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Fresh start or fresh water : the impact of environmental lender liability

Bellon, Aymeric - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015609690

Government arrears and corporate policies : lessons from a natural experiment

Abad, José M.; Bermejo, Vicente J.; Cuñat, Vicente; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015611089

Multinational firms, internal borrowing, and domestic bank loans

Avdiu, Kujtim; Güntner, Jochen; Mayr, Karin; Segalla, … - 2026

We describe a novel mechanism via which multinational enterprises (MNEs) can serve to propagate productivity and credit supply shocks across borders. We augment the costly-state-verification model of Bernanke et al. [1999] with the internal capital market constraint of an MNE to analyze the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612336

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Multinational firms, internal borrowing, and domestic bank loans

Avdiu, Kujtim; Güntner, Jochen; Mayr, Karin; Segalla, … - 2025

Book / Working Paper

Multinational firms, internal borrowing, and domestic bank loans

Avdiu, Kujtim; Güntner, Jochen; Mayr, Karin; Segalla, … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612336

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Multinational firms, internal borrowing, and domestic bank loans

Avdiu, Kujtim; Güntner, Jochen; Mayr, Karin; Segalla, … - 2025

Book / Working Paper

Corporate leverage and geopolitical risks : evidence from Vietnam

Vong, Thinh Nam; Thinh, Bui Tien - 2026

This study investigates the impacts of geopolitical risks on corporate leverage decisions of Vietnamese listed firms from 2017 to 2024. The research findings reveal a negative impact of geopolitical risks on both corporate leverage and short-term leverage. That is, Vietnamese listed firms...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015614154

Firm performance, liquidity and capital structure nexus : evidence from the PMG panel-ARDL approach

Marozva, Godfrey - 2026

Utilising data from the selected companies listed on the Johannesburg Stock Exchange and using the Panel Autoregressive Distributed Lag (ARDL) specifically employing the Pooled Mean Group approach, this study examines the cointegrating and causal relationships among firm liquidity, performance...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015639035

Major customers and firms' reliance on bank debt

Liu, Shiang; Sun, Liang - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015640599

Staffing the private debt boom : skills, talent, and consequences

Ivashina, Victoria; Rotermund, Sophie-Dorothee; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641892

Runs on tokenized debt

Araujo, Luis; Izumi, Ryuichiro; Mattesini, Fabrizio - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641911

Bankruptcy law reform and its impact on firms' borrowing : a South Asian experience

Puri, Swati Kumaria; Fang, Jiali; Wongchoti, Udomsak; … - 2026

With the enactment of the Insolvency and Bankruptcy Code (IBC) in 2016, India reformed and unified its fragmented insolvency frameworks into a single comprehensive law designed to prioritize asset maximization and ensure time-bound resolutions. Through a quasi-experimental setting, we examine...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643181

Beyond carry-trading : new insights into the uses of foreign-denominated bond issuances by Latin American firms

Pérez Artica, Rodrigo; Rabinovich, Joel; Zeolla, … - 2026

Corporate bond issuances originating from developing and emerging market economies have emerged as the primary catalyst for the expansion of global debt following the Global Financial Crisis, Although Asia has dominated this trend, Latin American firms have significantly contributed, emerging as...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015644021

The bank leverage response to tax shield changes

Ward, Felix; Vries, Casper G. de - 2026

Does the preferential tax treatment of debt over equity cause banks to increase their leverage? We construct a novel dataset tracing the evolution of the debt tax shield for banks in advanced economies from 1870 to 2020. Exploiting variation from nearly all changes in banking-sector tax shields...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015644862

Corporate governance characteristics, shareholder dissent and agency cost of debt

Ding, Wenjie; Hemmings, Danial; Hodgkinson, Lynn; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015647421

Contract enforcement and young firm capital structure : a global perspective

Basante, Gonzalo; Simonovska, Ina - 2026

We develop a framework to measure the severity of financial constraints for young firms across countries. Using ORBIS balance-sheet data for 23 economies, we show that short-term leverage rises while long-term leverage falls early in firms' life cycles, with this pattern persisting longer where...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015632173

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Contract Enforcement and Young Firm Capital Structure : A Global Perspective

Basante, Gonzalo; Simonovska, Ina - 2026

Book / Working Paper

Contract Enforcement and Young Firm Capital Structure : A Global Perspective

Basante, Gonzalo; Simonovska, Ina - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626314

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Contract enforcement and young firm capital structure : a global perspective

