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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 …; and for both types of recession, more credit-intensive expansions tend to be followed by deeper recessions and slower … controls and their lags. Then we study how past credit accumulation impacts the behavior of not only output but also other key …

Persistent link: https://www.econbiz.de/10012461036

What Determines the Structure of Corporate Debt Issues?

Julio, Brandon - 2007

Publicly-traded debt securities differ on a number of dimensions, including quality, maturity, seniority, security, and convertibility. Finance research has provided a number of theories as to why firms should issue debt with different features; yet, there is very little empirical work testing...

Persistent link: https://www.econbiz.de/10012464940

The Role of Repugnance in Markets : How the Jared Fogle Scandal Affected Patronage of Subway

Cawley, John H.; Eddelbuettel, Julia; Cunningham, Scott; … - National Bureau of Economic Research - 2023

Economics has long studied how consumers respond to the disclosure of information about firms. We study a case in which the disclosed information is unrelated to the product or firm leadership, but which could still potentially affect consumer patronage through the mechanism of repugnance, as...

Persistent link: https://www.econbiz.de/10014421207

When do Treasuries Earn the Convenience Yield? : A Hedging Perspective

Acharya, Viral V.; Laarits, Toomas - National Bureau of Economic Research - 2023

We document that the convenience yield of U.S. Treasuries exhibits properties that are consistent with a hedging perspective of safe assets. The convenience yield tends to be low when the covariance of Treasury returns with the aggregate stock market returns is high. A decomposition of the...

Persistent link: https://www.econbiz.de/10014436994

Economic Surveillance using Corporate Text

Hassan, Tarek A.; Hollander, Stephan; Kalyani, Aakash; … - National Bureau of Economic Research - 2024

This article applies simple methods from computational linguistics to analyze unstructured corporate texts for economic surveillance. We apply text-as-data approaches to earnings conference call transcripts, patent texts, and job postings to uncover unique insights into how markets and firms...

Persistent link: https://www.econbiz.de/10015145109

Policy Packages and Policy Space : Lessons from COVID-19

Bergant, Katharina; Forbes, Kristin - National Bureau of Economic Research - 2023

This paper uses the onset of COVID-19 to examine how countries construct their policy packages in response to a severe negative shock. We use several new datasets to track the use of a large variety of policy tools: announced fiscal stimulus (both above- and below-the-line), monetary policy...

Persistent link: https://www.econbiz.de/10014287372

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

Quantities and Covered-Interest Parity

Moskowitz, Tobias J.; Ross, Chase P.; Ross, Sharon Y.; … - National Bureau of Economic Research - 2024

Studies of intermediated arbitrage argue that bank balance sheets are an important consideration, yet little evidence exists on banks' positioning in this context. Using confidential supervisory data (covering $25 trillion in daily notional exposures) we examine banks' positions in connection...

Persistent link: https://www.econbiz.de/10014635670

Tracing the International Transmission of a Crisis Through Multinational Firms

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

credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through … transmitted the credit shock more strongly than a non-financial shock, and that access to developed credit markets attenuated the …

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

Do Liquidation Values Affect Financial Contracts? Evidence from Commercial Loan Contracts and Zoning Regulation

Benmelech, Efraim - 2004

We examine the impact of asset liquidation value on debt contracting using a unique set of commercial property non-recourse loan contracts. We employ commercial zoning regulation to capture the flexibility of a property's permitted uses as a measure of an asset's redeployability or value in its...

Persistent link: https://www.econbiz.de/10012467683