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

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...

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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Leasing, Ability to Repossess, and Debt Capacity

Andrea L. Eisfeldt and Adriano A. Rampini.

in The Review of Financial Studies

April 2009; p ublished online March 2008 .

Journal Article. Subjects: Production and Organizations; Intertemporal Choice and Growth; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Corporate Governance; Bankruptcy. 18522 words.

This paper studies the financing role of leasing and secured lending. We argue that the benefit of leasing is that repossession of a leased asset is easier than foreclosure on the...

Optimal Executive Compensation when Firm Size Follows Geometric Brownian Motion

Zhiguo He.

in The Review of Financial Studies

February 2009; p ublished online April 2008 .

Journal Article. Subjects: Corporate Governance; Information, Knowledge, and Uncertainy; Macroeconomics: Consumption, Saving, Production, Employment, and Investment. 18004 words.

This paper studies a continuous-time agency model in which the agent controls the drift of the geometric Brownian motion firm size. The changing firm size generates partial incentives,...

Policy Uncertainty and Corporate Investment

Huseyin Gulen and Mihai Ion.

in The Review of Financial Studies

March 2016; p ublished online September 2015 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Financial Regulation; Corporate Governance; Corporate Regulation. 17098 words.

Using a news-based index of policy uncertainty, we document a strong negative relationship between firm-level capital investment and the aggregate level of uncertainty associated with...

Resource Allocation within Firms and Financial Market Dislocation: Evidence from Diversified Conglomerates

Gregor Matvos and Amit Seru.

in The Review of Financial Studies

April 2014; p ublished online February 2014 .

Journal Article. Subjects: Intertemporal Choice and Growth; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Economics; Corporate Governance; Firm Objectives, Organization, and Behaviour. 21150 words.

We argue and demonstrate that resource allocation within firms' internal capital markets provides an important force countervailing financial market dislocation. We estimate a structural...