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Medium-term investment responses to activity shocks : the role of corporate debt
Barrela, Rodrigo; López-García, Paloma; Setzer, Ralph - 2022
This paper analyses the implications of corporate indebtedness for investment following large economic shocks. The … suggest that investment of high-debt firms is significantly depressed for an extended period in the aftermath of economic …% higher than that of firms with lower debt burdens. The negative impact of high debt on investment is most evident for firms …
Persistent link: https://www.econbiz.de/10013448723
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Leverage Shocks : Firm-Level Evidence on Debt Overhang and Investment
Cevik, Serhan; Miryugin, Fedor - 2021
-pronged approach to investigate the relationship between corporate leverage and fixed investment spending. The empirical analysis …
Persistent link: https://www.econbiz.de/10013250075
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Debt Covenants and Capital Structure : Evidence from an Exogenous Shock to Debt Capacity
Cohen, Moshe - 2012
This paper empirically examines how debt covenants impact the capital structure choices of firms, by utilizing an exogenous accounting based shock to the distance to covenant violation. We find that, on average, the shock to debt capacity had a positive impact on the debt choices of all treated...
Persistent link: https://www.econbiz.de/10013114176
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Medium-Term Investment Responses to Activity Shocks : The Role of Corporate Debt
Barrela, Rodrigo; López-García, Paloma; Setzer, Ralph - 2022
This paper analyses the implications of corporate indebtedness for investment following large economic shocks. The … suggest that investment of high-debt firms is significantly depressed for an extended period in the aftermath of economic …% higher than that of firms with lower debt burdens. The negative impact of high debt on investment is most evident for firms …
Persistent link: https://www.econbiz.de/10014238400
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Leverage shocks : firm-level evidence on debt overhang and investment
Cevik, Serhan; Miryugin, Fedor - In: Review of economics 73 (2022) 1, pp. 79-101
Persistent link: https://www.econbiz.de/10013188344
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Business Cycle Dynamics and Optimal Leverage
Immenkötter, Philipp - 2014
This paper explores theoretically and empirically the link between macroeconomic risk and corporate financing policies. In a structural trade-off model of tax benefits and default costs, I introduce EBIT growth and volatility rates that depend on the business cycle. The model shows that leverage...
Persistent link: https://www.econbiz.de/10013069306
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Insolvency and debt overhang following the COVID-19 outbreak : assessment of risks and policy responses
Demmou, Lilas; Calligaris, Sara; Franco, Guido; … - 2020
investment, it examines the potential impact of higher debt levels on investment during the recovery. Against this background …
Persistent link: https://www.econbiz.de/10012421296
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Leverage shocks : firm-level evidence on debt overhang and investment
Cevik, Serhan; Miryugin, Fedor - 2020
-pronged approach to investigate the relationship between corporate leverage and fixed investment spending. The empirical analysis …
Persistent link: https://www.econbiz.de/10012486107
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Is corporate indebtedness a drag on investment after financial shocks?
Yarba, İbrahim - 2022
Persistent link: https://www.econbiz.de/10013368701
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Leverage over the firm life cycle, firm growth, and aggregate fluctuations
Dinlersoz, Emin Murat; Kalemli-Ozcan, Sebnem; Hyatt, … - 2019
We study the leverage of U.S. firms over their life cycles and the connection between firm leverage, firm growth, and aggregate shocks. We construct a new dataset that combines private and public firms’ balance sheets with firm-level data from U.S. Census Bureau’s Longitudinal Business...
Persistent link: https://www.econbiz.de/10012063843