Green bonds, as one of the main tools of green finance, have become an important choice of enterprises in green industries. Therefore, it has become an important theoretical and practical hot topic whether to select and what factors affect a choice to issue labeled green bonds for enterprises...

In modern businesses, firms face new challenges of managerial retention in capital budgeting process. We consider a model in which a manager privately observes the capital productivity of a project and has access to multiple outside financing options. We show that if the manager can obtain...

The popular weighted average cost of capital (WACC) approach to capital budgeting implicitly assumes that a project's debt tax shields will always be used by the firm that adopts the project. We show that even a low probability of selling a project in the future to a firm with a different tax...

We examine how legal creditor rights are related to debt financing and corporate investment over the business cycle. Using firm-level data from 40 countries, we find that creditor rights are associated with greater debt financing and investment during economic downturns, but creditor rights have...

This paper investigates the link between corporate debt and investment for a group of five peripheral euro area countries. Using firm-level data from 2005-2014, we postulate a non-linear corporate leverage-investment relationship and derive thresholds beyond which leverage has a negative and...

This paper investigates the impact of firm leverage on its investment activities. Especially, the research is conducted in the context of the Vietnamese emerging market, an incomplete market in South East Asia with the existence of inefficient market problems such as information asymmetry and...

This paper investigates the link between corporate debt and investment for a group of five peripheral euro area countries. Using firm-level data from 2005-2014, we postulate a non-linear corporate leverage-investment relationship and derive thresholds beyond which leverage has a negative and...

Mutual fund risk-taking via active portfolio rebalancing varies both in the crosssection and over time. In this paper, I show that the same is true for funds' off- balance sheet risk-taking, even after controlling for on-balance sheet activities. For this purpose, I propose a novel measure of...

The maintenance of financial liquidity, stability, profitability and the value and investment capabilities of a company as well as the avoidance of financial bottlenecks are the most vital objectives of people in charge of ac ompany, especially in times of crisis. This paper presents the...

Based on a sample of 71,000 balance sheets of Austrian firms during 1989-1996 we can show that higher financing costs of small firms are a consequence of higher risk and larger debt burden of small firms in comparison with large firms. In the empirical analysis we partitioned the data in groups...