Journal ArticleDOI
Carbon risk and corporate capital structure
Justin Hung Nguyen,Hieu V. Phan +1 more
TLDR
In this paper, the authors exploit Australia's ratification of the Kyoto Protocol, which mandates the country to reduce carbon emissions, thereby exposing Australian firms to increased carbon risk, as a quasi-natural experiment to examine the causal effect of carbon risk on firm capital structure.About:
This article is published in Journal of Corporate Finance.The article was published on 2020-10-01. It has received 70 citations till now. The article focuses on the topics: Kyoto Protocol & Capital structure.read more
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Labor unemployment risk and corporate financing decisions
TL;DR: In this article, the authors exploit changes in state unemployment insurance laws as a source of variation in the costs borne by workers during layoff spells and find that higher unemployment benefits lead to increased corporate leverage, particularly for labor-intensive and financially constrained firms.
Journal ArticleDOI
Investor rewards to environmental responsibility: Evidence from the COVID-19 crisis
TL;DR: In this paper, a cross-section of stock returns during the COVID-19 crisis was studied to explore investors' views and expectations about environmental issues and found that firms with responsible strategies on environmental issues experience better stock returns.
Journal ArticleDOI
Energy-saving R&D and carbon intensity in China
TL;DR: In this paper, a series of estimators including instrumental variable estimators, a propensity score matching and difference-in-differences estimator, and the generalized method of moments were applied to obtain more detail on how energy-saving R&D influences carbon intensity.
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Carbon neutrality commitment for China: from vision to action
Journal ArticleDOI
Fixed asset changes with carbon regulation: The cases of China.
TL;DR: In this article , the impact of China's carbon emission trading (CET) pilots on the fixed asset and its investment is analyzed using the difference-in-differences (DID) model, and the potential influence channel estimation indicates that the fixed-asset investment decreases through investment diversion, rather than operation transfer.
References
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Mostly Harmless Econometrics: An Empiricist's Companion
TL;DR: The core methods in today's econometric toolkit are linear regression for statistical control, instrumental variables methods for the analysis of natural experiments, and differences-in-differences methods that exploit policy changes.
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What Do We Know About Capital Structure? Some Evidence from International Data
Raghuram G. Rajan,Raghuram G. Rajan,Raghuram G. Rajan,Luigi Zingales,Luigi Zingales,Luigi Zingales +5 more
TL;DR: In this paper, the authors investigate the determinants of capital structure choice by analyzing the financing decisions of public firms in the major industrialized countries and find that factors identified by previous studies as important in determining the cross-section of the capital structure in the U.S. affect firm leverage in other countries as well.
Journal ArticleDOI
The Determinants of Capital Structure Choice
TL;DR: In this paper, the explanatory power of some of the recent theories of optimal capital structure is analyzed empirically and a factor-analytic technique is used to mitigate the measurement problems encountered when working with proxy variables.
Journal ArticleDOI
Illiquidity and stock returns: cross-section and time-series effects $
TL;DR: In this article, the authors show that expected market illiquidity positively affects ex ante stock excess return, suggesting that expected stock ex ante excess return partly represents an illiquid price premium, which complements the cross-sectional positive return-illiquidity relationship.
Journal ArticleDOI
Illiquidity and Stock Returns: Cross-Section and Time-Series Effects
TL;DR: In this paper, the effects of stock illiquidity on stock return have been investigated and it was shown that expected market illiquidities positively affects ex ante stock excess return (usually called risk premium) over time.