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Employee costs of corporate bankruptcy
Graham, John R.; Kim, Hyunseob; Li, Si; Qiu, Jiaping - 2022
approximately 2% of firm value for a firm whose credit rating falls from AA to BBB, comparable to the magnitude of debt tax benefits …
Persistent link: https://www.econbiz.de/10013173238
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A review of taxes and corporate finance
Graham, John R. - 2006
Persistent link: https://www.econbiz.de/10003382336
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Public guarantees, private banks' incentives, and corporate outcomes : evidence from the COVID-19 crisis
Jiménez, Gabriel; Laeven, Luc; Martinez-Miera, David; … - 2024
We show that public guaranteed loans (PGL) increase credit availability improving real effects, but private banks' incentives imply that weaker banks shift riskier corporate loans to taxpayers. We exploit credit register data during the COVID-19 shock in Spain, and a stylized model guides the...
Persistent link: https://www.econbiz.de/10014490453
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Do demand or supply factors drive bank credit, in good and crisis times?
Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - 2017
Persistent link: https://www.econbiz.de/10011686971
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Do demand or supply factors drive bank credit : in good and crisis times?
Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - 2017
Persistent link: https://www.econbiz.de/10011697384
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Market efficiency and limits to arbitrage : evidence from the Volkswagen short squeeze
Allen, Franklin; Haas, Marlene; Nowak, Eric; Tengulov, Angel - 2018
On October 26, 2008, Porsche announced a largely unexpected domination plan for Volkswagen. The resulting short squeeze in Volkswagen's stock briefly made it the most valuable listed company in the world. We argue that this was a manipulation designed to save Porsche from insolvency and the...
Persistent link: https://www.econbiz.de/10011875647
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Stakeholder governance, competition and firm value
Allen, Franklin; Carletti, Elena; Marquez, Robert - 2014
In many countries, the legal system or social norms ensure that firms are stakeholder oriented. We analyze the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers compared to shareholder-oriented firms in a model of imperfect competition....
Persistent link: https://www.econbiz.de/10010249637
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Education and credit: a Matthew effect
Delēs, Manthos D.; Deli, Yota D.; Peydró, José-Luis; … - 2022
Using a unique corporate loans dataset for entrepreneurs with small and microenterprises, this paper examines how educational attainment affects bank credit decisions and subsequent individual and firm outcomes. Our results highlight a "Matthew Effect," where an initial advantage is...
Persistent link: https://www.econbiz.de/10013191364
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Comparative financial systems : a survey
Allen, Franklin (contributor); Gale, Douglas (contributor) - 2001 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001584507
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Financial distress in the Great Depression
Graham, John R.; Hazarika, Sonali; Narasimhan, … - 2011
rating agencies. We also document for the first time that firms responded to tax incentives to use debt during the Depression … era, but that the extra debt used in response to this tax-driven "debt bias" did not contribute significantly to the … 1928 to 1938. We find that firms with more debt and lower bond ratings in 1928 became financially distressed more …
Persistent link: https://www.econbiz.de/10009308335