Similar Search Results

"Unconventional" monetary policy as conventional monetary policy : a perspective from the U.S. in the 1920s

Carlson, Mark; Duygan-Bump, Burcu - 2018

To implement monetary policy in the 1920s, the Federal Reserve utilized administered interest rates and conducted open market operations in both government securities and private money market securities, sometimes in fairly considerable amounts. We show how the Fed was able to effectively use...

Persistent link: https://www.econbiz.de/10011927094

How effective is monetary policy at the zero lower bound? : identification through industry heterogeneity

Skaperdas, Arsenios - 2017

US monetary policy was constrained from 2008 to 2015 by the zero lower bound, during which the Federal Reserve would likely have lowered the federal funds rate further if it were able to. This paper uses industry-level data to examine how growth was affected. Despite the zero bound constraint,...

Persistent link: https://www.econbiz.de/10011710089

Money and Inflation : Some Critical Issues

McCallum, Bennett T. - 2011

We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any substantial reason for modifying the current mainstream mode of policy analysis, which frequently does not consider monetary aggregates at all. We begin by considering the body of...

Persistent link: https://www.econbiz.de/10013118439

Distress in the Financial Sector and Economic Activity

Carlson, Mark A. - 2010

This paper explores the relationship between the health of the financial sector and the rest of the economy. We develop an indicator of financial sector health using a distance-to-default measure based on a Merton-style option pricing model. Our measure spans over three decades and appears to...

Persistent link: https://www.econbiz.de/10013136451

Why Do Innovative Firms Hold So Much Cash? Evidence from Changes in State R&D Tax Credits

Falato, Antonio - 2014

to examine the impact of innovation on corporate liquidity. By generating plausibly independent variation in firms … and corporate liquidity. Firms increase (decrease) their cash to asset ratios by about one and a half percentage point … innovation is a first-order driver of corporate liquidity management decisions …

Persistent link: https://www.econbiz.de/10013046485

Options, equity risks, and the value of capital structure adjustments

Borochin, Paul; Yang, Jie - 2016 - This version: October, 2016

We use exchange-traded options to identify risks relevant to capital structure adjustments in firms. These forward-looking market-based risk measures provide significant explanatory power in predicting net leverage changes in excess of accounting data. They matter most during contractionary...

Persistent link: https://www.econbiz.de/10011579117

Tapping into financial synergies : alleviating financial constraints through acquisitions

Williamson, Rohan; Yang, Jie - 2018 - This version: May, 2018

The paper examines whether financially constrained firms are able to use acquisitions to ease their constraints. The results show that acquisitions do ease financing constraints for constrained acquirers. Relative to unconstrained acquires, financially constrained firms are more likely to use...

Persistent link: https://www.econbiz.de/10012016094

The effects of institutional investor objectives on firm valuation and governance

Borochin, Paul; Yang, Jie - 2016 - This version: November, 2016,

We find that ownership by different types of institutional investor has different implications for future firm misvaluation and governance characteristics. Dedicated institutional investors decrease future firm misvaluation relative to fundamentals, as well as the magnitude of this misvaluation....

Persistent link: https://www.econbiz.de/10011578798

Does intergenerational mobility increase corporate profits?

Albertus, James F.; Smolyansky, Michael - 2019

We find that firms located in areas with higher intergenerational mobility are more profitable. Building off the work of Chetty and Hendren (2018a and 2018b)—who provide measures of intergenerational mobility for all commuting zones (essentially, metropolitan areas) within the U.S.—we are...

Persistent link: https://www.econbiz.de/10012182409

Does Private Equity Over-Lever Portfolio Companies?

Haque, Sharjil - 2023

Detractors have warned that Private Equity (PE) funds tend to over-lever their portfolio companies because of an option-like payoff, building up default risk and debt overhang. This paper argues PE-ownership leads to substantially higher levels of optimal (value-maximizing) leverage, by reducing...

Persistent link: https://www.econbiz.de/10014354912

1
2
3
4
5
6
7
8
9
10
Next
Last