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Jeenas, Priit; Lagos, Ricardo - National Bureau of Economic Research - 2022

We study the effects of monetary-policy-induced changes in Tobin's q on corporate investment and capital structure. We … develop a theory of the mechanism, provide empirical evidence, evaluate the ability of the quantitative theory to match the … evidence, and quantify the relevance for monetary transmission to aggregate investment …

Persistent link: https://www.econbiz.de/10013210051

Entrepreneurial Finance and Non-diversifiable Risk

Chen, Hui - 2009

consumption, portfolio allocation, financing, investment, and business exit decisions. The optimal capital structure is determined …

Persistent link: https://www.econbiz.de/10012463800

Why are Buyouts Levered : The Financial Structure of Private Equity Funds

Axelson, Ulf - 2007

This paper presents a model of the financial structure of private equity firms. In the model, the general partner of the firm encounters a sequence of deals over time where the exact quality of each deal cannot be credibly communicated to investors. We show that the optimal financing arrangement...

Persistent link: https://www.econbiz.de/10012465831

Cash Flow and Investment : Evidence from Internal Capital Markets

Lamont, Owen - 1996

companies. I test the joint hypothesis that 1) a decrease in cash/collateral decreases investment, holding fixed the … profitability of investment, and 2) the finance costs of different parts of the same corporation are interdependent. The results … support this joint hypothesis: oil companies significantly reduced their non-oil investment compared to the median industry …

Persistent link: https://www.econbiz.de/10012473360

Does Product Market Competition Reduce Agency Costs?

Jagannathan, Ravi - 2000

competitive industries, the negative relation between past returns and current leverage will be attenuated. Theory suggests that …

Persistent link: https://www.econbiz.de/10012471296

Liquidity Flows and Fragility of Business Enterprises

Haan, Wouter den - 1999

new relationships. Feedbacks between aggregate investment and the structure of intermediation greatly magnify the effects …

Persistent link: https://www.econbiz.de/10012471744

The Effect of Risk on the Firm's Optimal Capital Stock : A Note

Maloney, Kevin J. - 1983

In this paper we extend the recent work on the choice of input mix under uncertainty. In particular, we demonstrate that the qualitative nature of the disturbance term, along with the decision sequence, is a crucial determinant of the overall effect of uncertainty on the optimal input mix of a...

Persistent link: https://www.econbiz.de/10012477970

The Substitutability of Debt and Equity Securities

Friedman, Benjamin M. - 1983

This paper investigates empirically the degree of substitutability between debt and equity securities in the United States during 1960-1980. The analysis first applies fundamental relationships connecting portfolio choices with expected asset returns to infer key asset substitutabilities...

Persistent link: https://www.econbiz.de/10012477972

Taxation, Corporate Financial Policy and the Cost of Capital

Auerbach, Alan J. - 1982

The cost of capital plays an important role in the allocation of resources among competing uses in a decentralized market system. The purpose of this paper is to organize and present what is known and what is hypothesized about the effects of taxation on the incentive to invest, via the cost of...

Persistent link: https://www.econbiz.de/10012478079

Government Debt and Private Leverage : An Extension of the Miller Theorem

McDonald, Robert L. - 1982

This paper shows how government financing decisions can influence the corporate decision to use debt or equity finance. In particular, it is shown that an increase in the stock of taxable government debt reduces the equilibrium quantity of corporate debt, and that an increase in the stock of...

Persistent link: https://www.econbiz.de/10012478140

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