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International Trade, Multinational Activity, and Corporate Finance
Foley, C. Fritz - 2014
An emerging new literature brings unique ideas from corporate finance to the study of international trade and investment. Insights about differences in the development of financial institutions across countries, the role of financial constraints, and the use of internal capital markets are...
Persistent link: https://www.econbiz.de/10013044625
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Debt Constraints and Employment
Kehoe, Patrick - 2016
During the Great Recession, regions of the United States that experienced the largest declines in household debt also experienced the largest drops in consumption, employment, and wages. Employment declines were larger in the nontradable sector and for firms that were facing the worst credit...
Persistent link: https://www.econbiz.de/10012983418
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Liquidity Management and Corporate Investment During a Financial Crisis
Campello, Murillo - 2010
This paper uses a unique dataset to study how firms managed liquidity during the financial crisis. Our analysis provides new insights on the interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how companies...
Persistent link: https://www.econbiz.de/10013138771
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Financial Policies and the Financial Crisis : How Important Was the Systemic Credit Contraction for Industrial Corporations?
Kahle, Kathleen M. - 2014
Although firm financial policies were affected by a credit contraction during the recent financial crisis, the impact of increased uncertainty and decreased growth opportunities was stronger than that of the credit contraction per se. From the start of the financial crisis (third quarter of...
Persistent link: https://www.econbiz.de/10013069349
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Overborrowing, Financial Crises and 'Macro-Prudential' Taxes
Bianchi, Javier - 2010
An equilibrium model of financial crises driven by Irving Fisher's financial amplification mechanism features a pecuniary externality, because private agents do not internalize how the price of assets used for collateral respond to collective borrowing decisions, particularly when binding...
Persistent link: https://www.econbiz.de/10013142089
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Financing Innovation
Kerr, William - 2015
We review the recent literature on the financing of innovation, inclusive of large companies and new startups. This … related to innovation. We highlight the new literature on learning and experimentation across multi-stage innovation projects … innovation and changing external conditions, especially reduced experimentation costs …
Persistent link: https://www.econbiz.de/10013031824
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Credit Constraints in Education
Lochner, Lance - 2011
We review studies of the impact of credit constraints on the accumulation of human capital. Evidence suggests that credit constraints are increasingly important for schooling and other aspects of households' behavior. We highlight the importance of early childhood investments, since their...
Persistent link: https://www.econbiz.de/10013120281
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Collateral Valuation and Borrower Financial Constraints : Evidence from the Residential Real Estate Market
Agarwal, Sumit - 2013
Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged...
Persistent link: https://www.econbiz.de/10013073558
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Educational Choices, Subjective Expectations, and Credit Constraints
Attanasio, Orazio - 2010
In this paper we analyze the link between people's "subjective" expectations of returns to schooling and their decision to invest into schooling. We use data from a household survey on Mexican junior and senior high school graduates that elicits their own and their parents' beliefs about future...
Persistent link: https://www.econbiz.de/10013152231
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Money, Credit Constraints, and Economic Activity
Blinder, Alan S.; Stiglitz, Joseph E. - 2021
When government expenditures exceed current tax revenues, the resulting deficit must be financed either by issuing bonds, which imply obligations to levy future taxes, or by creating high-powered money. The choice between money and bonds is often thought to be of great moment for both real and...
Persistent link: https://www.econbiz.de/10013222997