Access to finance and the financing terms are important for firms' in-vestments and thus the business cycle developments. Danish non-financial corporations to a large extent finance their non-financial investments internally e.g. via retained earnings. During a business cycle expansion the...

This paper considers how increases in individual banks' capital requirements affect borrowing and growth at the firm-level. Using a novel data set of regulatory injunctions to Danish banks' individual capital requirements, I find evidence that an increase to the minimum capital requirement of a...

I confirm the finding that the propensity to start a new firm rises sharply among those in the top five percentiles of personal wealth. This pattern is more pronounced for entrants in less capital intensive sectors. Prior to entry, founders in this group earn about 6% less compared to those who...

The first essay examines the relationship between publicly and privately traded commercial real estate and macroeconomic risk. To represent publicly traded real estate, I use exchange listed US Real Estate Investment Trusts (REITs), and to proxy for direct and privately traded real estate, I use...

In this paper we report the results from a survey among all publicly listed Nordic firms on their policy decisions concerning their capital structure. We find that more than 60 percent of the companies have rather or relatively flexible debt target, whereas a strict target or no target at all is...

The introduction of the 2006 Norwegian shareholder income tax was announced in advance, and it increased top marginal tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a large panel of non-listed corporations, with a surge of...

The paper examines the relationship between leverage and growth in a group of emerging central and eastern European countries, who are at different levels of financial market development. We hypothesize a non-linear relationship in that moderate leverage could boost growth while very high...

Empirical studies examining the financing decisions of the firm focus exclusively on publicly held firms, not family-controlled firms despite their economic importance. This study investigates the external financing behavior of family-controlled firms, using a comprehensive sample of 777 large...