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A Practitioners' Guide to Leverage Through Downturns

Ruben, Joshua - 2021

There is extensive research addressing questions of optimal capital structure. Studies typically focus on estimating the appropriate level of debt and the factors associated with financial leverage. This paper addresses a slightly different question: how does a company's choice of leverage...

Persistent link: https://www.econbiz.de/10013230083

European Banks’ Profitability and Sentimental Cycle

Anastasiou, Dimitrios; Giannoulakis, Stelios; … - 2022

economic sentiment on European banks’ profitability during the 1995–2019 period. We find that a greater shock in economic … sentiment leads to a persistent and gradually amplified stimulation of banks’ profitability. Our findings extend previous … evidence on the determinants of bank profitability and have important policy implications. First, macroprudential policymakers …

Persistent link: https://www.econbiz.de/10014238975

Credit Allocation and Macroeconomic Fluctuations

Mueller, Karsten; Verner, Emil - National Bureau of Economic Research - 2023

We study the relationship between credit expansions, macroeconomic fluctuations, and financial crises using a novel database on the sectoral distribution of private credit for 117 countries since 1940. We document that, during credit booms, credit flows disproportionately to the non-tradable...

Persistent link: https://www.econbiz.de/10014322807

The Impact of Working Capital Management on Firm Profitability in Different Business Cycles : Evidence from Finland

Enqvist, Julius - 2013

examine the role of business cycles on the working capital-profitability relationship using a sample of Finnish listed … companies over an 18 year period. We find the impact of business cycle on the working capital-profitability relationship is more …

Persistent link: https://www.econbiz.de/10013093652

Working capital management through the business cycle : evidence from the corporate sector in Poland

Mielcarz, Paweł; Osiichuk, Dmytro; Wnuczak, Paweł - In: Contemporary economics 12 (2018) 2, pp. 223-236

the Polish corporate sector. By exploring the interrelation between working capital investment and profitability ratios … turmoil. The paper highlights the importance of working capital management for optimizing a firm’s profitability. Research …

Persistent link: https://www.econbiz.de/10011889586

Leveraging and risk taking within the German banking system : evidence from the financial crisis in 2007 and 2008

Schmielewski, Frank - 2012

The present study is centered primarily on determining whether the German banking system is to be characterized by procyclical behavior from 2000 to 2011 and to what extent specific sectors of the German banking system showed significant balance sheet operations to increase their leverage within...

Persistent link: https://www.econbiz.de/10009419529

Rationing of Bank Credit to Small Businesses : Evidence from the Great Recession

Montoriol-Garriga, Judit - 2012

We develop a model of bank lending that allows for credit rationing in equilibrium. Recognizing that small firms incur a higher percentage cost of monitoring than large firms, the model shows that the incidence of bank credit rationing rises more for small firms than for large firms during...

Persistent link: https://www.econbiz.de/10013107543

Procyclical Behavior of Institutional Investors During the Recent Financial Crisis : Causes, Impacts, and Challenges

Papaioannou, Michael G. - 2013

This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discusses the implications of procyclical behavior; and (iv) proposes a...

Persistent link: https://www.econbiz.de/10013074694

Which CSR Activities Are More Consequential? Evidence From the Great Recession

Sakunasingha, Benjalux - 2018

We exploit the Great Recession of 2008 to study how firms view corporate social responsibility (CSR). When confronted with an adverse exogenous shock, firms are forced to prioritize. Our results show that, during the Great Recession, firms do not lessen their overall CSR investments, suggesting...

Persistent link: https://www.econbiz.de/10012926643

Managers vs. Regulators : Post-Enron Regulation and the Great Recession

Hannes, Sharon - 2017

Combating managerial opportunism is a difficult task. Managers do not tend to sit idle when facing a regulatory attempt to restrict their activities. They often seek ways to circumvent the regulation or new, alternative avenues for enriching themselves. This Article uncovers one recent and...

Persistent link: https://www.econbiz.de/10012964820

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