emerging markets. The paper measures the risk of short-term exposure by estimating, at the firm level, the effect on investment … not find that this reduction in net worth translates into a drop in investment. …

our setting, partially-entrenched managers set the rms' payout and nancing policies to maximize the presentvalue of their … rents. Shareholders can remove managers, but only at a cost. Our analysisdemonstrates that entrenched managers issue less …

their investment decisions. Moreover, financial con-straints become more severe in times of restrictive monetary policy. …

The purpose of this paper is to empirically investigate the interaction between hedging, financing, and investment … differs for firms with different growth opportunities. We empirically find that high-growth firms increase their investment …, but not their leverage, by hedging. However, we also find that firms with few investment opportunities use derivatives to …

towards banks contracts the amount and maturity of corporate debt and leads firms to slow investment and forego growth …