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Green Bonds : Effectiveness and Implications for Public Policy
Flammer, Caroline - 2019
This paper studies green bonds, a relatively new instrument in sustainable finance. I first describe the market for green bonds and characterize the "green bond boom" witnessed in recent years. Second, using firm-level data on green bonds issued by public companies, I examine companies'...
Persistent link: https://www.econbiz.de/10012479900
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Migration, Spillovers,and Trade Diversion : The Impact of Internationalization on Stock Market Liquidity
Levine, Ross - 2003
What is the impact of firms that cross-list, issue depositary receipts, or raise capital in international stock markets on the liquidity of remaining firms in domestic markets? Using a panel of over 3,200 firms from 55 countries during 1989-2000, we find that internationalization reduces the...
Persistent link: https://www.econbiz.de/10012469086
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Financial Constraints and Stock Returns
Lamont, Owen - 1997
We test whether the impact of financial constraints on firm value is observable in asset" returns. We form portfolios of firms based on observable characteristics related to financial" constraints, and test for common covariation in the stock returns of these firms. Using several" different...
Persistent link: https://www.econbiz.de/10012472600
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The Corporation in Finance
Rajan, Raghuram - 2012
The nature of the firm and its financing are closely interlinked. To produce significant net present value, an … allow her to execute this strategy, she needs to have substantial ownership, and thus financing. But it is hard to raise … extent of innovation differ so much in different financing environments …
Persistent link: https://www.econbiz.de/10012460899
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Equilibrium Corporate Finance and Intermediation
Bisin, Alberto - 2014
frictions. Firms take their production, financing, and contractual decisions so as to maximize their value under rational …
Persistent link: https://www.econbiz.de/10012458322
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Trade Credit and Taxes
Desai, Mihir A. - 2012
This paper analyzes the extent to which firms use trade credit to reallocate capital in response to tax incentives. Tax-induced differences in pretax returns encourage the use of trade credit to reallocate capital from firms facing low tax rates to those facing high tax rates. Evidence from the...
Persistent link: https://www.econbiz.de/10012460553
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Resource Allocation within Firms and Financial Market Dislocation : Evidence from Diversified Conglomerates
Matvos, Gregor - 2011
When external capital markets are stressed they may not reallocate resources between firms. We show that resource allocation within firms' internal capital markets provides an important force countervailing financial market dislocation. Using data on US conglomerates we empirically verify that...
Persistent link: https://www.econbiz.de/10012460940
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When Credit Bites Back : Leverage, Business Cycles, and Crises
Jordà, Òscar - 2011
This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts of the modern business cycle: financial-crisis...
Persistent link: https://www.econbiz.de/10012461036
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Why Do Foreign Firms Leave U.S. Equity Markets?
Doidge, Craig - 2008
This paper investigates Securities and Exchange Commission (SEC) deregistrations by foreign firms from the time the Sarbanes-Oxley Act (SOX) was passed in 2002 through 2008. We test two theories, the bonding theory and the loss of competitiveness theory, to understand why foreign firms leave...
Persistent link: https://www.econbiz.de/10012464402
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Law and firms' access to finance
Beck, Thorsten - 2004
"This paper contributes to the literature on how a country's legal origin influences the operation of its financial system by using firm-level survey data on the obstacles that firms face in raising external finance. The paper assesses two channels through which legal origin may influence the...
Persistent link: https://www.econbiz.de/10010523108