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Following the adoption of state laws that increase firing costs, there is an immediate and persistent 30% reduction in both total mergers and acquisitions (M&A) dollar volume and average M&A size as well as an immediate increase in withdrawn deals. Firing costs do not affect M&A announcement...
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We document a negative relation between abnormal temperature and quality of life in the U.S. since 1990. Cross-state and (within state-year) county-level comparisons both indicate that the temperature-quality of life relation is more positive in states adopting more stringent environmental...
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Municipal bond markets begin pricing sea level rise (SLR) exposure risk in 2013, coinciding with upward revisions to worst-case SLR projections and accompanying uncertainty around these projections. The effect is larger for long-maturity bonds and is not solely driven by near-term flood risk. We...
Persistent link: https://www.econbiz.de/10013462708
Despite widespread interest in the key role that venture capital plays in financing young, high-tech firms, little is known about the relative performance of venture-backed firms over the long-run. Using data from the U.S. high-tech sector, this paper examines the performance and financing of...
Persistent link: https://www.econbiz.de/10009156263
Capital surcharges on global systemically important banks (GSIBs) decrease lending to firms but do not have any real effects. Banks subject to higher surcharges reduce loan commitments relative to other banks. In response to surcharges, GSIBs also lower their estimates of firm risk. Firms' total...
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Using loan-level municipal bank lending data, we examine the debt structure of municipalities and its response to exogenous income shocks. We show that small, more indebted, low-income, and medium credit quality counties are particularly reliant on private bank financing. Low income counties are...
Persistent link: https://www.econbiz.de/10011803813