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Optimal financing with tokens
Gryglewicz, Sebastian; Mayer, Simon; Morellec, Erwan - 2019
We develop a model in which a startup firm issues tokens to finance a digital platform, which creates agency conflicts between platform developers and outsiders. We show that token financing is generally preferred to equity financing, unless the platform expects strong cash flows or faces severe...
Persistent link: https://www.econbiz.de/10012179618
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Credit crunches from occasionally binding bank borrowing constraints
Holden, Tom D.; Levine, Paul; Swarbrick, Jonathan M. - 2017
We present a model in which banks and other financial intermediaries face both occasionally binding borrowing constraints, and costs of equity issuance. Near the steady state, these intermediaries can raise equity finance at no cost through retained earnings. However, even moderately large...
Persistent link: https://www.econbiz.de/10011730681
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Liquidity default, liquidity management and smooth dividends policy
Liu, Bo; Xu, Qing; Yang, Jinqiang; Zhang, Shunchen - In: Applied economics 49 (2017) 56, pp. 5728-5739
Persistent link: https://www.econbiz.de/10011845346
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Credit crunches from occasionally binding bank borrowing constraints
Holden, Tom D.; Levine, Paul; Swarbrick, Jonathan M. - 2019
We present a model in which banks and other financial intermediaries face both occasionally binding borrowing constraints, and costs of equity issuance. Near the steady state, these intermediaries can raise equity finance at no cost through retained earnings. However, even moderately large...
Persistent link: https://www.econbiz.de/10011962846
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Investment and dividends under irreversibility and financial constraints
Holt, Richard W. P. - In: Journal of economic dynamics & control 27 (2003) 3, pp. 467-502
Persistent link: https://www.econbiz.de/10001706338
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Asset pricing with borrowing constraints and ex ante heterogeneity
Labadie, Pamela - In: Macroeconomic dynamics 1 (1997) 2, pp. 423-451
Persistent link: https://www.econbiz.de/10001630062
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A simple model of the firm life cycle
Schenk-Hoppé, Klaus Reiner; Schweri, Urs - 2010
The optimal investment-dividend policy of a financially constrained firm whose earnings are subject to additive shocks …
Persistent link: https://www.econbiz.de/10008797762
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Financial Constraints and Dividend Policy
Pathan, Shams - 2014
Using a sample of US listed firms over the 1989-2012 period, we find that financially constrained dividend increasing … performance. Likewise, constrained firms that increase dividends during the financial crisis also deliver post-dividend … reaction to new equity issue announcements following dividend increase but display a positive market response if they …
Persistent link: https://www.econbiz.de/10013063595
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Dividend policy and earnings management : do agency problem and financing constraints matter?
Hussain, Ammar; Akbar, Minhas - In: Borsa Istanbul Review 22 (2022) 5, pp. 839-853
The present study aims to examine the relationship between dividend policy and earnings management by explicitly … from 2009 to 2018. This study uses fixed- and random effect models as econometric techniques. Dividend policy is measured … with dividend yield, payout ratio, large and small dividend payment status. Earnings management is measured with …
Persistent link: https://www.econbiz.de/10013426686
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Analysis of bankruptcy threat for risk management purposes : a model approach
Wieczorek-Kosmala, Monika; Błach, Joanna; Trzęsiok, Joanna - In: International Journal of Financial Studies : open … 6 (2018) 4, pp. 1-17
In previous works, the importance of risk management implementation was addressed with regard to the problem of bankruptcy threat, with the explanation of risk impact on higher bankruptcy costs or the underinvestment problem. However, the evaluation of the impact of risk outcomes is technically...
Persistent link: https://www.econbiz.de/10011963925