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Security Issue Timing : What Do Managers Know, and When Do They Know it?
Jenter, Dirk - 2009
We study put option sales undertaken by corporations during their repurchase programs. Put sales' main theoretical motivation is market timing, providing an excellent framework for studying whether security issues reflect managers' ability to identify mispricing. Our evidence is that these bets...
Persistent link: https://www.econbiz.de/10012767216
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Should Derivatives Be Privileged in Bankruptcy?
Bolton, Patrick - 2011
stay on debt and collateral collection that applies to virtually all other claims. We propose a simple corporate finance …
Persistent link: https://www.econbiz.de/10013118249
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Do Regulations Based on Credit Ratings Affect a Firm's Cost of Capital?
Kisgen, Darren J. - 2010
In February 2003, the SEC officially certified a fourth credit rating agency, Dominion Bond Rating Service (quot;DBRSquot;), for use in bond investment regulations. After DBRS certification, bond yields change in the direction implied by the firm's DBRS rating relative to its ratings from other...
Persistent link: https://www.econbiz.de/10012757538
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A Note on Liquidity Risk Management
Brunnermeier, Markus Konrad - 2010
When a firm is unable to roll over its debt, it may have to seek more expensive sources of financing or even liquidate its assets. This paper provides a normative analysis of minimizing such rollover risk, through the optimal dynamic choice of the maturity structure of debt. The objective of a...
Persistent link: https://www.econbiz.de/10012757874
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Costly External Finance : Implications for Capital Markets Anomalies
Li, Dongmei - 2010
this prediction, we document that the asset growth, external finance, and accrual anomalies in the cross-section of stock …
Persistent link: https://www.econbiz.de/10012758357
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A Gap-Filling Theory of Corporate Debt Maturity Choice
Greenwood, Robin - 2010
We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government debt. We document that when the government funds...
Persistent link: https://www.econbiz.de/10012759211
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The Continental Dollar : What Happened to it after 1779?
Grubb, Farley Ward - 2010
, they became worthless and were forgotten. They had no impact on subsequent public finance. The veracity of the last part of …
Persistent link: https://www.econbiz.de/10012759559
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Why Has the U.S. Financial Sector Grown so Much? The Role of Corporate Finance
Philippon, Thomas - 2010
The share of finance in U.S. GDP has been multiplied by more than three over the postwar period. I argue, using … evidence and theory, that corporate finance is a key factor behind this evolution. Inside the finance industry, credit … intermediation and corporate finance are more important than globalization, increased trading, or the development of mutual funds for …
Persistent link: https://www.econbiz.de/10012759810
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Investment and the Cost of Capital : New Evidence from the Corporate Bond Market
Gilchrist, Simon - 2010
marginal cost of external finance as determined in the market for long-term corporate debt. Our results imply a robust and …
Persistent link: https://www.econbiz.de/10012760048
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Financing Development : The Role of Information Costs
Greenwood, Jeremy - 2010
perfectly efficient competitive equilibrium. A numerical example suggests that finance is important for growth …
Persistent link: https://www.econbiz.de/10012760093