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Market Timing, Investment, and Risk Management

Bolton, Patrick - 2011

financial crises. We develop a tractable model of dynamic corporate financial management (cash accumulation, investment, equity … issuance, risk management, and payout policies) for a financially constrained firm facing time-varying external financing costs …. The stochastic financing conditions have rich implications for investment and risk management: (1) investment can be …

Persistent link: https://www.econbiz.de/10013129213

What Determines the Structure of Corporate Debt Issues?

Julio, Brandon - 2008

Publicly-traded debt securities differ on a number of dimensions, including quality, maturity, seniority, security, and convertibility. Finance research has provided a number of theories as to why firms should issue debt with different features; yet, there is very little empirical work testing...

Persistent link: https://www.econbiz.de/10012773126

Taxation, Corporate Financial Policy and the Cost of Capital

Auerbach, Alan J. - 2021

The cost of capital plays an important role in the allocation of resources among competing uses in a decentralized market system. The purpose of this paper is to organize and present what is known and what is hypothesized about the effects of taxation on the incentive to invest, via the cost of...

Persistent link: https://www.econbiz.de/10013232028

Innovation in the U.S. Government

Bruce, Joshua R.; de Figueiredo, John M. - 2022

This paper examines the U.S. government’s intramural research and development efforts over a 40-year period, drawing together multiple human capital, government spending, and patent datasets. The U.S. Federal Government innovates along four dimensions: technological, organizational,...

Persistent link: https://www.econbiz.de/10013293708

Behavioral Corporate Finance : An Updated Survey

Baker, Malcolm P. - 2011

We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to securities mispricing. The managerial biases approach...

Persistent link: https://www.econbiz.de/10013121051

Firm-Specific Resources, Financial-Market Development and the Growth of U.S. Multinationals

Feinberg, Susan - 2002

We study the resource allocation decisions of U.S. multinational corporations (MNCs). We examine how established MNCs grow across countries and how firm-specific resources and host country financial-market development influence MNC growth. We find evidence of intra-firm trade-offs to growth in...

Persistent link: https://www.econbiz.de/10012787093

Why Has the U.S. Financial Sector Grown so Much? The Role of Corporate Finance

Philippon, Thomas - 2010

The share of finance in U.S. GDP has been multiplied by more than three over the postwar period. I argue, using evidence and theory, that corporate finance is a key factor behind this evolution. Inside the finance industry, credit intermediation and corporate finance are more important than...

Persistent link: https://www.econbiz.de/10012759810

Have U.S. Corporations Grown Financially Weak?

Taggart, Robert A. - 2010

The feelingis widespread that the financial strength of U.S. corporations has eroded over the past twenty years. This trend is often blamed on some combination of the tax system, inflation and overly optimistic assessments of business risk.This paper examines recent corporate financing...

Persistent link: https://www.econbiz.de/10012762970

Interest Allocation Rules, Financing Patterns, and the Operations of U.S. Multinationals

Froot, Kenneth; Hines Jr., James R. - 2021

This paper examines the impact of the 1986 change in U.S. interest allocation rules on the investment and financing decisions of American multinationals. The 1986 change reduced the tax deductibility of the interest expenses of firms with excess foreign tax credits. The resulting increase in the...

Persistent link: https://www.econbiz.de/10013223330

Education Research and Administrative Data

Figlio, David N. - 2015

Thanks to extraordinary and exponential improvements in data storage and computing capacities, it is now possible to collect, manage, and analyze data in magnitudes and in manners that would have been inconceivable just a short time ago. As the world has developed this remarkable capacity to...

Persistent link: https://www.econbiz.de/10013014667

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