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Fan, Joseph P. H. - 2011

Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement...

Persistent link: https://www.econbiz.de/10013117212

The Consequences of Entrepreneurial Finance : A Regression Discontinuity Analysis

Kerr, William - 2014

This paper documents the role of angel funding for the growth, survival, and access to follow-on funding of high-growth start-up firms. We use a regression discontinuity approach to control for unobserved heterogeneity between firms that obtain funding and those that do not. This technique...

Persistent link: https://www.econbiz.de/10013070159

Crowding Out Redefined : The Role of Reserve Accumulation

Reinhart, Carmen - 2013

, the estimated decline exceeds 9 percent. We document how in the wake of crisis home bias in finance usually increases …, driven importantly by increased "liability" home bias in finance and by official capital outflows. We present evidence from …

Persistent link: https://www.econbiz.de/10013072866

Firm Heterogeneity and the Long-Run Effects of Dividend Tax Reform

Gourio, Francois - 2010

To study the long-run effect of dividend taxation on aggregate capital accumulation, we build a dynamic general equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. We find that a dividend tax cut raises aggregate productivity by reducing the...

Persistent link: https://www.econbiz.de/10013152567

Financial Frictions, Investment and Tobin's Q

Lorenzoni, Guido - 2007

We develop a model of investment with financial constraints and use it to investigate the relation between investment and Tobin's q. A firm is financed partly by insiders, who control its assets, and partly by outside investors. When their wealth is scarce, insiders earn a rate of return higher...

Persistent link: https://www.econbiz.de/10012776954

Financing Constraints and Corporate Investment : Response to Kaplan and Zingales

Petersen, Bruce C. - 2000

of internal finance. Second, the KZ regression results (lower sensitivity of investment to cash flow for firms classified … possibly self- serving managerial statements that may present a distorted picture of firm's availability of finance. It also …

Persistent link: https://www.econbiz.de/10012789116

Monetary Policy, Corporate Finance and Investment

Cloyne, James - 2018

We provide new evidence on how monetary policy affects investment and firm finance in the United States and the United … borrowing declines only for younger non-dividend payers, as their external finance is mostly exposed to asset value fluctuations …. Conversely, cash flows change less markedly and more homogeneously across groups. Our findings highlight the role of firm finance …

Persistent link: https://www.econbiz.de/10012906446

Disclosure and the Cost of Capital : Evidence from Firms' Responses to the Enron Shock

Leuz, Christian - 2010

This paper examines the link between disclosure and the cost of capital. We exploit an exogenous cost of capital shock created by the Enron scandal in Fall 2001 and analyze firms' disclosure responses to this shock. These tests are opposite to the typical research design that analyzes cost of...

Persistent link: https://www.econbiz.de/10012757529

Financial Factors and Investment in Belgium, France, Germany and the Uk : A Comparison Using Company Panel Data

Bond, Stephen R. - 2010

We construct company panel datasets for manufacturing firms in Belgium, France, Germany and the UK, covering the period 1978-89. These datasets are used to estimate a range of empirical investment equations, and to investigate the role played by financial factors in each country. A robust...

Persistent link: https://www.econbiz.de/10012763672

Corporate Investment with Financial Constraints : Sensitivity of Investment to Funds from Voluntary Asset Sales

Hovakimian, Gayané - 2009

This paper examines the importance of financial constraints for firm investment expenditures by looking at the relationship between investment expenditures and proceeds from voluntary asset sales in financially healthy US manufacturing companies. Specifically, we examine whether asset sales have...

Persistent link: https://www.econbiz.de/10012767788