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Tracing the International Transmission of a Crisis Through Multinational Firms

Biermann, Marcus; Huber, Kilian - National Bureau of Economic Research - 2023

We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained...

Persistent link: https://www.econbiz.de/10014247983

Dividend Taxes and the Allocation of Capital

Boissel, Charles; Matray, Adrien - National Bureau of Economic Research - 2022

This paper investigates the 2013 three-fold increase in the French dividend tax rate. Using administrative data covering the universe of firms from 2008-2017 and a quasi-experimental setting, we find that firms swiftly cut dividend payments and used this tax-induced increase in liquidity to...

Persistent link: https://www.econbiz.de/10013334318

Real Effects of Rollover Risk : Evidence from Hotels in Crisis

DeFusco, Anthony A.; Nathanson, Charles G.; Reher, Michael - National Bureau of Economic Research - 2023

We show how firms scheduled to roll over debt in a crisis strategically reduce operations, regardless of their liquidity constraints. Our research design utilizes contractual features of commercial mortgages that generate as-good-as-random variation in whether debt is scheduled to mature during...

Persistent link: https://www.econbiz.de/10014421189

Economic Growth and Bank Innovation

Gorton, Gary; He, Ping - National Bureau of Economic Research - 2021

Based on archival and survey data we show that the maturity of U.S. business loans has been continuously increasing since the mid-1930s when banks invented the term loan. Concurrently, bank innovation first involved the invention of credit analysis and covenant design. Later, bank innovation...

Persistent link: https://www.econbiz.de/10012660004

Racial Disparities in Access to Small Business Credit : Evidence from the Paycheck Protection Program

Howell, Sabrina T.; Kuchler, Theresa; Snitkof, David; … - National Bureau of Economic Research - 2021

We explore the sources of racial disparities in small business lending by studying the $806 billion Paycheck Protection Program (PPP), which was designed to support small business jobs during the COVID-19 pandemic. PPP loans were administered by private lenders but federally guaranteed, largely...

Persistent link: https://www.econbiz.de/10012660042

Falling Rates and Rising Superstars

Kroen, Thomas; Liu, Ernest; Mian, Atif; Sufi, Amir - National Bureau of Economic Research - 2021

Do low interest rates contribute to the rise in market concentration? Using data on firm financials and high frequency monetary policy shocks, we find that falling interest rates disproportionately benefit industry leaders, especially when the initial interest rate is already low. Falling rates...

Persistent link: https://www.econbiz.de/10012660046

Venture Capitalists' Access to Finance and Its Impact on Startups

Chen, Jun; Ewens, Michael - National Bureau of Economic Research - 2021

Although an extensive literature shows that startups are financially constrained and that constraints vary by geography, the source of these constraints is still relatively unknown. We explore intermediary financing constraints, a channel studied in the banking literature, but only indirectly...

Persistent link: https://www.econbiz.de/10012629431

Dynamic Strategic Corporate Finance : A Tug of War with Financial Frictions

Doraszelski, Ulrich; Gomes, João; Nockher, Felix - National Bureau of Economic Research - 2021

Access to capital markets plays a key role for the evolution of an industry over time. We develop a benchmark theoretical setting that integrates core corporate finance insights about the impact of financial frictions on investment with those from industrial organization on dynamic competition...

Persistent link: https://www.econbiz.de/10012629530

Why Are Returns to Private Business Wealth So Dispersed?

Boar, Corina; Gorea, Denis; Midrigan, Virgiliu - National Bureau of Economic Research - 2022

We use micro data from Orbis on firm level balance sheets and income statements to document that accounting returns for … financial returns to saving. The model matches the evidence on accounting returns and predicts that financial returns to saving … are half as large and dispersed as accounting returns. Financial returns mostly reflect risk, as opposed to collateral …

Persistent link: https://www.econbiz.de/10012814480

Waiting for Capital : Dynamic Intermediation in Illiquid Markets

Hartman-Glaser, Barney; Mayer, Simon; Milbradt, Konstantin - National Bureau of Economic Research - 2022

We consider a firm with infrequent access to capital markets, continuous access to financing by a risk-averse intermediary, and a cost of holding cash. The intermediary absorbs a fraction of cash-flow risk that decreases with the firm's liquidity reserves and acquires a stake in the firm under...

Persistent link: https://www.econbiz.de/10012814487

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