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Begenau, Juliane; Bigio, Saki; Majerovitz, Jeremy; … - 2021

We propose a dynamic bank theory with a delayed loss recognition mechanism and a regulatory capital constraint at its …

Persistent link: https://www.econbiz.de/10013323873

Basel accord and financial intermediation: The impact of policy

Berka, Martin; Zimmermann, Christian - 2012

This paper studies loan activity in a context where banks must follow Basel Accord-type rules and acquire financing from households. Loan activity typically decreases when entrepreneurs' investment returns decline, and we study which type of policy could revigorate an economy in a trough. We...

Persistent link: https://www.econbiz.de/10010280842

Low Inflation : High Default Risk and High Equity Valuations

Smarzynska Javorcik, Beata - 2019

We develop an asset-pricing model with endogenous corporate policies that explains how inflation jointly impacts real asset prices and corporate default risk. Our model includes two empirically grounded nominal frictions: fixed nominal coupons and sticky profitability. Taken together, these two...

Persistent link: https://www.econbiz.de/10012892192

Connected Lending of Last Resort

Mitchener, Kris James; Monnet, Eric - 2023

Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for...

Persistent link: https://www.econbiz.de/10014262411

Flexible Prices and Leverage

D'Acunto, Francesco; Liu, Ryan; Pflueger, Carolin; … - 2017

The frequency with which firms adjust output prices helps explain persistent differences in capital structure across firms. Unconditionally, the most exible-price firms have a 19% higher long-term leverage ratio than the most sticky-price firms, controlling for known determinants of capital...

Persistent link: https://www.econbiz.de/10011615872

Taxes and the efficiency costs of capital distortions

Weichenrieder, Alfons J.; Klautke, Tina - 2008

departure from tax neutrality. Against this background, the present paper discusses the theory of capital structure and provides …

Persistent link: https://www.econbiz.de/10010277187

FTPL and the Maturity Structure of Government Debt in the New Keynesian Model

Liemen, Max Ole; Posch, Olaf - 2022

In this paper, we revisit the fiscal theory of the price level (FTPL) within the New Keynesian (NK) model. We show in … which cases the average maturity of government debt matters for the transmission of policy shocks. The central task of this … paper is to shed light on the theoretical predictions of the maturity structure on macro dynamics with an emphasis on model …

Persistent link: https://www.econbiz.de/10014080233

Causal Effects of the Fed's Large-Scale Asset Purchases on Firms' Capital Structure

Nocera, Andrea; Pesaran, M. Hashem - 2022

This paper investigates the short- and long-term impacts of the Federal Reserve’s large-scale asset purchases (LSAPs) on the capital structure of U.S. non-financial firms. To isolate the effects of LSAPs from the impact of concurrent macroeconomic conditions, we exploit cross-industry...

Persistent link: https://www.econbiz.de/10013291907

Corporate Debt and Stock Returns : Evidence from U.S. Firms During the 2020 Oil Crash

Arezki, Rabah; Cho, Caleb; Nguyen, Ha; Nguyen, Kate; … - 2022

This paper explores the effect of oil price fluctuations on the stock returns of U.S. oil firms using a strategy of identification through heteroskedasticity exploiting the 2020 oil crash. Results are twofold. First, we find that a decline in oil prices statistically significantly reduces stock...

Persistent link: https://www.econbiz.de/10014083040

Capital structure and regulation in US local telephony: an exploratory econometric study

Resende, Marcelo - 2009

The paper aims at empirically investigating the relationship between regulation and the capital structure of the regulated firm, A key aspect of the referred relationship pertains a leverage effect according to which debt could be increased as a response to previous physical capital investment...

Persistent link: https://www.econbiz.de/10010265976

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