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Monetary Policy and Intangible Investment
Döttling, Robin - 2020
We document that intangible investment responds less to monetary policy compared to tangible investment. Likewise …, monetary policy has a smaller effect on the total investment and stock prices of firms with more intangible assets. This novel …
Persistent link: https://www.econbiz.de/10012832841
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Credit Channel and Investment Behavior in Austria : A Micro-Econometric Approach
Valderrama, Maria Teresa - 2021
accelerator specification of investment demand augmented by the liquidity ratio and a firm specific user cost of capital. The … significant for young firms due mainly to the fact that young firms rely more heavily on sales to increase investment. In general … it is found that firms can reduce the sensivity of investment to their liquidity position by building lending …
Persistent link: https://www.econbiz.de/10013320263
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Leaning against the wind : debt financing in the face of adversity
Brennan, Michael J.; Kraft, Holger - 2015
We offer evidence of a new stylized feature of corporate financing decisions: the tendency of managers to rely more on debt financing when earnings prospects are poor. We term this 'leaning against the wind' and consider three possible explanations: market timing, precautionary financing, and...
Persistent link: https://www.econbiz.de/10011434790
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Time Inconsistency and Financial Covenants
Xiang, Haotian - 2020
Financial covenants influence firm behavior by state-contingently allocating decision rights. I develop a quantitative model with long-term debt where shareholders cannot commit to not dilute existing lenders with new debt issuances and risky investments. Lenders intervene upon covenant...
Persistent link: https://www.econbiz.de/10012851043
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Trade Credit, Demand Shocks, and Liquidity Management
Maksimovic, Vojislav; Yook, Youngsuk - 2022
more constrained relative to their investment needs, do not provide additional liquidity to their suppliers, and increase …
Persistent link: https://www.econbiz.de/10014235769
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Monetary Surprises, Debt Structure and Credit Misallocation
Chen, Yuchen - 2021
's investment sensitivity to interest rate risk: firms with higher loan share reduce investment more aggressively when interest rate …
Persistent link: https://www.econbiz.de/10013238994
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Leaning against the wind : debt financing in the face of adversity
Brennan, Michael J.; Kraft, Holger - 2016
We offer evidence of a new stylized feature of corporate financing decisions: the tendency of managers to rely more on debt financing when earnings prospects are poor. We term this 'leaning against the wind' and consider three possible explanations: market timing, precautionary financing, and...
Persistent link: https://www.econbiz.de/10012061872
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Leverage, investment, and optimal monetary policy
Occhino, Filippo; Pescatori, Andrea - In: The B.E. journal of macroeconomics 14 (2014) 1, pp. 511-531
Persistent link: https://www.econbiz.de/10010475501
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Debt maturity heterogeneity and investment responses to monetary policy
Deng, Minjie; Fang, Min - 2021 - This version: October 2, 2021
Persistent link: https://www.econbiz.de/10012703079
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Corporate leverage and the effects of monetary policy on investment : a reconciliation of micro and macro elasticities
Grob, Valentin; Züllig, Gabriel - 2024
We investigate how the level of corporate leverage affects firms' investment response to monetary policy shocks. Based … investment demand more strongly after a contractionary shock, the price of capital declines sharply, which incentivizes all firms … regardless of their leverage to invest relatively more, muting the aggregate decline of investment. We provide empirical evidence …
Persistent link: https://www.econbiz.de/10015062881