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Monetary Transmission Through Bank Securities Portfolios
Greenwald, Daniel; Krainer, John; Paul, Pascal - National Bureau of Economic Research - 2024
We study the transmission of monetary policy through bank securities portfolios using granular supervisory data on U ….S. bank securities, hedging positions, and corporate credit. Banks that experienced larger losses on their securities during …
Persistent link: https://www.econbiz.de/10014544727
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Education and Adult Cognition in a Low-income Setting : Differences among Adult Siblings
Zhang, Yuan S.; Frankenberg, Elizabeth; Thomas, Duncan - National Bureau of Economic Research - 2024
The relationship between completed education and adult cognition is investigated using data from the Indonesia Family …
Persistent link: https://www.econbiz.de/10014528400
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Does Product Market Competition Reduce Agency Costs?
Jagannathan, Ravi - 2000
The folk wisdom is that competition reduces agency costs. We provide indirect empirical support for this view. We argue that the temptation to retain cash and engage in less productive activities is more severe for firms in less competitive industries. Hence an unanticipated increase in...
Persistent link: https://www.econbiz.de/10012471296
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Firms' Histories and Their Capital Structures
Kayhan, Ayla - 2004
This paper examines how cash flows, investment expenditures and stock price histories affect corporate debt ratios. Consistent with earlier work, we find that these variables have a substantial influence on changes in capital structure. Specifically, stock price changes and financial deficits...
Persistent link: https://www.econbiz.de/10012468167
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Optimal Debt and Profitability in the Tradeoff Theory
Abel, Andrew B. - 2015
conventional interpretation, but consistent with empirical findings, increases in current or future profitability reduce the …
Persistent link: https://www.econbiz.de/10012457121
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Q-Monetary Transmission
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...
Persistent link: https://www.econbiz.de/10013210051
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The Secular Decline in Private Firm Leverage
Dobridge, Christine L.; Gilje, Erik P.; Whitten, Andrew - National Bureau of Economic Research - 2022
Using firm-level administrative tax data on the 43% of business liabilities in the United States tied to privately held firms, we document dramatic reductions in leverage since the Great Recession. Leverage for the average private firm fell fifteen percent between 2004 and 2018. In contrast,...
Persistent link: https://www.econbiz.de/10013210062
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Taxes Depress Corporate Borrowing : Evidence from Private Firms
Ivanov, Ivan T.; Pettit, Luke; Whited, Toni Marion - National Bureau of Economic Research - 2024
We use variation in state corporate income tax rates to re-examine the relation between taxes and corporate leverage. Contrary to prior research, we find that corporate leverage rises after tax cuts for small private firms. An estimated dynamic equilibrium model shows that tax cuts make capital...
Persistent link: https://www.econbiz.de/10014544677
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Modeling Managers As EPS Maximizers
Ben-David, Itzhak; Chinco, Alexander M. - National Bureau of Economic Research - 2023
Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take firm managers...
Persistent link: https://www.econbiz.de/10014250143
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Do Banks Hedge Using Interest Rate Swaps?
McPhail, Lihong Lu; Schnabl, Philipp; Tuckman, Bruce - National Bureau of Economic Research - 2023
average bank has a large notional amount of swaps-- $434 billion, or more than 10 times assets. But after accounting for the … significant extent to which swap positions offset each other, the average bank has essentially no net interest rate risk from … banks, with some bank swap positions decreasing and some increasing with rates, but aggregating swap positions at the level …
Persistent link: https://www.econbiz.de/10014250183