Journal ArticleDOI
Access to capital, investment, and the financial crisis $
TLDR
This paper found that bank-dependent firms do not decrease capital expenditures more than matching firms in the first year of the crisis or in the two quarters after Lehman Brother's bankruptcy, and that firms that are unlevered before the crisis decrease capital expenditure during the crisis as much as matching firms and, proportionately, more than highly levered firms.About:
This article is published in Journal of Financial Economics.The article was published on 2013-11-01. It has received 335 citations till now. The article focuses on the topics: Equity issuance & Financial crisis.read more
Citations
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Journal ArticleDOI
Decoupling CO2 emissions and industrial growth in China over 1993–2013: The role of investment
TL;DR: Wang et al. as discussed by the authors used an extended logarithmic mean divisia index (LMDI) model focusing on both energy-related and process-related CO 2 emissions and introducing three novel investment factors, i.e., investment scale, investment share, and investment efficiency.
ReportDOI
How Valuable is Financial Flexibility When Revenue Stops? Evidence from the Covid-19 Crisis
TL;DR: The COVID-19 shock creates a sudden temporary sharshortfall in revenue for firms as discussed by the authors, and they expect firms with greater financial flexibility to be better able to fund.
Journal ArticleDOI
Economic policy uncertainty: A literature review
TL;DR: The importance of economic policy uncertainty in financial decisions is highlighted in this article, where the authors show the importance of measuring and tracking uncertainty by highlighting its influence on financial decisions and show the asymmetric policy responses of economic uncertainty.
Journal ArticleDOI
Does Diversification Create Value in the Presence of External Financing Constraints? Evidence from the 2007–2009 Financial Crisis
TL;DR: Seru et al. as discussed by the authors showed that the value of corporate diversification increased during the 2007-2009 financial crisis, and suggested that diversification can serve an important insurance function for investors.
Journal ArticleDOI
Impact of the COVID-19 Pandemic: Evidence from the U.S. Restaurant Industry.
TL;DR: In this article, the effect of COVID-19 on U.S. restaurant firms' stock returns varies according to the firms' pre-pandemic characteristics by employing three firm-level dimensions (financial conditions, corporate strategies, and ownership structure).
References
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Journal ArticleDOI
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Journal ArticleDOI
Determinants of corporate borrowing
TL;DR: In this article, the authors predict that corporate borrowing is inversely related to the proportion of market value accounted for by real options and rationalize other aspects of corporate borrowing behavior, such as the practice of matching maturities of assets and debt liabilities.
Journal ArticleDOI
Financial Intermediation, Loanable Funds, and The Real Sector
Bengt Holmstrom,Jean Tirole +1 more
TL;DR: In this article, an incentive model of financial intermediation in which firms as well as intermediaries are capital constrained is studied, and how the distribution of wealth across firms, intermediaries, and uninformed investors affects investment, interest rates, and the intensity of monitoring.
Posted ContentDOI
Agency Costs, Net Worth, and Business Fluctuations.
Mark Gertler,Ben S. Bernanke +1 more
TL;DR: The authors developed a simple neoclassical model of the business cycle in which the condition of borrowers' balance sheets is a source of output dynamics, and the mechanism is that higher borrower net worth reduces the agency costs of financing real capital investments.
Journal ArticleDOI
Deciphering the Liquidity and Credit Crunch 2007-2008
TL;DR: The financial market turmoil in 2007 and 2008 has led to the most severe financial crisis since the Great Depression and threatens to have large repercussions on the real economy as mentioned in this paper The bursting of the housing bubble forced banks to write down several hundred billion dollars in bad loans caused by mortgage delinquencies at the same time the stock market capitalization of the major banks declined by more than twice as much.
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