Basante, Gonzalo; Simonovska, Ina - 2026

Book / Working Paper

Discouraged borrowers and access to finance : evidence from Kenyan SMEs

Cheruiyot, Josea K. - 2026

This paper examines the incidence and determinants of credit rationing and borrower discouragement among Kenyan SMEs using firmlevel data from the 2018 World Bank Enterprise Survey. Only about onequarter of firms report no financing obstacles, while the majority face constraints of varying...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015632547

From theory to debt decisions : evidence on financial literacy among university students

Kovalova, Erika; Durana, Pavol; Zvarikova, Katarina; … - 2026

Financial literacy represents a fundamental competence in contemporary knowledge-based economies, particularly in the context of increasingly complex corporate financing instruments. Insufficient financial literacy may lead to suboptimal debt decisions, inefficient capital structures, and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015633099

Firm-level geopolitical risk and bank debt financing : global evidence

Akyildirim, Erdinc; Colak, Gonul; Gozgor, Giray; Ho, Thang - 2026

This paper constructs a novel firm-level measure of geopolitical risk using textual analysis of 130,061 earnings conference call transcripts and examines its impact on firms' reliance on bank-based financing. Using a panel of 4,692 listed firms across 38 countries over 2005-2024, we find that...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015635459

The impact of internationalisation through export growth on debt financing in construction firms : evidence from the Americas

Bogołębska, Justyna; Gostkowska-Drzewicka, Magdalena; … - 2026

Objective: This study investigates the impact of internationalisation on the indebtedness of construction companies in the Americas. We measured internationalisation as the share of exports in total revenues, reflecting a firm's engagement in cross-border sales. Research Design & Methods: The...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015636927

LBO debt package structuring : from classic syndicated structures to the age of private credit

Zeisberger, Claudia; Kupryte, Ugne; Al Yakub, Muhammed; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667012

The strength of bank-firm ties : how direct and indirect board connections affect debt financing

Kirpishchikov, Dmitry; Zavertiaeva, Marina; Shenkman, … - 2026

This study examines how both direct and indirect links to banks, formed through board members' professional connections, affect a firm's access to debt financing. We develop a Cross-Node Proximity metric that identifies the shortest and strongest path from a firm to a bank via board interlocks,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015666478

Profit shifting via intragroup lending : measuring and comparing the debt structure and interest rate channels

Accoto, Nadia; Daniele, Federica; Della Corte, Valerio - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668410

Debt Overhang and Growth : Firm-Level Heterogeneity in an Emerging Market

Şengül, Aykut; Merter, Abdullah Kürşat - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015672797

Local opioid exposure and corporate debt structure

Gozgor, Giray; Ho, Thang; Li, Jing - 2026 - This version: July 14, 2026

This paper examines how local opioid exposure affects firms' debt structure. Motivated by evidence that the opioid crisis weakens labor supply, impairs human capital, and increases operating uncertainty, we argue that firms exposed to greater local opioid distress rely more heavily on bank debt...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015675115

Issuance yield of MREL-eligible bank debt : a benchmarking model

González Rodríguez, Francisco; Orts Torres, Alberto; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015672711

Firm-level determinants of the cost of debt : new empirical evidence from a bank-based economy

Boumlik, Zouhair; Colot, Olivier; Oulhadj, Badia - 2026

The purpose of this paper is to investigate the firm-level determinants of the cost of debt in a bank-based emerging economy, where debt serves as the primary external financing mechanism, enabling firms to maintain operations, pursue growth opportunities, and ensure long-term financial...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061616

Sustainability-linked debt and ESG executive compensation

Adachi-Sato, Meg; Osano, Hiroshi - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016074191

Data breach notification laws and the cost of private debt

Agarwal, Nishant; Agarwal, Swetha; Chatterjee, Chandrani - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016064268

Locked in, levered up : risk, return, and ruin in DeFi lending

Aspris, Angelo; Svec, Jiri - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016064510

Corporate debt composition, access to credit, and monetary policy

Gulan, Adam; Silvo, Aino - 2026

In both the U.S. and the euro area, the share of market finance in aggregate corporate credit has grown over time. To study the implications of the corporate debt structure for the transmission of monetary policy, we develop a New Keynesian DSGE model in which firms differ in productivity and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015655223

Hidden leverage in nonfinancial corporations

Kallen, Cody - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016083808

The cov-lite liquidity advantage, regulatory pressures, and the evolution of the leveraged loan market

Prilmeier, Robert; Stulz, René M. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016071229

Measurement sensitivity of the determinants of financial flexibility among JSE-listed non-financial firms

