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Internal Finance and Investment : Evidence from the Undistributed Profits Tax of 1936-1937

Calomiris, Charles W.; Hubbard, R. Glenn - 2021

investment to internal funds could be detected for firms with higher dividend payout and lower surtax liability. In addition …

Persistent link: https://www.econbiz.de/10013212356

Dividends as Reference Points : A Behavioral Signaling Approach

Baker, Malcolm - 2012

We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss … of the same level next period. The model is consistent with several features of the data, including equilibrium dividend … policies similar to a Lintner partial-adjustment model; modal dividend changes of zero; stronger market reactions to dividend …

Persistent link: https://www.econbiz.de/10013103531

Organizational Scope and Investment : Evidence from the Drug Development Strategies and Performance of Biopharmaceutical Firms

Guedj, Ilan - 2014

This paper compares the clinical trial strategies and performance of large, established (quot;maturequot;) biopharmaceutical firms to those of smaller (quot;early stagequot;) firms that have not yet successfully developed a drug. We study a sample of 235 cancer drug candidates that entered...

Persistent link: https://www.econbiz.de/10012752635

Leverage Over the Life Cycle and Implications for Firm Growth and Shock Responsiveness

Dinlersoz, Emin Murat - 2018

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 Database...

Persistent link: https://www.econbiz.de/10012908468

"Loans for Shares" Revisited

Treisman, Daniel - 2010

The "loans for shares" scheme of 1995-6--in which a handful of well-connected businessmen bought stakes in major Russian companies--is widely considered a scandal that slowed subsequent Russian economic growth. Fifteen years later, I reexamine the details of the program. In light of evidence...

Persistent link: https://www.econbiz.de/10013146519

Private Equity and Employment

Davis, Steven J. - 2014

Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, we construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments before and after acquisition,...

Persistent link: https://www.econbiz.de/10013067389

Financial Distress in the Great Depression

Graham, John R. - 2015

We use firm-level data to study corporate performance during the Great Depression era for all industrial firms on the NYSE. Our goal is to identify the factors that contribute to business insolvency and valuation changes during the period 1928 to 1938. We find that firms with more debt and lower...

Persistent link: https://www.econbiz.de/10013037628

Costs of Air Quality Regulation

Becker, Randy A.; Henderson, J. Vernon - 2021

This paper explores some costs associated with environmental regulation. We focus on regulation pertaining to ground-level ozone (O3) and its effects on two manufacturing industries -- industrial organic chemicals (SIC 2865-9) and miscellaneous plastic products (SIC 308). Both are major emitters...

Persistent link: https://www.econbiz.de/10013222902

Chemical Fertilizer and Migration in China

Ebenstein, Avraham Y. - 2011

This paper examines a possible connection between China's massive rural to urban migration and high chemical fertilizer use rates during the late 1980s and 1990s. Using panel data on villages in rural China (1987-2002), we find that labor out-migration and fertilizer use per hectare are...

Persistent link: https://www.econbiz.de/10013122186

Implications for Energy Innovation from the Chemical Industry

Arora, Ashish - 2014

The history of innovation in the chemical industry offers many insights for accelerating energy innovation. In this chapter, we begin by laying out the early history of the chemical industry for an overview of the role innovation has played in its development. We then explore three noteworthy...

Persistent link: https://www.econbiz.de/10013070355