Showing 1 - 10 of 4,229
This article examines the impact of the divergence between corporate insiders' control rights and cash-flow rights on firms' external finance constraints via generalized method of moments estimation of an investment Euler equation. Using a large sample of U.S. firms during the 1994–2002...
Persistent link: https://www.econbiz.de/10013133658
and instrumental variables. Our findings suggest that credit constraints, both in bank financing and other financing (e …
Persistent link: https://www.econbiz.de/10011792068
There are noticeable differences between the roles that various forms of credit financing play in family businesses and … these differences in financing choices? Do family businesses tend to use shorter-term, more expensive sources of financing … econometric approach to these issues is to study the financing behaviour and creditworthiness. For both of these aspects, we …
Persistent link: https://www.econbiz.de/10008901888
We outline analytically that when testing different implied cost of capital (ICC) measures for validation by employing the Vuolteenaho (2002) framework, the cash-flow news in the validation framework should be defined in a way that considers the model specific assumed sequence of future cash...
Persistent link: https://www.econbiz.de/10014349898
This paper discusses the two-sided relationship between political risks of international activities and a company's financial structure. In addition to earlier studies, looking at political risk exposures as predictors of financial structure only, the analyses explicitly take into consideration...
Persistent link: https://www.econbiz.de/10013160296
In this paper, we explore the link between SME investment, firm economic characteristics, and the presence of financing … obtained show the presence of financing constraints. We find evidence of both internal and external finance constraints …
Persistent link: https://www.econbiz.de/10012510299
We investigate how intangible capital in form of intellectual property, such as patents, might mitigate financing … this mechanism of patents in financing further R&D is not new, we are the first to provide a treatment effects study of …
Persistent link: https://www.econbiz.de/10013346735
This paper examines local bias in the context of venture capital (VC) investments. Based on a sample of US VC investments between 1980 and June 2009, we find more reputable VCs (older, larger, more experienced, and with stronger IPO track record) and VCs with broader networks exhibit less local...
Persistent link: https://www.econbiz.de/10013155051
This paper provides a compact summary of the evidence on capital structure instability and a case-based exploratory investigation of sources of such instability. Substantial instability in capital structure is the norm at publicly held nonfinancial firms. Firm-specific episodes of leverage...
Persistent link: https://www.econbiz.de/10012962774
Does borrowing diversity (i.e., borrowing via a larger number of debt types) affect how firms respond to an exogenous credit supply shock? To answer this question I use the recent 2007-2009 credit crisis as a negative exogenous credit supply shock to U.S. non-financial companies. Applying a...
Persistent link: https://www.econbiz.de/10012856852