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Macroeconomics: Consumption, Saving, Production, Employment, and Investment x Corporate Governance x Social Sciences x clear all

Aggregate Implications of Corporate Debt Choices

Nicolas Crouzet.

in The Review of Economic Studies

July 2018; p ublished online October 2017 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Banking; Bankruptcy. 27798 words.

Abstract

This article studies the transmission of financial shocks in a model where corporate credit is intermediated via both banks and bond markets. In...

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...

The demands of finance and the glass ceiling of profit without investment

Laurent Cordonnier and Franck Van de Velde.

in Cambridge Journal of Economics

May 2015; p ublished online December 2014 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Corporate Governance. 7448 words.

In post-Keynesian recent works the ‘profit without investment’ case has made its appearance as a particular accumulation regime, one claiming along with two others (the contractive and the...

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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...

Does internal finance matter for R&D? New evidence from a panel of Italian firms

Elisa Ughetto.

in Cambridge Journal of Economics

November 2008; p ublished online April 2008 .

Journal Article. Subjects: Technological Change; Research and Development; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Corporate Governance. 8904 words.

This paper investigates the relationship between finance and R&D for a panel of more than 1000 Italian manufacturing firms. While Italian firms obtain a significant share of their financing...

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Dynamic Investment, Capital Structure, and Debt Overhang

Suresh Sundaresan, Neng Wang and Jinqiang Yang.

in The Review of Corporate Finance Studies

March 2015; p ublished online December 2014 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Economics; Corporate Governance. 21040 words.

We develop a dynamic contingent-claim framework to model S. Myers’s idea that a firm is a collection of growth options and assets in place. The firm’s composition between assets in place...

Entrepreneurial Finance and Nondiversifiable Risk

Hui Chen, Jianjun Miao and Neng Wang.

in The Review of Financial Studies

December 2010; p ublished online November 2010 .

Journal Article. Subjects: Economics; Corporate Governance; Macroeconomics: Consumption, Saving, Production, Employment, and Investment. 17930 words.

We develop a dynamic incomplete-markets model of entrepreneurial firms, and demonstrate the implications of nondiversifiable risks for entrepreneurs' interdependent consumption, portfolio...

Financialisation and capital accumulation in the non-financial corporate sector:

Özgür Orhangazi.

in Cambridge Journal of Economics

November 2008; p ublished online April 2008 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Financial Institutions and Services; Production and Organizations; Corporate Governance. 10622 words.

I discuss the impact of financialisation on real capital accumulation in the US. Using data from a sample of non-financial corporations from 1973 to 2003, I find a negative relationship...

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How Q and Cash Flow Affect Investment without Frictions: An Analytic Explanation

Andrew B. Abel and Janice C. Eberly.

in The Review of Economic Studies

October 2011; p ublished online March 2011 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Corporate Governance. 9999 words.

We derive a closed-form solution for Tobin's Q in a stochastic dynamic framework. We show analytically that investment is positively related to Tobin's Q and cash flow, even in the absence...

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Interest Rates, Irreversibility, and Backward-Bending Investment

Raj Chetty.

in The Review of Economic Studies

January 2007; p ublished online January 2007 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Corporate Governance. 11136 words.

This paper studies the effect of interest rates on investment in an environment where firms make irreversible investments with uncertain pay-offs. In this setting, changes in the interest...

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