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Do Measures of Financial Constraints Measure Financial Constraints?
Farre-Mensa, Joan - 2013
and sources of financing. On the other hand, privately held firms (particularly small ones) and public firms with below …
Persistent link: https://www.econbiz.de/10013074280
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Decoupling and Recoupling
Korinek, Anton - 2014
We develop a stylized model that captures the phenomena of decoupling and recoupling in an environment where heterogeneous entrepreneurial sectors face financial constraints in their relationship with a common set of lenders. In response to adverse shocks, a financially constrained sector must...
Persistent link: https://www.econbiz.de/10013070005
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Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts
Axelson, Ulf - 2010
on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated … availability of financing impacts booms and busts in the private equity market, and that agency problems between private equity …
Persistent link: https://www.econbiz.de/10013144159
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Credit within the Firm
Pistaferri, Luigi - 2010
We exploit time variation in the degree of development of local credit markets and matched employer-employee data to assess the role of the firm as an internal credit market. In less developed local credit markets firms can offer a flatter wage-tenure profile than firms in more developed credit...
Persistent link: https://www.econbiz.de/10013144510
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Pledgeability, Industry Liquidity, and Financing Cycles
Diamond, Douglas W. - 2017
of financing cycles where the importance of creditors' control rights over cash flows (“pledgeability”) varies with …
Persistent link: https://www.econbiz.de/10012965425
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The Real Effects of Financial Constraints : Evidence from a Financial Crisis
Campello, Murillo - 2010
We survey 1,050 CFOs in the U.S., Europe, and Asia to assess whether their firms are credit constrained during the global credit crisis of 2008. We study whether corporate spending plans differ conditional on this measure of financial constraint. Our evidence indicates that constrained firms...
Persistent link: https://www.econbiz.de/10013149992
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Tax Multipliers : Pitfalls in Measurement and Identification
Riera-Crichton, Daniel - 2012
We contribute to the literature on tax multipliers by analyzing the pitfalls in identification and measurement of tax … to the measurement of tax policy (i.e., finding a tax policy variable under the direct control of the policymaker). For … SVAR. On the (much less explored) measurement front, our results strongly support the use of tax rates as a true measure of …
Persistent link: https://www.econbiz.de/10013098812
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Do Firms in Countries with Poor Protection of Investor Rights Hold More Cash?
Pinkowitz, Lee - 2012
Managers make different decisions in countries with poor protection of investor rights and poor financial development. One possible explanation is that shareholder-wealth maximizing managers face different tradeoffs in such countries (the tradeoff theory). Alternatively, firms in such countries...
Persistent link: https://www.econbiz.de/10012755812
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Firm Exports and Multinational Activity Under Credit Constraints
Manova, Kalina - 2011
This paper provides firm-level evidence that credit constraints restrict international trade flows and affect the sectoral pattern of multinational activity. Using detailed customs data from China, we show that foreign affiliates and joint ventures have better export performance than private...
Persistent link: https://www.econbiz.de/10013127980
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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