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Liquidity, innovation, and endogenous growth
Malamud, Semyon; Zucchi, Francesca - 2016
We study optimal liquidity management, innovation, and production decisions for a continuum of firms facing financing frictions and the threat of creative destruction. We show that financing constraints lead firms to decrease production but may spur investment in innovation (R&D). We...
Persistent link: https://www.econbiz.de/10011605964
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Liquidity, Innovation, and Endogenous Growth
Malamud, Semyon - 2016
We study optimal liquidity management, innovation, and production decisions for a continuum of firms facing financing frictions and the threat of creative destruction. We show that financing constraints lead firms to decrease production but may spur investment in innovation (R&D). We...
Persistent link: https://www.econbiz.de/10012988600
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Rethinking capital regulation: The case for a dividend prudential target
Muñoz, Manuel A. - 2020
reluctance to cut back on dividends (fall in retained earnings). First, I provide evidence of a potential link between these two … trends. When shocks hit their pro…ts, banks tend to adjust retained earnings to smooth dividends. This generates bank …
Persistent link: https://www.econbiz.de/10012422095
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Why European banks adjust their dividend payouts?
Belloni, Marco; Grodzicki, Maciej; Jarmuzek, Mariusz - 2023
signal good future profitability to shareholders to address information asymmetry, or use dividends to mitigate the agency …
Persistent link: https://www.econbiz.de/10014374416
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Evaluating the impact of dividend restrictions on euro area bank market values
Andreeva, Desislava; Bochmann, Paul; Schneider, Julius - 2023
This paper evaluates the impact of the March 2020 European Central Bank recommendation that banks do not pay dividends …
Persistent link: https://www.econbiz.de/10014374475
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Rethinking Capital Regulation : The Case for a Dividend Prudential Target
Muñoz, Manuel - 2020
reluctance to cut back on dividends (fall in retained earnings). First, I provide evidence of a potential link between these two … trends. When shocks hit their profits, banks tend to adjust retained earnings to smooth dividends. This generates bank equity …
Persistent link: https://www.econbiz.de/10012829529
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Evaluating the Impact of Dividend Restrictions on Euro Area Bank Market Values
Andreeva, Desislava; Bochmann, Paul; Schneider, Julius - 2023
This paper evaluates the impact of the March 2020 European Central Bank recommenda-tion that banks do not pay dividends …
Persistent link: https://www.econbiz.de/10014254495
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Why European Banks Adjust Their Dividend Payouts?
Belloni, Marco; Grodzicki, Maciej; Jarmuzek, Mariusz - 2023
signal good future profitability to shareholders to address information asymmetry, or use dividends to mitigate the agency …
Persistent link: https://www.econbiz.de/10014258235
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Credit channel and investment behaviour in Austria: a micro-econometric approach
Valderrama, Maria Teresa - 2001
Using individual firm data, this study analyzes the credit channel in Austria. The estimation is based on an accelerator specification of investment demand augmented by the liquidity ratio and a firm specific user cost of capital. The results show that there is a credit channel in Austria...
Persistent link: https://www.econbiz.de/10011604154
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Euro area corporate debt securities market: first empirical evidence
de Bondt, Gabe - 2002
A striking development in the euro area financial markets since 1999 was the rapid growth of the corporate debt securities market. This paper offers a first empirical examination of this market since the introduction of the euro using macroeconomic data. It is shown that corporate debt issuance...
Persistent link: https://www.econbiz.de/10011604210