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Post-1990 periods. First, I find that a monetary shock and an NBER recession shock differently affect firms' short …-term financing behavior. During recent periods, after a contractionary monetary shock, large firms increase their short-term debt … more than small firms, whereas after an NBER recession shock, large firms decrease most balance sheet variables (including …
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We investigate the association between earnings management and internal control weaknesses as well as the association between earnings management and firm size. We use two samples: one from large accelerated filers, matched with the same number of firms with strong internal control, and the...
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This paper investigates how cross-sectional micro-uncertainty influences the investment of small and large firms and discusses the aggregate implications of the heterogeneity in their investment decisions. Empirically, we find that large firms show less investment decline in times of heightened...
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where they change their financial behavior in response to any macroeconomic shock. In addition, we report differences among …
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