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Access to capital, investment, and the financial crisis
Kahle, Kathleen M.; Stulz, René M. - In: Journal of financial economics 110 (2013) 2, pp. 280-299
Persistent link: https://www.econbiz.de/10010208681
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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
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Fundamentals, market timing, and seasoned equity offerings
DeAngelo, Harry; DeAngelo, Linda; Stulz, René M. - 2007
Firms conduct SEOs to resolve a near-term liquidity squeeze, and not primarily to exploit market timing opportunities. Without the SEO proceeds, 62.6% of issuers would have insufficient cash to implement their chosen operating and non-SEO financing decisions the year after the SEO. Although the...
Persistent link: https://www.econbiz.de/10003512588
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Fundamentals, market timing, and seasoned equity offerings
DeAngelo, Harry (contributor); DeAngelo, Linda (contributor) - 2007
Persistent link: https://www.econbiz.de/10003526400
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Fundamentals, Market Timing, and Seasoned Equity Offerings
DeAngelo, Harry - 2007
Firms conduct SEOs to resolve a near-term liquidity squeeze, and not primarily to exploit market timing opportunities. Without the SEO proceeds, 62.6% of issuers would have insufficient cash to implement their chosen operating and non-SEO financing decisions the year after the SEO. Although the...
Persistent link: https://www.econbiz.de/10012465366
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Fundamentals, Market Timing, and Seasoned Equity Offerings
DeAngelo, Harry - 2007
Firms conduct SEOs to resolve a near-term liquidity squeeze, and not primarily to exploit market timing opportunities. Without the SEO proceeds, 62.6% of issuers would have insufficient cash to implement their chosen operating and non-SEO financing decisions the year after the SEO. Although the...
Persistent link: https://www.econbiz.de/10012776447
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Financial policies and the financial crisis : how important was the systemic credit contraction for industrial corporations?
Kahle, Kathleen M.; Stulz, René M. - 2010 - This version: August 2010
"Although firm financial policies were affected by a credit contraction during the recent financial crisis, the impact … of increased uncertainty and decreased growth opportunities was stronger than that of the credit contraction per se. From …-grade non-financial firms show no evidence of suffering from an exceptional systemic credit contraction. Instead of decreasing …
Persistent link: https://www.econbiz.de/10003995104
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Financial policies, investment, and the financial crisis : impaired credit channel or diminished demand for capital?
Kahle, Kathleen M.; Stulz, René M. - 2011
Persistent link: https://www.econbiz.de/10008906646
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Financial policies and the financial crisis : how important was the systemic credit contraction for industrial corporations?
Kahle, Kathleen M.; Stulz, René M. - 2010
Persistent link: https://www.econbiz.de/10008656688
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Financial Policies and the Financial Crisis : How Important Was the Systemic Credit Contraction for Industrial Corporations?
Kahle, Kathleen M. - 2010
Although firm financial policies were affected by a credit contraction during the recent financial crisis, the impact … of increased uncertainty and decreased growth opportunities was stronger than that of the credit contraction per se. From …-grade non-financial firms show no evidence of suffering from an exceptional systemic credit contraction. Instead of decreasing …
Persistent link: https://www.econbiz.de/10012462347