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Bacchetta, Philippe; Benhima, Kenza; Poilly, Céline - C.E.P.R. Discussion Papers - 2014

In the aftermath of the U.S. financial crisis, both a sharp drop in employment and a surge in corporate cash have been observed. In this paper, based on U.S. data, we document that the negative relationship between the corporate cash ratio and employment is systematic, both over time and across...

Persistent link: https://www.econbiz.de/10011145443

Business Cycles in Emerging Economies: The Role of Interest Rates

Neumeyer, Pablo Andrés; Perri, Fabrizio - C.E.P.R. Discussion Papers - 2004

We find that in a sample of emerging economies business cycles are more volatile than in developed ones, real interest rates are countercyclical and lead the cycle, consumption is more volatile than output and net exports are strongly countercyclical. We present a model of a small open economy,...

Persistent link: https://www.econbiz.de/10005656244

Poultry in Motion: A Study of International Trade Finance Practices

Antràs, Pol; Foley, C. Fritz - C.E.P.R. Discussion Papers - 2011

This paper analyzes the financing terms that support international trade and sheds light on how and why these arrangements affect trade. Using detailed transaction level data from a U.S. based exporter of frozen and refrigerated food products, primarily poultry, it begins by describing broad...

Persistent link: https://www.econbiz.de/10009131674

When Does Strategic Debt Service Matter?

Acharya, Viral V; Huang, Jing-Zhi; Subrahmanyam, Marti G.; … - C.E.P.R. Discussion Papers - 2002

Recent work has suggested that strategic underperformance of debt-service obligations by equity holders can resolve the gap between observed yield spreads and those generated by Merton-style models. We show that this is not quite correct. The value of the option to underperform on debt-service...

Persistent link: https://www.econbiz.de/10005136417

Corporate Liquidity

Dittmar, Amy; Mahrt-Smith, Jan; Servaes, Henri - C.E.P.R. Discussion Papers - 2002

Agency problems are an important determinant of corporate liquidity. For a sample of more than 11,000 firms from 45 countries, we find that corporations in countries where shareholders rights are not well protected hold up to twice as much cash as corporations in countries with good shareholder...

Persistent link: https://www.econbiz.de/10005498063

Oil Prices, Profits, and Recessions: An Inquiry Using Terrorism as an Instrumental Variable

Chen, Natalie; Graham, Liam; Oswald, Andrew - C.E.P.R. Discussion Papers - 2008

effects upon profitability. We test for weak instruments and check sub-sample robustness. Our findings seem to lend support to …

Persistent link: https://www.econbiz.de/10005498032

Price Competition, Innovation and Profitability: Theory and UK Evidence

Symeonidis, George - C.E.P.R. Discussion Papers - 2001

This Paper examines the effect of price competition on innovation, market structure and profitability in R … counts and profitability over 1952-77. The econometric results suggest that the introduction of restrictive practices …&D-intensive manufacturing industries, while it caused a significant rise in concentration in these industries. In the short run profitability …

Persistent link: https://www.econbiz.de/10005666839

An Applied Econometrician's View of Large Company Performance

Geroski, Paul A - C.E.P.R. Discussion Papers - 1998

This paper contains a brief survey of recent empirical work on the performance of large companies. It tries to pull together the literature in the form of six stylized facts, illustrating them with data drawn from a single sample. The paper concludes by highlighting the issues which are thrown...

Persistent link: https://www.econbiz.de/10005789166

Stock Valuation and Learning about Profitability

Pástor, Luboš; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2002

We develop a simple approach to valuing stocks in the presence of learning about average profitability. The market …-to-book ratio (M/B) increases with uncertainty about average profitability, especially for firms that pay no dividends. M/B is … returns. Firm profitability has become more volatile recently, helping explain the puzzling increase in average idiosyncratic …

Persistent link: https://www.econbiz.de/10005791675

Minimum Wages and Firm Profitability

Draca, Mirko; Machin, Steve; Van Reenen, John - C.E.P.R. Discussion Papers - 2006

other aspects of firm behaviour. In this paper we consider the impact of minimum wages on firm profitability by exploiting … firm profitability was significantly reduced (and wages significantly raised) by the minimum wage introduction. This … residential care homes, and a second on firms across all sectors). Interestingly, we find no evidence that the profitability …

Persistent link: https://www.econbiz.de/10005124436