Search Results - subject:"ﬁnancial constraints"

Financial distress of companies and cash flow-investment-sensitivity : evidence from panel of non-financial firms

Haque, Abdul; Abid, Ammar; Qamar, Muhammad Ali Jibran; … - In: International journal of economic sciences : IJES 8 (2019) 1, pp. 52-67

Persistent link: https://www.econbiz.de/10012033261

Leverage over the firm life cycle, firm growth, and aggregate fluctuations

Dinlersoz, Emin Murat; Kalemli-Ozcan, Sebnem; Hyatt, … - 2019

We study the leverage of U.S. firms over their life cycles and the connection between firm leverage, firm growth, and aggregate shocks. We construct a new dataset that combines private and public firms’ balance sheets with firm-level data from U.S. Census Bureau’s Longitudinal Business...

Persistent link: https://www.econbiz.de/10012063843

What firms don't like about bank loans : new evidence from survey data

Kolev, Atanas; Maurin, Laurent; Ségol, Matthieu - 2019

We use the association between non-financial firms and their banks, an information available in the European Investment Bank Investment Survey (EIBIS), to disentangle the effects of borrowers' and lenders' financial weakness on the satisfaction with the loan contracted. The dataset matches...

Persistent link: https://www.econbiz.de/10012098322

Real effects of climate policy : financial constraints and spillovers

Bartram, Söhnke M.; Hou, Kewei; Kim, Sehoon - 2019

We document that localized policies aimed at mitigating climate risk can have unintended consequences due to regulatory arbitrage by firms. Using a difference-in-differences framework to study the impact of the California cap-and-trade program with US plant level data, we show that financially...

Persistent link: https://www.econbiz.de/10012101825

The role of financial conditions in portfolio choices : the case of insurers

Ge, Shan; Weisbach, Michael S. - 2019

Many institutional investors depend on the returns they generate to fund their operations and liabilities. How do these investors' financial conditions affect the management of their portfolios? We address this issue using the insurance industry because insurers are large investors for which...

Persistent link: https://www.econbiz.de/10012104637

Listing advantages around the world

Ueda, Kenichi; Sharma, Somnath - 2019

Persistent link: https://www.econbiz.de/10012164703

Local capital scarcity and small firm growth : evidence from real estate booms in China

Hau, Harald; Ouyang, Difei - 2019

In geographically segmented credit markets, local real estate booms can deteriorate the funding conditions for small manufacturing firms and undermine their competitiveness. Using exogenous variation in the administrative land supply across 172 Chinese cities, we show that higher predicted real...

Persistent link: https://www.econbiz.de/10012120233

A macroeconomic model with heterogeneous and financially-constrained intermediaries

Lejeune, Thomas; Wouters, Rafael - 2019

This paper analyses the risk amplification inherent in a macroeconomic model with a heterogeneous financial sector. It extends a model with an equity-constrained intermediary by adding a shadow banking intermediary with pro-cyclical leverage. It is shown that the inclusion of this intermediary...

Persistent link: https://www.econbiz.de/10011981623

Optimal financing with tokens

Gryglewicz, Sebastian; Mayer, Simon; Morellec, Erwan - 2019

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...

Persistent link: https://www.econbiz.de/10012179618

The impact of financial constraints on the convertible bond announcement returns

Chang, Chong-Chuo; Kam, Tai-Yung; Chien, Chih-Chung; … - In: Economies : open access journal 7 (2019) 2/32, pp. 1-9

As of now, very few research studies have examined the effects of financial constraints on the short- and long … funds through the issue of convertible bonds (due to financial constraints), positively affecting the performance of … companies. The results indicate that financial constraints have no effect on short-term performance, but did have a …

Persistent link: https://www.econbiz.de/10012021691