We analyze jointly optimal carbon pricing and leverage regulation in a model with financial constraints and endogenous … climate-related transition and physical risks. The socially optimal emissions tax is below the Pigouvian benchmark (equal to … physical climate risks have a substantial impact on collateral values. Additionally introducing leverage regulation can be …

We study the leverage of U.S. firms over their life cycles and the connection between firm leverage, firm growth, and ….S. Census Bureau’s Longitudinal Business Database for the period 2005–12. Public and private firms exhibit different leverage … dynamics over their life cycles. Firm age and size are systematically related to leverage for private firms but not for public …

This paper examines the effect of short selling on corporate tax avoidance. We propose a financial constraint view … deregulation of short-sales reduces firms' cash effective tax rates and effective tax rates by 11.8% and 21.1%, respectively. This …-sale deregulation indeed increases the cost of equity capital of Chinese listed firms. These results suggest that tax avoidance helps to …

firms value additional debt capacity due to increased ability of repossessing assets, I find that the effect concentrates on …

voluntary use of the regime to a mandatory use increase debt issuance and investment in tangible assets, and reduce the level of … discussion about difficulties in obtaining debt financing. At the same time, they report higher difficulties obtaining external …

We analyze jointly optimal carbon pricing and leverage regulation in a model with financial constraints and endogenous … climate-related transition and physical risks. The socially optimal emissions tax is below the Pigouvian benchmark (equal to … physical climate risks have a substantial impact on collateral values. Additionally introducing leverage regulation can be …