Search Results - subject:": Financial constraints"

Is Bank Debt Special for the Transmission of Monetary Policy? Evidence from the Stock Market

Ippolito, Filippo; Ozdagli, Ali; Perez Orive, Ander - C.E.P.R. Discussion Papers - 2013

We combine existing balance sheet and stock market data with two new datasets to study whether, how much, and why bank lending to firms matters for the transmission of monetary policy. The first new dataset enables us to quantify the bank dependence of firms precisely, as the ratio of bank debt...

Persistent link: https://www.econbiz.de/10011083693

Financial Constraints and Moral Hazard: The Case of Franchising

Fan, Ying; Kühn, Kai-Uwe; Lafontaine, Francine - C.E.P.R. Discussion Papers - 2013

Financial constraints are an important impediment to the growth of small businesses. We study theoretically and … empirically how the financial constraints of agents affect their decisions to exert effort, and, hence the organizational …

Persistent link: https://www.econbiz.de/10011084668

An empirical analysis of zero-leverage firms: New evidence from the UK

Dang, Viet Anh - In: International Review of Financial Analysis 30 (2013) C, pp. 189-202

leverage as a consequence of financial constraints or because of a strategic decision to mitigate underinvestment incentives … different motives for eschewing debt. Firms in the second group (non-payers) have zero leverage mainly due to financial … constraints. Firms in the first group (payers) deliberately eschew debt to mitigate investment distortions, as predicted by the …

Persistent link: https://www.econbiz.de/10010730279

Inventory investment and financial constraints in the Italian manufacturing industry: A panel data GMM approach

Sangalli, Ilaria - In: Research in Economics 67 (2013) 2, pp. 157-178

–2009 recessionary shock, whose effects are investigated for the first time by a paper addressing the inventory investment–financial … constraints subject. Alternative hypothesis for the proposed results have been tested on data. Firms were found to rely on …

Persistent link: https://www.econbiz.de/10010875385

The Market for "Rough Diamonds": Information, Finance and Wage Inequality

Theodore, Koutmeridis - Scottish Institute for Research in Economics (SIRE) - 2013

credit constraints. In particular, I show that when financial constraints relax, talented individuals can acquire education …

Persistent link: https://www.econbiz.de/10010877143

Corporate Investments in Asian Emerging Markets: Financial Conditions, Financial Development, and Financial Constraints

Wang, Jianxin; Gochoco-Bautista, Maria Socorro; … - Economics and Research Department, Asian Development Bank - 2013

Motivated by the literature on the finance–growth nexus, this paper explores the mechanisms through which finance affects corporate investments and capital accumulation. We separate the effects of financial conditions from those of financial development. Based on a sample of firms from five...

Persistent link: https://www.econbiz.de/10010840955

Is Bank Debt Special for the Transmission of Monetary Policy? Evidence from the Stock Market

Ippolito, Filippo; Ozdagli, Ali K.; Perez, Ander - Barcelona Graduate School of Economics (Barcelona GSE) - 2013

Persistent link: https://www.econbiz.de/10010851324

Do stock prices influence corporate decisions? Evidence from the technology bubble

Campello, Murillo; Graham, John R. - In: Journal of Financial Economics 107 (2013) 1, pp. 89-110

We study the capital investment, stock issuance, and cash savings behavior of non-tech manufacturers (old economy firms) during the 1990s technology bubble. Our empirical results show that high stock prices affect corporate policies because they relax financing constraints. During the tech...

Persistent link: https://www.econbiz.de/10011039239

Liquidity and firm investment: Evidence for Latin America

Muñoz, Francisco - In: Journal of Empirical Finance 20 (2013) C, pp. 18-29

issue shares, and it is also greater for firms with tighter financial constraints and better investment opportunities. This …

Persistent link: https://www.econbiz.de/10011042111

Monetary policy and regional availability of debt financing

Massa, Massimo; Zhang, Lei - In: Journal of Monetary Economics 60 (2013) 4, pp. 439-458

The relative availability of bond and bank financing should affect the firm's external financing and investment decisions. We define a measure that proxies for the regional borrowing inflexibility to substitute between bank and bond financing: “debt inflexibility”. Debt inflexibility tilts...

Persistent link: https://www.econbiz.de/10011042863