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Persistent link: https://www.econbiz.de/10010207751
We develop a dynamic model with time variation in external equity financing costs and show that variation in these costs is important for the model to quantitatively capture the joint dynamics of firms' asset prices, real quantities, and financial flows in the U.S. economy. Growth firms and high...
Persistent link: https://www.econbiz.de/10010353303
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The ability of corporations to raise external equity finance varies with macroeconomic conditions, suggesting that the cost of equity issuance is time-varying. Using cross sectional data on U.S. publicly traded firms, we construct an empirical proxy of an aggregate shock to the cost of equity...
Persistent link: https://www.econbiz.de/10013052506
Persistent link: https://www.econbiz.de/10012108122
The ability of corporations to raise external equity finance varies with macroeconomic conditions, suggesting that the cost of equity issuance is time-varying. Using cross sectional data on U.S. publicly traded firms, we construct an empirical proxy of an aggregate shock to the cost of equity...
Persistent link: https://www.econbiz.de/10012458455
I identify a "slope"' factor in the cross section of commodity futures returns. Low-basis commodity futures have higher loadings on this factor than high-basis commodity futures. This slope factor and a level factor -- an index of commodity futures -- jointly explain most of the average excess...
Persistent link: https://www.econbiz.de/10014044741
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