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Microeconometric evidence of financing frictions and innovative activity

Tiwari, Amaresh K.; Mohnen, Pierre A.; Palm, Franz C.; … - 2014

Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics, and R&D slows down. In the absence of financial...

Persistent link: https://www.econbiz.de/10010249680

Leverage and firm value

Pratt, William R.; Barboza, Gustavo A.; Brigida, Matthew - In: Economic notes 52 (2023) 2, pp. 1-23

Persistent link: https://www.econbiz.de/10014289694

Deleveraging commonality

Hu, Conghui; Liu, Yu-jane; Zhu, Ning N. - In: Journal of financial markets 53 (2021), pp. 1-17

Persistent link: https://www.econbiz.de/10013271964

Macroeconomic variables, leverage, stock returns and stock return volatility

Marozva, Godfrey; Magwedere, Margaret Rutendo - In: Acta Universitatis Danubius / Oeconomica 13 (2017) 4, pp. 237-260

Persistent link: https://www.econbiz.de/10012137022

Levered returns and capital structure imbalances

Ippolito, Filippo; Steri, Roberto; Tebaldi, Claudio - 2017

We revisit the relation between equity returns and financial leverage through the lens of a trade-off model with costly … returns depend on whether a firm's leverage is above or below its target leverage. The data support the model predictions …. Controlling for leverage, overlevered (underlevered) firms earn higher (lower) returns. Controlling for target leverage the …

Persistent link: https://www.econbiz.de/10011899835

Company cost of capital and leverage : a simplified textbook relationship revisited

Haag, Valentin Georg; Koziol, Christian - In: Schmalenbach journal of business research : SBUR 75 (2023) 1, pp. 37-69

In this paper, we revisit a frequently employed simplification within the WACC approach that company cost of capital kV is supposed to be invariant to the debt ratio and therefore equal to the unlevered cost kU . Even though we know from Miles and Ezzell (1980) that kV formally differs from kU ,...

Persistent link: https://www.econbiz.de/10014325747

Levered returns and capital structure imbalances

Ippolito, Filippo; Steri, Roberto; Tebaldi, Claudio; … - 2022

We revisit the relation between equity returns and financial leverage through the lens of a dynamic trade-off model …'s leverage is above or below its target leverage. We provide empirical evidence in support of the model predictions. Controlling … for leverage, overlevered (underlevered) firms earn higher (lower) returns. A quantitative version of our model reproduces …

Persistent link: https://www.econbiz.de/10013375176