ratio of non-financial firms after 2008. We study the effects of this policy on the firms' investment decisions and the … generates a severe debt-overhang problem. We show that the swap can reduce leverage, promote investment and lower the agency …

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them …

financed? We discuss conceptual, methodological and governance issues raised in the context of infrastructure investment …

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them …

in certain circumstances. Debt leads to the same level of flexibility acquired by an unlevered firm. However, investment …

How does product life cycle affect investment and financing? To answer this question, we structurally estimate a …, investment and financing, and has materially important valuation effects. In particular, we show that product introductions and … capital investment act as complements and that product dynamics induce stronger precautionary savings motives. Our estimates …

We examine firms' simultaneous choice of investment, debt financing and liquidity in a large sample of US corporates … affect the corporate decisions of unconstrained firms more strongly than those of constrained firms. Investment-cash flow … sensitivities are particularly intense for unconstrained firms with high hedging needs. Investment opportunities (as proxied by Q …

The paper investigates the impact of foreign currency lending in the Hungarian corporate sector on real investment … cost and easing liquidity constraints – contributed to larger investment before the crisis. The second question focuses on … investment rate for firms with foreign currency loans. We try to separate and measure both the competitiveness and balance sheet …