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Liquidity Management and Corporate Investment During a Financial Crisis

Campello, Murillo - 2010

This paper uses a unique dataset to study how firms managed liquidity during the 2008-09 financial crisis. Our analysis provides new insights on interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how...

Persistent link: https://www.econbiz.de/10013151684

The Real and Financial Implications of Corporate Hedging

Campello, Murillo; Lin, Chen; Ma, Yue; Zou, Hong - National Bureau of Economic Research (NBER) - 2010

We study the implications of hedging for firm financing and investment. We do so using an extensive, hand … loan agreements. These favorable financing terms, in turn, allow hedgers to invest more. Our tests characterize two exact … present shows that hedging has a first-order effect on firm financing and investment, and provides new insights into how …

Persistent link: https://www.econbiz.de/10008765893

Liquidity Mergers

Campello, Murillo; Hackbarth, Dirk; Almeida, Heitor - National Bureau of Economic Research (NBER) - 2011

We study the interplay between corporate liquidity and asset reallocation opportunities. Our model shows that financially distressed firms are acquired by liquid firms in their industries even when there are no operational synergies associated with the merger. We call these transactions...

Persistent link: https://www.econbiz.de/10008804687

Real Assets and Capital Structure

Campello, Murillo - 2013

We characterize the relation between asset structure and capital structure by exploiting variation in the salability of corporate assets. Theory suggests that asset tangibility increases borrowing capacity because it allows creditors to more easily repossess a firm's assets. Tangible assets,...

Persistent link: https://www.econbiz.de/10013095065

Aggregate Risk and the Choice between Cash and Lines of Credit

Acharya, Viral V. - 2012

We model corporate liquidity policy and show that aggregate risk exposure is a key determinant of how firms choose between cash and bank credit lines. Banks create liquidity for firms by pooling their idiosyncratic risks. As a result, firms with high aggregate risk find it costly to get credit...

Persistent link: https://www.econbiz.de/10013102858

The real effects of financial constraints : evidence from a financial crisis

Campello, Murillo; Graham, John R.; Harvey, Campbell R. - In: Journal of financial economics 97 (2010) 3, pp. 470-487

Persistent link: https://www.econbiz.de/10008660522

The real effects of financial constraints : evidence from a financial crisis

Campello, Murillo; Graham, John R.; Harvey, Campbell R. - 2009

"We survey 1,050 CFOs in the U.S., Europe, and Asia to assess whether their firms are credit constrained during the global credit crisis of 2008. We study whether corporate spending plans differ conditional on this measure of financial constraint. Our evidence indicates that constrained firms...

Persistent link: https://www.econbiz.de/10003913441

The Real Effects of Financial Constraints : Evidence from a Financial Crisis

Campello, Murillo - 2009

We survey 1,050 CFOs in the U.S., Europe, and Asia to assess whether their firms are credit constrained during the global credit crisis of 2008. We study whether corporate spending plans differ conditional on this measure of financial constraint. Our evidence indicates that constrained firms...

Persistent link: https://www.econbiz.de/10012463097

The Real Effects of Financial Constraints : Evidence from a Financial Crisis

Campello, Murillo - 2010

Persistent link: https://www.econbiz.de/10013149992

Access to Collateral and the Democratization of Credit : France's Reform of the Napoleonic Code

Aretz, Kevin - 2019

France's Ordonnance 2006-346 repudiated the notion of possessory ownership in the Napoleonic Code, easing the pledge of physical assets in a country where credit was highly concentrated. Using a differences-test strategy, we show that firms operating newly-pledgeable assets significantly...

Persistent link: https://www.econbiz.de/10012903612

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