نتایج جستجو برای: financing constraints

تعداد نتایج: 201594  

Journal: :Review of Financial Economics 2014

Journal: :Journal of Financial Economics 2021

Which financial frictions drive firms’ financing constraints? We structurally estimate dynamic firm models embedding many frictions, on panels of public firms and private firms. focus limited enforcement, moral hazard, trade-off assess which rationalize best observed corporate policies across various samples. Our tests, based empirical policy function benchmarks, favor for larger firms, commitm...

Journal: :Brookings Papers on Economic Activity 1988

Journal: :International Tax and Public Finance 2012

Journal: :Journal of Monetary Economics 2012

2016
Michi NISHIHARA Takashi SHIBATA

This paper investigates the interactions between preemptive competition and leverage. We find that the second mover always leaves the duopoly market before the first mover, although the leader may exit before the follower’s entry. We also see the leverage effects of debt financing increasing firm values and accelerating investment, even in the presence of preemptive competition. In addition to ...

2013
Robert Marquez

We analyze optimal financial contracts when the specificity of investments is endogenous. Specialization decreases the liquidation value of assets, but improves the asset’s long-term productivity. While the former is known to make financing more difficult, we show that the latter can ease financing constraints and increase financing capacity by improving an entrepreneur’s incentive to repay. Th...

2012
Anna O. Ilyina Roberto M. Samaniego

In a multi-industry growth model, firms require external funds to conduct productivityenhancing R&D, and face financing constraints. The cost of research differs across industries, so that financing constraints hinder productivity growth in some industries more than in others. Equilibrium industry dynamics map into a differences-indifferences regression specification where industry growth depen...

2010
Ferran Sancho

We show that standard expenditure multipliers capture economy-wide effects of new government projects only when financing constraints are not binding. In actual policy making, however, new projects usually need financing. Under liquidity constraints, new projects are subject to two opposite effects: an income effect and a set of spending substitution effects. The former is the traditional, unre...

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