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Corporate deleveraging and financial flexibility

DeAngelo, Harry; Gonçalves, Andrei S.; Stulz, René M. - 2017

Most firms deleverage from their historical peak market-leverage (ML) ratios to near-zero ML, while also markedly increasing cash balances to high levels. Among 4,476 nonfinancial firms with five or more years of post-peak data, median ML is 0.543 at the peak and 0.026 at the later trough, with...

Persistent link: https://www.econbiz.de/10011969090

Do banking shocks affect borrowing firm performance? : An analysis of the Japanese experience

Kang, Jun-koo; Stulz, René M. - In: The journal of business : B 73 (2000) 1, pp. 1-23

Persistent link: https://www.econbiz.de/10001447167

Are internal capital markets efficient?

Shin, Hyun-Han - In: The quarterly journal of economics 113 (1998) 2, pp. 531-552

Persistent link: https://www.econbiz.de/10001239856

Leverage and cash dynamics

DeAngelo, Harry; Gonçalves, Andrei S.; Stulz, René M. - 2021

This paper documents new and empirically important interactions between cash-balance and leverage dynamics. Cash ratios typically vary widely over extended horizons, with dynamics remarkably similar to (and complementary with) those of capital structure. Leverage and cash dynamics interact...

Persistent link: https://www.econbiz.de/10012584390

How much do banks use credit derivatives to reduce risk?

Minton, Bernadette A. (contributor); … - 2005

Persistent link: https://www.econbiz.de/10003290845

How much do banks use credit derivatives to reduce risk?

Minton, Bernadette A.; Stulz, René M.; Williamson, Rohan - 2005

Persistent link: https://www.econbiz.de/10003125947

How Much Do Banks Use Credit Derivatives to Reduce Risk?

Minton, Bernadette A. - 2010

This paper examines the use of credit derivatives by US bank holding companies from 1999 to 2003 with assets in excess … only 19 large banks out of 345 use credit derivatives. Though few banks use credit derivatives, the assets of these banks … buyers of credit protection and disclose using credit derivatives to hedge loans. Banks are more likely to be net protection …

Persistent link: https://www.econbiz.de/10012762392

Timing, investment opportunities, managerial discretion, and the security issue decision

Jung, Kooyul - In: Journal of financial economics 42 (1996) 2, pp. 159-185

Persistent link: https://www.econbiz.de/10001207480

Corporate deleveraging and financial flexibility

DeAngelo, Harry; Gonçalves, Andrei S.; Stulz, René M. - In: The review of financial studies 31 (2018) 8, pp. 3122-3174

Persistent link: https://www.econbiz.de/10012002018

Corporate deleveraging

DeAngelo, Harry; Gonçalves, Andrei S.; Stulz, René M. - 2016

Persistent link: https://www.econbiz.de/10011574925