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Leverage over the Life Cycle and Implications for Firm Growth and Shock Responsiveness

Dinlersoz, Emin - 2018

We study the leverage of U.S. firms over their life-cycles, and the connection between firm leverage, firm growth, and … leverage dynamics over their life-cycles. Firm age and size are systematically related to leverage for private firms, but not … leverage dynamics of firms is also relevant for aggregate fluctuations …

Persistent link: https://www.econbiz.de/10012480877

Capital Market Financing, Firm Growth, Firm Size Distribution

Didier, Tatiana - 2014

Which firms issue equity and debt in domestic and international markets and what happens to their assets, sales, and number of employees? To answer these questions, we assemble a new dataset on firm-level capital raising activity during 1991-2011, which we match with firm attributes for 45,527...

Persistent link: https://www.econbiz.de/10012458331

Sources of Corporate Financing and Economic Crisis in Korea : A Micro-evidence

Lim, Youngjae - 2003

Using the firm-level data set, the paper attempts to examine the dynamic patterns in the allocation of credit across firms in recent Korea. In particular, the paper examines the dynamic patterns in the allocation of credit across large and small firms before and after the crisis. The data...

Persistent link: https://www.econbiz.de/10012469124

Does Size Matter? Bailouts with Large and Small Banks

Dávila, Eduardo - 2017

financial sector. We show that bank size, purely on strategic grounds, is a key determinant of banks' leverage choices, even … when bailout policies treat large and small banks symmetrically. Large banks always take on more leverage than small banks … banks also choose strictly higher borrowing when large banks are present, since banks' leverage choices are strategic …

Persistent link: https://www.econbiz.de/10012453582

Large Banks and Small Firm Lending

Bord, Vitaly M. - 2018

We show that since 2007, there was a large and persistent shift in the composition of lenders to small firms. Large banks impacted by the real estate prices collapse systematically contracted their credit to all small firms throughout the U.S.. However, healthy banks expanded their operations...

Persistent link: https://www.econbiz.de/10012480836

A Theory of Banks, Bonds, and the Distribution of Firm Size

Russ, Katheryn N. - 2009

We draw on stylized facts from the finance literature to build a model where altering the relative costs of bank and bond financing changes the entire distribution of firm size, with implications for the aggregate capital stock, output, and welfare. Reducing transactions costs in the bond market...

Persistent link: https://www.econbiz.de/10012463195

Bank Size and Lending Relationships in Japan

Uchida, Hirofumi - 2007

Current theoretical and empirical research suggests that small banks have a comparative advantage in processing soft information and delivering relationship lending. The most comprehensive analysis of this view found using U.S. data that smaller SMEs borrow from smaller banks and smaller banks...

Persistent link: https://www.econbiz.de/10012465650

Management and Misallocation in Mexico

Bloom, Nicholas; Iacovone, Leonardo; Pereira-López, Mariana - National Bureau of Economic Research - 2022

We argue that greater misallocation is a key driver of the worse management practices in Mexico compared to the US. These management practices are strongly associated with higher productivity, growth, trade, and innovation. One indicator of greater misallocation in Mexico is the weaker...

Persistent link: https://www.econbiz.de/10012938686

The Long-Term Effects of Industrial Policy

Choi, Jaedo; Levchenko, Andrei A. - National Bureau of Economic Research - 2021

This paper provides causal evidence of the impact of industrial policy on firms' long-term performance and quantifies industrial policy's long-term welfare effects. Using a natural experiment and unique historical data during the Heavy and Chemical Industry (HCI) Drive in South Korea, we find...

Persistent link: https://www.econbiz.de/10012629483

Export Dynamics in Colombia : Firm-Level Evidence

Eaton, Jonathan - 2007

Using transactions-level customs data from Colombia, we study firm-specific export patterns over the period 1996-2005. Our data allow us to track firms' entry and exit into and out of individual destination markets, as well as their revenues from selling there. We find that, in a typical year,...

Persistent link: https://www.econbiz.de/10012465115

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