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Real options and earnings-based bonus compensation
Huang, Hsing-Hua; Huang, Hongming; Shih, Pai-Ta - In: Journal of Banking & Finance 36 (2012) 8, pp. 2389-2402
and financing decisions, agency costs, optimal debt ratios and credit spreads, as a result of the specific interactions … between the investment and financing decisions. …
Persistent link: https://www.econbiz.de/10010599643
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Do Measures of Financial Constraints Measure Financial Constraints?
Farre-Mensa, Joan; Ljungqvist, Alexander P. - C.E.P.R. Discussion Papers - 2015
Financial constraints are fundamental to empirical research in finance and economics. We propose two novel tests to evaluate how well measures of financial constraints actually capture constraints. We find that firms classified as constrained according to five popular measures do not in fact...
Persistent link: https://www.econbiz.de/10011145461
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Economic and legal advantages to business financing through the issuance of bonds
Sojeva, Diamanta - Volkswirtschaftliche Fakultät, … - 2015
In this paper we treat economic and legal advantages to firms in business financing through the issuance of bonds … businesses and corporations, about the types of financing they use. The objective was to obtain necessary information regarding … the form of business financing in our country. The research shows that the majority of businesses surveyed stated that …
Persistent link: https://www.econbiz.de/10011196664
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Idiosyncratic Shocks and Industry Contagion: Evidence from a Quasi-experiment
Garcia-Appendini, Emilia - School of Finance, Universität St. Gallen - 2014
I analyze whether the higher financing costs following the idiosyncratic bankruptcy or default of one firm affect the … financing costs (“treated firms”) reduce investment by around 10% more than their less vulnerable peers. These results are not …
Persistent link: https://www.econbiz.de/10011202926
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Creditor rights and corporate risk-taking
Acharya, Viral V.; Amihud, Yakov; Litov, Lubomir - National Bureau of Economic Research (NBER) - 2009
We analyze the link between creditor rights and firms' investment policies, proposing that stronger creditor rights in bankruptcy reduce corporate risk-taking. In cross-country analysis, we find that stronger creditor rights induce greater propensity of firms to engage in diversifying...
Persistent link: https://www.econbiz.de/10008628428
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Bankruptcy, Finance Constraints, and the Value of the Firm
Gale, Douglas; Gottardi, Piero - In: American Economic Journal: Microeconomics 3 (2011) 2, pp. 1-37
We study a competitive model in which market incompleteness implies that debt-financed firms may default in some states of nature, and default may lead to the sale of the firms' assets at fire sale prices when a finance constraint is binding. The anticipation of such "losses" alone may distort...
Persistent link: https://www.econbiz.de/10009003470
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Caractéristiques économiques et financières des entreprises en forte croissance.
LEFILLIATRE, D. - In: Bulletin de la Banque de France (2007) 160, pp. 47-59
Pour une entreprise, le maintien d’une croissance soutenue pendant une longue période est délicat. Il suppose, outre des conditions de marché favorables, un pilotage du rythme de développement adapté aux contraintes financières.
Persistent link: https://www.econbiz.de/10009220157
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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
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Investment Busts, Reputation, and the Temptation to Blend in with the Crowd
Grenadier, Steven; Malenko, Andrey; Strebulaev, Ilya A. - National Bureau of Economic Research (NBER) - 2012
We provide a dynamic model of an industry in which agents strategically time liquidation decisions in an effort to protect their reputations. As in traditional models, agents delay liquidation attempting to signal their quality. However, when the industry faces a common shock that...
Persistent link: https://www.econbiz.de/10011188534
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The Impact of the Financial Crisis on Innovation and Growth: Evidence from Technology Research and Development
Alfranseder, Emanuel; Dzhamalova, Valeriia - Knut Wicksells centrum för finansvetenskap, … - 2014
An increasing body of literature discusses how and to which extent the financial crisis of 2007-2009 transmits to the real economy. This paper investigates the impact of the financial crisis of 2007-2009 on corporate investment, in particular research and development (R&D) expenditures. We...
Persistent link: https://www.econbiz.de/10011132253