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Corporate investment in the global financial crisis

Jucá, Michele Nascimento; Fishlow, Albert - In: Journal of Business Economics and Management (JBEM) 22 (2021) 3, pp. 636-655

This paper exams the impact of high levels of bank debt, leverage, credit obtained from government banks and cash reserves in the long and short terms investments of firms in the main Latin American countries after this crisis. For this purpose, it is applied a difference-in-differences test in...

Persistent link: https://www.econbiz.de/10015401264

More than connectedness: Heterogeneity of CEO social network and firm value

Fang, Yiwei; Francis, Bill; Hasan, Iftekhar - 2012

This paper examines through various channels the effects of CEO social network heterogeneity on firm value. We … geographical exposures of individuals in the CEO social network. We find that CEO social network heterogeneity leads to higher … Tobin's Q of firms. Greater CEO social network heterogeneity also leads to: (i) more innovation, (ii) more foreign sales …

Persistent link: https://www.econbiz.de/10012148160

Start-up financing in the digital age: A systematic review and comparison of new forms of financing

Klein, Maximilian; Neitzert, Florian; Hartmann-Wendels, … - In: The Journal of Entrepreneurial Finance (JEF) 21 (2019) 2, pp. 46-98

Start-ups are seen as the leading force in dynamically growing economies. Limited financing opportunities often prevent entrepreneurs from realizing their innovative business ideas or taking growth opportunities. However, in the context of the technological revolution, a fundamental change in...

Persistent link: https://www.econbiz.de/10013366706

The Effect of the Global Financial Crisis on Corporate Investment in Korea: From the Perspective of Costly External Finance

Jeong, Dae hee - In: KDI Journal of Economic Policy 37 (2015) 1, pp. 19-44

This paper examines the effect of the global financial crisis on corporate investment in Korea. Specifically, the crisis was considered to have possibly constrained firm-level investment as the negative shock to the credit supply dramatically unfolded. As Duchin et al. (2010) demonstrated, if a...

Persistent link: https://www.econbiz.de/10012034778

The Quest for Stability: The View of Financial Institutions

Blommestein, Hans J.; Hoogduin, Lex H.; Peeters, … - 2010

On September 3-4, 2009 SUERF and Utrecht University School of Economicsorganized the Colloquium "The Quest for Stability" in Utrecht, the Netherlands. The papers included in this SUERF Study are based on contributions to the Colloquium.

Persistent link: https://www.econbiz.de/10011689944

Does it pay to have friends? Social ties and executive appointments in banking

Berger, Allen N.; Kick, Thomas; Koetter, Michael; … - 2011

Social capital theory predicts individuals establish social ties based on homophily, i.e., affinities for similar others. We exploit a unique sample to analyze how similarities and social ties affect career outcomes in banking based on age, education, gender, and employment history to examine if...

Persistent link: https://www.econbiz.de/10010308733

On the Valuation and Analysis of Risky Debt: A Practical Approach Using Rating Migrations

Fischer, Edwin O.; Kampl, Lisa-Maria; Woeckl, Ines - In: Credit and Capital Markets – Kredit und Kapital 56 (2023) 3-4, pp. 287-312

This paper is concerned with the valuation and analysis of risky debt instruments with arbitrary interest and principal payments subject to default risk. We use a discrete risk-neutral present value model with expected payments for risk-neutral investors and risk-free spot rates for the...

Persistent link: https://www.econbiz.de/10015191618

High-yield debt covenants and their real effects

Bräuning, Falk; Ivashina, Victoria; Ozdagli, Ali - 2022

High-yield debt, including leveraged loans, is characterized by incurrence financial covenants, or "cov-lite" provisions. Unlike, traditional, maintenance covenants, incurrence covenants preserve equity control rights but trigger pre-specified restrictions on the borrower's actions once the...

Persistent link: https://www.econbiz.de/10014304776

Bank lending relationships and the use of performance-sensitive debt

Adam, Tim R.; Streitz, Daniel - 2013

We show that performance-sensitive debt (PSD) is used to reduce hold-up problems in repeated lending relationships. Using a large sample of bank loans, we find a more frequent use of PSD if hold-up is more likely, e.g. if a longterm lending relationship exists and the borrower has fewer outside...

Persistent link: https://www.econbiz.de/10010318773

Leasing by small enterprises

Neuberger, Doris; Räthke-Döppner, Solvig - 2012

Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to increase their debt capacity. Beyond contract- and...

Persistent link: https://www.econbiz.de/10010319296