Similar Search Results

Wu, Jin Ginger - 2007

(ii) adding investment- based factors into standard factor regressions substantially reduces the magnitude of the accrual … anomaly. High accrual firms also have similar corporate governance and entrenchment indexes as low accrual firms. This … evidence suggests that the accrual anomaly is more likely to be driven by optimal investment than by investor overreaction to …

Persistent link: https://www.econbiz.de/10012465121

Corporate Debt Structure with Home and International Currency Bias

Maggiori, Matteo; Neiman, Brent; Schreger, Jesse - National Bureau of Economic Research - 2023

We explore the consequences of global capital market segmentation by currency for the optimal currency composition of borrowing by firms. Global bond portfolios are driven by the currency of denomination of assets as investors prefer to lend in their home currency or the international currency,...

Persistent link: https://www.econbiz.de/10014437022

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

Corporate Debt, Boom-Bust Cycles, and Financial Crises

Ivashina, Victoria; Kalemli-Ozcan, Sebnem; Laeven, Luc; … - National Bureau of Economic Research - 2024

Using a new dataset on sectoral credit exposures covering financial and non-financial sectors in 115 economies over the period 1940-2014, we document the following evidence that corporate debt plays a key role in explaining boom-bust cycles, financial crises, and slow macroeconomic recoveries:...

Persistent link: https://www.econbiz.de/10014512079

Debt Restructuring

Friedman, Benjamin M. - 2000

What difference does it make, and for whom, whether the nonperforming debts of emerging market borrowers are restructured? This paper begins by positing a set of counterfactual conditions under which restructuring would not matter, and then shows how several ways in which the actual world of...

Persistent link: https://www.econbiz.de/10012471039

Financial Sector Inefficiencies and Coordinate Failures : Implications for Crisis Management

Agenor, Pierre-Richard - 1999

This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and...

Persistent link: https://www.econbiz.de/10012471337

Do Taxes Affect Corporate Debt Policy? Evidence from US Corporate Tax Return Data

Gordon, Roger H. - 1999

Past attempts to measure the impact of taxes on corporate debt policy have focused on larger firms. Given that the top statutory corporate tax rate has varied little in recent years, tax incentives vary among these firms, almost entirely due to current or prospective tax losses. Results are...

Persistent link: https://www.econbiz.de/10012471349

Savings and Loan Usage of the Authority to Invest in Corporate Debt

Hendershott, Patric H. - 1981

This paper examines the portfolio choice of savings and loan associations (SLAS) between mortgages and bonds, first in a certainty world and then under uncertainty. Differences in servicing and transactions costs, in default losses, in tax treatment and in the timing of payments are accounted...

Persistent link: https://www.econbiz.de/10012478390

Private Pensions as Corporate Debt

Feldstein, Martin - 1981

This paper begins by examining the ways in which pension liabilities are and are not like corporate bonds. Some conceptual issues involved in valuing future pension obligations are then discussed. The second section considers the advantage to firms of fully funding their pension obligations and...

Persistent link: https://www.econbiz.de/10012478415

Debt, Information, and Illiquidity

Benmelech, Efraim - 2018

We analyze the empirical determinants of liquidity in debt markets in light of predictions stemming from debt-based information theories. We conduct a battery of tests confirming predictions of asymmetric information models of bond liquidity, including those that predict a``hockey-stick"...

Persistent link: https://www.econbiz.de/10012480707