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Using a sample of US listed firms over the 1989–2012 period, we find that financially constrained dividend … performance. Likewise, constrained firms that increase dividends during the financial crisis also deliver inferior post-dividend … to new equity issue announcements following dividend increase, but display a positive market response if they potentially …
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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 …
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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...
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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...
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