Showing 171 - 180 of 274
We examine how firms respond to domestic demand shocks using the large and unanticipated shock to government spending in European periphery countries during the 2010-2011 sovereign debt crisis. We find that firms with higher ex-ante exposure to government procurement contracts significantly...
Persistent link: https://www.econbiz.de/10013492244
We propose forecasting separately the three components of stock market returns: the dividend-price ratio, earnings growth, and price-earnings ratio growth - the sum-of-the-parts (SOP) method. Our method exploits the different time-series persistence of the components and obtains out-of-sample...
Persistent link: https://www.econbiz.de/10013139206
We show that corporate use of long-term debt has decreased in the U.S. over the past three decades and that this trend is heterogeneous across firms. The median percentage of debt maturing in more than three years decreased from 53% in 1976 to 6% in 2008 for the smallest firms, but did not...
Persistent link: https://www.econbiz.de/10013116269
Bank's proprietary desks and hedge funds have similar investment styles, goals and dynamics. We apply bank related factors, trend following strategies, and active managers benchmarks in order to understand the style and especially the dynamics of banks proprietary trading desks decisions. We...
Persistent link: https://www.econbiz.de/10013122567
In this research paper we examine the determinants of capital structure using a large panel of firms from 31 countries, all with different legal systems and different levels of investor protection. Our results confirm that institutional variables play an important role in a firm's capital...
Persistent link: https://www.econbiz.de/10013098512
We show that corporate use of long-term debt has decreased in the U.S. over the past three decades and that this trend is heterogeneous across firms. The median percentage of debt maturing in more than three years decreased from 53% in 1976 to 6% in 2008 for the smallest firms, but did not...
Persistent link: https://www.econbiz.de/10013104839
We examine the effects of FinTech lending on firm policies using proprietary data on loan applications and loans granted from a peer-to-business platform. We find that FinTech serves high quality and creditworthy small businesses who already have access to bank credit. Firms access FinTech to...
Persistent link: https://www.econbiz.de/10014238723
We show that climate transition risks can significantly disrupt supply chain networks. Specifically, suppliers affected by the California cap-and-trade program are more likely to lose customer relationships and less likely to form new ones compared to their competitors unaffected by the program....
Persistent link: https://www.econbiz.de/10015324125
Persistent link: https://www.econbiz.de/10015162789
We estimate the economic impact of climate change by exploiting variation in local temperature across suppliers of the same client. We find that suppliers experiencing a 1°C increase in average daily temperature decrease their sales by 2%. The effect is more pronounced among suppliers in...
Persistent link: https://www.econbiz.de/10013216336