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Financing Constraints, Product Market Competition, and Business Cycle Sensitivity

Pontuch, Peter - 2012

We analyze the interactions between financing constraints and product market competition. Financially constrained firms … competition. Market valuations do not take into account these differences in fundamental risk. Unconstrained firms in competitive …

Persistent link: https://www.econbiz.de/10013115214

Accelerability vs. Scalability : R&D Investment under Financial Constraints and Competition

Lin, Danmo - 2023

I develop a continuous-time model to examine how the interaction between competition and financial constraints affects …

Persistent link: https://www.econbiz.de/10014350038

A simple model of the firm life cycle

Schenk-Hoppé, Klaus Reiner; Schweri, Urs - 2010

The optimal investment-dividend policy of a financially constrained firm whose earnings are subject to additive shocks is shown to exhibit several stylized economic and financial features of the firm life cycle which usually require considerably more complex models. This parsimonious model...

Persistent link: https://www.econbiz.de/10008797762

Bank Shocks, Financial Constraints, and Targeting Behavior : Evidence from Credit Supply Fluctuations

Shikimi, Masayo - 2019

This study investigates whether fluctuations in credit supply in a macroeconomy and a relational bank's financial condition affect the capital structure adjustment of firms. Using data for Japanese listed firms from 1988 to 2014, we find that firms adjust their capital structure slower during...

Persistent link: https://www.econbiz.de/10012890523

Firm cyclicality and financial frictions

Clymo, Alex; Rozsypal, Filip - 2023

Firms' sensitivities to business cycles differ by size and age. The differences are large: "young and small firms" are more cyclical than large firms, whereas "old and small" firms are closer to acyclical. A heterogeneous-firm model with heterogeneous returns to scale can replicate these...

Persistent link: https://www.econbiz.de/10014288919

Liquidity, Innovation, and Endogenous Growth

Malamud, Semyon - 2016

We study optimal liquidity management, innovation, and production decisions for a continuum of firms facing financing frictions and the threat of creative destruction. We show that financing constraints lead firms to decrease production but may spur investment in innovation (R&D). We...

Persistent link: https://www.econbiz.de/10012988600

Credit frictions, selection into external finance, and gains from trade

Unger, Florian - 2019

This paper analyzes the effects of credit frictions in a trade model where heterogeneous firms select both into exporting and into two types of external finance. In our framework, small producers face stronger credit frictions, pay a higher borrowing rate and rely on bank finance, whereas large...

Persistent link: https://www.econbiz.de/10012016063

Firm Product Scope, Oligopolistic Competition, and the Business Cycle : Evidence and Theory

Guo, Diyue - 2020

decomposition is shown in a model featuring heterogeneous multiproduct firms, oligopolistic competition and free firm entry. When …

Persistent link: https://www.econbiz.de/10012828434

Corporate Hedging, Financial Distress, and Product Market Competition

Zhu, Margaret Rui - 2011

The paper investigates the relationship between corporate hedging and product market competition. Using a broad sample … the market share loss of constrained unhedged firms is due to increased competition in the product market. Furthermore, I …

Persistent link: https://www.econbiz.de/10013128617

Competition and R&D Financing : Evidence from the Biopharmaceutical Industry

Thakor, Richard T. - 2018

What is the interaction between competition, R&D investments, and the financing choices of R&D-intensive firms …? Motivated by existing theories, we hypothesize that as competition increases, R&D-intensive firms will: (1) increase R … industries, as well as heterogeneity within the biopharma industry, in response to an exogenous change in competition. We also …

Persistent link: https://www.econbiz.de/10012937531

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