منابع مشابه
Overvalued Equity and Financing Decisions
We test whether equity overvaluation affects corporate financing decisions using an ex ante misvaluation measure that filters firm scale and growth prospects from market price. We find that equity issuance and total financing by firms increase with equity overvaluation; but only among overvalued stocks. Also consistent with behavioral theories, we find that the sensitivity of equity issuance to...
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We study the influence of a major reform in financial reporting regulation on financing decisions. Across a battery of tests, we document an increase in the issuance of external financing around the new regime. Further, firms make different financing decisions around the new regulation depending on their ex-ante debt capacity, allowing them to adjust their capital structure. Our results are acc...
متن کاملImperfect Competition, Agency, and Financing Decisions∗
We examine in a Cournot duopoly model the well known view that short-term capital market debt can control managerial moral hazard. We show that short-term debt does not provide this discipline because of management’s manipulation of the information flow to the market. Shareholders may nevertheless prefer short-term debt because it motivates management to be more aggressive in the product market...
متن کاملFinancing Constraints, Export Decisions, and Aggregate productivity
We develop a dynamic industry model with heterogeneous firms and we analyse how financing frictions affect export decisions and industry equilibrium. We show that, in the presence of costly bankruptcy, future expected financing frictions have a strong impact on current export decisions. We use this model to analyse firm dynamics in a sector that opens up to trade. We show that future expected f...
متن کاملFinancing from Family and Friends∗
We present two models in which a family investor differs from a non-family investor only in that she has an altruistic relationship with the entrepreneur who seeks financing. We show that because of this single difference, family finance is a source of trust capital whereas formal finance is a source of risk capital. Both deepen the financial market. Family finance has two drawbacks: Risk remai...
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ژورنال
عنوان ژورنال: European Financial Management
سال: 2011
ISSN: 1354-7798
DOI: 10.1111/j.1468-036x.2011.00631.x