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Leverage Shocks : Firm-Level Evidence on Debt Overhang and Investment

Cevik, Serhan; Miryugin, Fedor - 2021

The global economy is in the midst of an unprecedented slump caused by the coronavirus pandemic. This systemic risk like no other at a time of record-breaking debt levels, especially among nonfinancial firms across the world, could exacerbate corporate vulnerabilities, deepen macro-financial...

Persistent link: https://www.econbiz.de/10013250075

Pandemics and Firms : Drawing Lessons from History

Cevik, Serhan; Miryugin, Fedor - 2021

The global economy is in the midst of an unprecedented slump caused by the COVID-19 pandemic. To assess the likely evolution of nonfinancial corporate performance going forward, this paper investigates empirically the impact of past pandemics using firm-level data on more than 537,000 companies...

Persistent link: https://www.econbiz.de/10013250085

A Primer on Managing Sovereign Debt-Portfolio Risks

Jonasson, Thordur - 2018

This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and...

Persistent link: https://www.econbiz.de/10012918566

Financial Heterogeneity, Investment, and Firm Interactions

Liu, Yang - 2023

Recent literature has shown that corporate indebtedness affects firm-level investment behavior but not necessarily aggregate business cycles. I argue that interactions among heterogeneous firms play an important role in equilibrium. After a downturn, financially unconstrained firms in...

Persistent link: https://www.econbiz.de/10014348807

Macroeconomic Effects of Dividend Taxation with Investment Credit Limits

Ghilardi, Matteo; Zilberman, Roy - 2022

We analyze the effects of dividend taxation in a general equilibrium business cycle model with an occasionally …-binding investment credit limit. Permanent dividend tax reforms distort capital investment decisions in the binding long-run equilibrium … the `traditional' and `new' views of dividend taxation, and highlights the importance of measuring the firm's initial …

Persistent link: https://www.econbiz.de/10014079906

The COVID-19 Impact on Corporate Leverage and Financial Fragility

Haque, Sharjil; Varghese, Richard - 2022

We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is...

Persistent link: https://www.econbiz.de/10013299034

Green Bond Pricing and Greenwashing Under Asymmetric Information

Schmittmann, Jochen; Gao, Yun - 2023

We analyze the corporate green bond market under a rational framework without an innate green preference, using a simple adverse selection model. Firms can use green bonds to signal their green credentials to investors. Transition risk stems from uncertainty over the introduction of carbon...

Persistent link: https://www.econbiz.de/10014258404

Thin Capitalization Rules and Multinational Firm Capital Structure

Blouin, Jennifer - 2014

This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confidential...

Persistent link: https://www.econbiz.de/10013058436

Sovereign Asset and Liability Management in Emerging Market Countries : The Case of Uruguay

Amante, Andre - 2020

This paper provides an overview of the strategic and operational issues as well as institutional challenges, related to the implementation of the Sovereign Asset and Liability Management (SALM) approach. Application of an SALM framework allows the authorities to identify and monitor sovereign...

Persistent link: https://www.econbiz.de/10012843498

A Pandemic Forecasting Framework : An Application of Risk Analysis

Dizioli, Allan; Radzikowski, Aneta; Greenwood, Daniel - 2022

This paper introduces a simple, frequently and easily updated, close to the data epidemiological model that has been used for near-term forecast and policy analysis. We provide several practical examples of how the model has been used. We explain the epidemic development in the UK, the USA and...

Persistent link: https://www.econbiz.de/10013305549

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