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A replication of “Are Competitive Banking Systems More Stable?” : (Journal of Money, Credit, and Banking, 2009)
Bandaranayake, Samangi; Das, Kuntal K.; Reed, W. Robert - 2018 - Revision
Persistent link: https://www.econbiz.de/10011886686
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Taxation and the optimal constraint on corporate debt finance
Sørensen, Peter Birch - 2014
Persistent link: https://www.econbiz.de/10010516780
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Capital structure and financial flexibility : expectations of future shocks
Lambrinoudakis, Costas; Neumann, Michael; Skiadopoulos, … - 2014 - This draft: 3 October 2014
We test one of the main predictions of the financial flexibility paradigm that expectations about future firm-specific shocks affect the firm's leverage. We extract the expectations of small and large future shocks from the market prices of equity options. We find that expectations for future...
Persistent link: https://www.econbiz.de/10010472840
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Capital structure misallocation
Whited, Toni Marion; Zhao, Jake - 2015
Persistent link: https://www.econbiz.de/10011447302
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Bank-based or market-based financial sources : which is better for the EU?
Esposito, Piero; Larocca, Vittorio; Messori, Marcello; … - 2021
Persistent link: https://www.econbiz.de/10013169329
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Aggregate implications of corporate bond holdings by nonfinancial firms
Ferreira, Miguel H. - 2023
This paper explores the impact of risky asset holdings by U.S. nonfinancial firms. From the early 1990s to 2017, the share of risky securities surged from 28% to over 40% of firms' financial assets. Using a business-cycle heterogeneous firms model, I show that declining real interest rates since...
Persistent link: https://www.econbiz.de/10014455419
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Corporate debt and investment in the post-Covid world
Heresi, Rodrigo; Powell, Andrew - 2022
We study the relationship between corporate debt, corporate risk and firm-level investment, using a sample of 25,000 listed companies across 47 countries over the last two decades. We find higher leverage reduces investment but show the effect varies with risk, as measured by firm time-varying...
Persistent link: https://www.econbiz.de/10014495148
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Firms' capital structure and employment in the aftermath of the 2008-9 financial crisis
Acconcia, Antonio; Fabbri, Daniela; Menichini, Anna Maria - 2023
Persistent link: https://www.econbiz.de/10014420289
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COVID-19 and corporate finance
Pagano, Marco; Zechner, Josef - 2022
Persistent link: https://www.econbiz.de/10013392365
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Fighting for the best, losing with the rest : the perils of competition in entrepreneurial finance
Hernández, Juan; Wills, Daniel - 2024
giving more to all entrepreneurs. In equilibrium, competition for the best entrepreneurs forces intermediaries to offer …. Competition among financial intermediaries always forces them to fund projects with negative expected returns both from a private … scale. The three main features of our framework (competition, adverse selection, and limited liability) are necessary to get …
Persistent link: https://www.econbiz.de/10014537358