Kayiira, Joseph; Moyo, Vusani; Munzhelele, Freddy - 2026

This study examines the sensitivity of empirical findings in financial flexibility research to alternative measurement approaches. Financial flexibility is widely recognised as a critical determinant of corporate financing and investment decisions, yet there is no consensus on its operational...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016087206

The impact of capital structure on the profitability of enterprises in the real sector of the economy

Levaieva, Liudmyla - 2026

The purpose of this study was to determine the impact of capital structure on the profitability and financial stability of enterprises in the real sector of the economy of Ukraine. The study was based on an empirical comparative financial analysis, within which the methods of financial analysis,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016062125

Long-run trends in corporate investment and leverage in the UK : a decomposition

Irastorza-Fadrique, Aitor; Nesheim, Lars; Levell, Peter - 2026

Since the 2008 Global Financial Crisis, the UK has experienced persistently weak productivity and corporate investment alongside a sustained decline in corporate leverage. We use a large annual panel of UK firms drawn from the FAME database to document and decompose these long-run trends over...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016085379

Cross-border discounted cash flow valuation

Dierkes, Stefan; Maeyer, Imke de - 2026

In cross-border discounted cash flow (DCF) valuation, theorists and practitioners face more problems than in national valuation. Although it is indicated in the literature that the value of a firm is independent of the used currency, it is ambiguous whether spot or forward exchange rates should...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016069879

Corporate debt maturity matters for monetary policy

Jungherr, Joachim; Meier, Matthias; Reinelt, Timo; … - 2026

We provide novel empirical evidence that firms’ investment is more responsive to monetary policy when a higher fraction of their debt matures. In a heterogeneous firm New Keynesian model with financial frictions and endogenous debt maturity, two channels explain this finding: (1.) Firms with...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016090351

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Corporate debt maturity matters for monetary policy

Jungherr, Joachim; Meier, Matthias; Reinelt, Timo; … - 2024

Book / Working Paper

Corporate debt maturity matters for monetary policy

Jungherr, Joachim; Meier, Matthias; Reinelt, Timo; … - 2024

Book / Working Paper

External finance premium : market finance versus bank finance

Chiţu, Livia; Gori, Sofia; Gürkaynak, Refet S. - 2026

This paper is the first to simultaneously examine firms' market-based and bank-based external finance premia and investigate the behavior of corporate bond markets in the United States and the euro area, with a focus on country- and state-level heterogeneity in monetary unions. Using a unique...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015650832

Heterogeneity of covenants and corporate financial behaviour

Bontempi, Maria Elena; Bottazzi, Laura - 2026

We view debt covenants as monitoring technologies that differ in intensity and allocation of control rights, thereby shaping corporate financial behaviour. We construct a novel dataset combining Compustat information with covenant data extracted from EDGAR filings through automated Python-based...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016084222

When firms do not take the money and run : evidence from corporate loan moratoria

Perinelli, Giuditta; Grassi, Alberto; Kerwien, Nils - 2026

Suspending loan repayments is a widely used policy tool to provide liquidity during crises. We study the take-up and real effects of the 2020 Austrian corporate debt moratoria, which required banks to temporarily postpone loan repayments for eligible firms. Exploiting a discontinuity in...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016089968

Debt overhang and real firm outcomes

Dunia, Arsène Buzima - 2026

Does debt overhang distort only investment? This paper analyzes the subsequent effects of debt overhang on firm-level outcomes. Using an event study for German firms from 2004 to 2021, we find that, relative to comparable firms in the same industry and year, highly indebted firms do not merely...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016090014

Does the information content and value relevance of trade debt in early-stage firms help in raising external equity?

Barbosa, Luís; Cowling, Marc; Gulamhussen, Mohamed Azzim - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016094284

The integrated Firm-Level Database (IFLD) : a new microdata infrastructure for analysing Austrian firms : structure and first empirical insights for 2021

Elsinger, Helmut; Fessler, Pirmin; Riedl, Aleksandra; … - 2026

The Integrated Firm-Level Database (IFLD) combines administrative and supervisory data on Austrian firms into a unified microdata infrastructure. Its key innovation is that it links previously fragmented information on firm characteristics, financial statements, bank lending, ownership and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016098242

Extreme capital structure and firm performance in emerging economies : the moderating role of liquidity

Ncube, Owen; Marozva, Godfrey - 2026

This study examines the moderating role of liquidity in the relationship between extreme capital structure and firm performance among listed firms in emerging markets. It is motivated by the need to better understand how financing constraints and liquidity management influence firm performance...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016098060