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Leverage Over the Life Cycle and Implications for Firm Growth and Shock Responsiveness

Dinlersoz, Emin - 2018

We study the leverage of U.S. firms over their life-cycles, and the connection between firm leverage, firm growth, and … leverage dynamics over their life-cycles. Firm age and size are systematically related to leverage for private firms, but not … leverage dynamics of firms is also relevant for aggregate fluctuations …

Persistent link: https://www.econbiz.de/10012908468

Capital Market Financing, Firm Growth, Firm Size Distribution

Didier, Tatiana - 2014

Which firms issue equity and debt in domestic and international markets and what happens to their assets, sales, and number of employees? To answer these questions, we assemble a new dataset on firm-level capital raising activity during 1991-2011, which we match with firm attributes for 45,527...

Persistent link: https://www.econbiz.de/10013050155

Sources of Corporate Financing and Economic Crisis in Korea : A Micro-Evidence

Lim, Youngjae - 2010

Using the firm-level data set, the paper attempts to examine the dynamic patterns in the allocation of credit across firms in recent Korea. In particular, the paper examines the dynamic patterns in the allocation of credit across large and small firms before and after the crisis. The data...

Persistent link: https://www.econbiz.de/10012762838

Does Size Matter? Bailouts with Large and Small Banks

Davila, Eduardo - 2018

financial sector. We show that bank size, purely on strategic grounds, is a key determinant of banks' leverage choices, even … when bailout policies treat large and small banks symmetrically. Large banks always take on more leverage than small banks … banks also choose strictly higher borrowing when large banks are present, since banks' leverage choices are strategic …

Persistent link: https://www.econbiz.de/10012931593

A Theory of Banks, Bonds, and the Distribution of Firm Size

Russ, Katheryn - 2009

We draw on stylized facts from the finance literature to build a model where altering the relative costs of bank and bond financing changes the entire distribution of firm size, with implications for the aggregate capital stock, output, and welfare. Reducing transactions costs in the bond market...

Persistent link: https://www.econbiz.de/10013155119

Large Banks and Small Firm Lending

Bord, Vitaly - 2018

We show that since 2007, there was a large and persistent shift in the composition of lenders to small firms. Large banks impacted by the real estate prices collapse systematically contracted their credit to all small firms throughout the U.S.. However, healthy banks expanded their operations...

Persistent link: https://www.econbiz.de/10012909114

Export Dynamics in Colombia : Firm-Level Evidence

Eaton, Jonathan - 2007

Using transactions-level customs data from Colombia, we study firm-specific export patterns over the period 1996-2005. Our data allow us to track firms' entry and exit into and out of individual destination markets, as well as their revenues from selling there. We find that, in a typical year,...

Persistent link: https://www.econbiz.de/10012775737

Permission to Exist

Byford, Martin C. - 2014

We provide a new model that generates persistent performance differences amongst seemingly similar enterprises. Our model provides a mechanism whereby efficient incumbent rivals can give permission for an inefficient firm to exist in the presence of efficient entrants. We demonstrate that, in a...

Persistent link: https://www.econbiz.de/10013047026

Foreign Owners and Plant Survival

Bernard, Andrew B.; Sjoholm, Fredrik - 2021

In recent years, international capital flows of all types have increased dramatically and most governments have been actively encouraging inflows of direct investment. However, concerns remain that reliance on foreign multinationals may be a risky development strategy as foreign firms are likely...

Persistent link: https://www.econbiz.de/10013224697

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/10013118125

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