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A Structural Model with Jump Diffusion Processes
Dao, Thi Thanh Binh - Université Paris-Dauphine (Paris IX) - 2003
In this paper, we extend the framework of Leland’s 94 by examining corporate debt, equity and firm values with jump … values. Our results have the same forms as those of Leland’s 94. However, in both our models, the spreads are modified … significantly in comparison with those of Leland due to jumps’ assumption. …
Persistent link: https://www.econbiz.de/10011073201
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Corporate investment in bank-dependent companies in crisis time
Bukalska, Elżbieta; Skibińska-Fabrowska, Ilona - In: Central European economic journal 10 (2023) 57, pp. 1-22
The aim of this paper is to ascertain corporate investment reaction in bank-dependent companies in times of crisis. Our investigation covers the differences in corporate investment reaction due to the global financial crisis (GFC) of 2007-2009 and the COVID-19 crisis of 2020–2021. We utilized...
Persistent link: https://www.econbiz.de/10013502381
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New Insights on the Importance of Agency Costs for Corporate Debt Maturity Decisions
Ozkan, Aydin - 2009
This study provides new insights on the relationship between corporate debt maturity and agency costs by investigating empirically the impact of managerial ownership and the divergence between control and cash-flow rights on debt maturity. A significant negative effect of managerial ownership on...
Persistent link: https://www.econbiz.de/10013153397
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Surprises of Corporate Governance and Russian Firms Debt
Teplova, Tamara - 2019
Our paper investigates the effects of corporate governance features on the cost of publicly traded debt in the Russian market after the global financial crisis. We consider a wide range of corporate governance mechanisms and focus our analysis on three elements relevant for emerging capital...
Persistent link: https://www.econbiz.de/10012890832
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Impact of COVID-19 on Corporate Debt Structure : Cross Country Evidence
Francis, Bill B. - 2020
We examine the impact of the COVID-19 pandemic on firm borrowing behavior across 31 countries. We exploit the quasi-experimental properties of this pandemic to investigate how national culture, government preparedness, and response to the pandemic affect corporate borrowing and the structure of...
Persistent link: https://www.econbiz.de/10012826571
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Corporate Debt Maturity and Stock Price Crash Risk
Dang, Viet Anh - 2017
We find that firms with a larger proportion of short-term debt have lower future stock price crash risk, consistent with short-term debt lenders playing an effective monitoring role in constraining managers' bad-news-hoarding behavior. The inverse relation between short-maturity debt and future...
Persistent link: https://www.econbiz.de/10012970023
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Bankruptcy Resolution and Credit Cycles
Kornejew, Martin; Lian, Chen; Ma, Yueran; Ottonello, Pablo - National Bureau of Economic Research - 2024
We study how the macroeconomic dynamics following credit cycles vary with business bankruptcy institutions. Using data on bankruptcy efficiency and business credit around the world, we document that business credit booms are followed by severe declines in output, investment, and consumption in...
Persistent link: https://www.econbiz.de/10014576584
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Real Effects of Rollover Risk : Evidence from Hotels in Crisis
DeFusco, Anthony A.; Nathanson, Charles G.; Reher, Michael - National Bureau of Economic Research - 2023
We show how firms scheduled to roll over debt in a crisis strategically reduce operations, regardless of their liquidity constraints. Our research design utilizes contractual features of commercial mortgages that generate as-good-as-random variation in whether debt is scheduled to mature during...
Persistent link: https://www.econbiz.de/10014421189
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Sovereign vs. corporate debt and default : more similar than you think
Gopinath, Gita; Meyer, Josefin; Reinhart, Carmen M.; … - 2024 - This draft: March 2024
Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes to high-yield bonds over the past 20...
Persistent link: https://www.econbiz.de/10015051493
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Progressive Taxation and Corporate Liquidation: Analysis and Policy Implications
Agliardi, Elettra; Agliardi, Rossella - Rimini Centre for Economic Analysis (RCEA) - 2007
This paper contributes to the debate on alternative corporate tax schemes, employing a rigorous real option methodology which has never been used to study both liquidation policy and taxation. Different tax systems are considered, according to whether the tax regime is progressive or flat and...
Persistent link: https://www.econbiz.de/10005091064