private equity market, and that agency problems between private equity …
Persistent link: https://www.econbiz.de/10012462699
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Credit within the firm
Pistaferri, Luigi - 2010
We exploit time variation in the degree of development of local credit markets and matched employer-employee data to assess the role of the firm as an internal credit market. In less developed local credit markets firms can offer a flatter wage-tenure profile than firms in more developed credit...
Persistent link: https://www.econbiz.de/10012462727
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Decoupling and Recoupling
Korinek, Anton - 2010
We develop a stylized model that captures the phenomena of decoupling and recoupling in an environment where heterogeneous entrepreneurial sectors face financial constraints in their relationship with a common set of lenders. In response to adverse shocks, a financially constrained sector must...
Persistent link: https://www.econbiz.de/10012462744
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The Real Effects of Financial Constraints : Evidence from a Financial Crisis
Campello, Murillo - 2009
We survey 1,050 CFOs in the U.S., Europe, and Asia to assess whether their firms are credit constrained during the global credit crisis of 2008. We study whether corporate spending plans differ conditional on this measure of financial constraint. Our evidence indicates that constrained firms...
Persistent link: https://www.econbiz.de/10012463097
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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
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Tax Multipliers : Pitfalls in Measurement and Identification
Riera-Crichton, Daniel - 2012
fiscal shocks as opposed to the identification via SVAR. On the (much less explored) measurement front, our results strongly …We contribute to the literature on tax multipliers by analyzing the pitfalls in identification and measurement of tax … to the measurement of tax policy (i.e., finding a tax policy variable under the direct control of the policymaker). For …
Persistent link: https://www.econbiz.de/10012460163
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Diversity, Equity, and Inclusion
Edmans, Alex; Flammer, Caroline; Glossner, Simon - National Bureau of Economic Research - 2023
This paper measures diversity, equity, and inclusion (DEI) using proprietary data on survey responses used to compile the Best Companies to Work For list. We identify 13 of the 58 questions as being related to DEI, and aggregate the responses to form our DEI measure. This variable has low...
Persistent link: https://www.econbiz.de/10014287316