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The Aggregate Dynamics of Capital Structure and Macroeconomic Risk

Harjoat S. Bhamra, Lars-Alexander Kuehn and Ilya A. Strebulaev.

in The Review of Financial Studies

December 2010; p ublished online September 2010 .

Journal Article. Subjects: Money and Interest Rates; Economics; Corporate Governance; Bankruptcy. 23516 words.

We study the impact of time-varying macroeconomic conditions on optimal dynamic capital structure for a cross-section of firms. Our structural-equilibrium framework embeds a...

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Anomalies

Erica X. N. Li, Dmitry Livdan and Lu Zhang.

in The Review of Financial Studies

November 2009; p ublished online April 2009 .

Journal Article. Subjects: Production and Organizations; Intertemporal Choice and Growth; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Money and Interest Rates; Economics; Corporate Governance. 14635 words.

We take a simple q-theory model and ask how well it can explain external financing anomalies, both qualitatively and quantitatively. Our central insight is that optimal investment is an...

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Can Changes in the Cost of Carry Explain the Dynamics of Corporate “Cash” Holdings?

José A. Azar, Jean-François Kagy and Martin C. Schmalz.

in The Review of Financial Studies

August 2016; p ublished online April 2016 .

Journal Article. Subjects: Corporate Governance; Money and Interest Rates. 18617 words.

Firms until recently were effectively constrained to hold liquid assets in non-interest-bearing accounts. As a result, the cost of capital of firms’ liquid-assets portfolios exceeded the...

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Corporate limited liability and the financial liabilities of firms

Jan Toporowski.

in Cambridge Journal of Economics

September 2010; p ublished online November 2009 .

Journal Article. Subjects: Corporate Governance; Insurance; Money and Interest Rates. 4823 words.

This paper examines the recent proposal to eliminate the limited liability of company owners, in the context of the overall composition of the financial liabilities of firms. The...

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Crises, Volatility, and Growth

Enisse Kharroubi.

in The World Bank Economic Review

October 2007; p ublished online October 2007 .

Journal Article. Subjects: Money and Interest Rates; Corporate Governance; Economic Development. 8242 words.

How do volatility and liquidity crises affect growth? When credit is constrained, a bias toward short-term debt can arise in financing long-term investments, generating maturity mismatches...

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Do Measures of Financial Constraints Measure Financial Constraints?

Joan Farre-Mensa and Alexander Ljungqvist.

in The Review of Financial Studies

February 2016; p ublished online September 2015 .

Journal Article. Subjects: Economics; Corporate Governance; Bankruptcy; Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Entrepreneurship. 17614 words.

Financial constraints are fundamental to empirical research in finance and economics. We propose two tests to evaluate how well measures of financial constraints actually capture...

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Does Credit Crunch Investment Down? New Evidence on the Real Effects of the Bank-Lending Channel

Federico Cingano, Francesco Manaresi and Enrico Sette.

in The Review of Financial Studies

October 2016; p ublished online June 2016 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Money and Interest Rates; Economics; Banking; Corporate Governance. 17177 words.

We quantify the real effects of the bank-lending channel exploiting the dramatic liquidity drought in interbank markets that followed the 2007 financial crisis as a source of variation in...

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Economic performance, creditor protection, and labour inflexibility

Felipe Balmaceda and Ronald Fischer.

in Oxford Economic Papers

July 2010; p ublished online October 2009 .

Journal Article. Subjects: Financial Markets; Corporate Regulation; Money and Interest Rates. 10171 words.

We present a static general equilibrium model of an open economy where agents are heterogeneous in terms of observable wealth and there are endogenous credit constraints due to imperfect...

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Failures on the market and market failures: a complementary currency for bankruptcy procedures

Massimo Amato and Luca Fantacci.

in Cambridge Journal of Economics

September 2016; p ublished online July 2016 .

Journal Article. Subjects: General Aggregative Models; Money and Interest Rates; Bankruptcy. 10316 words.

One of the most widespread implications of the Great Financial Crisis has been the increase in bankruptcies across advanced economies. The traditional approach to the problem of...

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Financial Firm Bankruptcy and Contagion

Jean Helwege and Gaiyan Zhang.

in Review of Finance

July 2016; p ublished online October 2015 .

Journal Article. Subjects: Banking; Investment Banking; Financial Regulation; Corporate Governance; Bankruptcy; Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 18538 words.

The Lehman bankruptcy highlights the potential for interconnectedness to cause negative externalities through counterparty contagion, but the externalities may also arise from information...

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