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Macroeconomics: Consumption, Saving, Production, Employment, and Investment x Corporate Governance 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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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...

The revenge of the market on the rentiers.

José Gabriel Palma.

in Cambridge Journal of Economics

July 2009; p ublished online July 2009 .

Journal Article. Subjects: International Economics; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Economic Development; International Relations and International Political Economy; Economic Growth and Aggregate Productivity; International Finance; History of Financial Markets and Institutions; Financial Institutions and Services; Corporate Governance. 19819 words.

Starting from the perspective of heterodox Keynesian–Minskyian–Kindlebergian financial economics, this paper begins by highlighting a number of mechanisms that contributed to the current...

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Risk-averse firms and employment dynamics

M. Ali Choudhary and Paul Levine.

in Oxford Economic Papers

July 2010; p ublished online November 2009 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Corporate Governance. 7426 words.

In a turnover-training model, where firms fix high wages to lower worker turnover, we find that high risk-aversion in firms speeds up the adjustment process of unemployment to its natural...

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A synthetic, stock–flow consistent macroeconomic model of ‘financialisation’

Till van Treeck.

in Cambridge Journal of Economics

May 2009; p ublished online November 2008 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Corporate Governance. 10131 words.

This article is centred around the notions of shareholder value orientation and financialisation. Shareholder value orientation is reflected by a high dividend payout ratio applied by firms...

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Treating Measurement Error in Tobin's q

Timothy Erickson and Toni M. Whited.

in The Review of Financial Studies

April 2012; p ublished online November 2011 .

Journal Article. Subjects: Econometric and Statistical Methods and Methodology: General; Single Equation Models; Single Variables; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Corporate Governance. 20492 words.

We compare the ability of three measurement error remedies to deliver unbiased estimates of coefficients in investment regressions. We examine high-order moment estimators, dynamic panel...

What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia

Paul Mizen and Serafeim Tsoukas.

in Oxford Economic Papers

January 2014; p ublished online March 2013 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Corporate Governance; International Finance. 10289 words.

This paper investigates bond market development in Asia by exploring the determinants of firms’ decisions to issue public debt in a range of Asian economies. Using a novel database covering...

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Which Firms Follow the Market? An Analysis of Corporate Investment Decisions

Tor-Erik Bakke and Toni M. Whited.

in The Review of Financial Studies

May 2010; p ublished online January 2010 .

Journal Article. Subjects: Corporate Governance; Macroeconomics: Consumption, Saving, Production, Employment, and Investment. 17948 words.

We test whether stock market mispricing or private investor information in stock prices affects corporate investment. We develop an econometric methodology that disentangles stock-price...