The impact of unconventional monetary policy on firm financing constraints: Evidence from the maturity extension program.
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TLDR
In this article, the impact of unconventional monetary policy on firm financial constraints using the maturity extension program (MEP) was investigated, and it was found that the MEP might have relaxed financial constraints for some firms by inducing gap-filling behavior and affecting bond market risk premia.About:
This article is published in Journal of Financial Economics.The article was published on 2016-11-01 and is currently open access. It has received 66 citations till now. The article focuses on the topics: Bond market & Limits to arbitrage.read more
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Asymmetric impacts of the policy and development of green credit on the debt financing cost and maturity of different types of enterprises in China
Xinkuo Xu,Jingsi Li +1 more
TL;DR: Wang et al. as mentioned in this paper used the fixed effect model based on the Hausman test and the mediating effect analysis method to quantify the panel data of 52 green enterprises and 81 high-pollution and high-emissions (referred to as “two-high”) enterprises.
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Monetary stimulus and bank lending
TL;DR: In this article, the US Federal Reserve purchased both agency mortgage-backed securities (MBS) and Treasury securities to conduct quantitative easing, and the results suggest that MBS purchases caused unintended real effects and that Treasury purchases did not cause a large positive stimulus to the economy through the bank lending channel.
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Do SMEs Benefit from Unconventional Monetary Policy and How? Microevidence from the Eurozone
TL;DR: In this paper, the impact of the announcement of the European Central Bank's (ECB's) Outright Monetary Transactions Program on small firms' access to finance using a matched firm-bank data set from eight Eurozone countries was studied.
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Government Debt and Corporate Leverage: International Evidence
TL;DR: The authors empirically investigated the impact of government debt on corporate financing decisions in an international setting, and found that government debt crowds out corporate debt, and that the negative relation between government debt and corporate leverage is stronger for government debt that is financed domestically, for firms that are larger and more profitable, and in countries with more developed equity markets.
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A survey of empirical findings on unconventional central bank policies
TL;DR: In this article, the authors present an integrated overview of the empirical literature on the impact of all forms of unconventional monetary policy on macroeconomic variables and on markets, including portfolio rebalancing, signaling, liquidity, bank lending and confidence channels.
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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
Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?
Steven N. Kaplan,Luigi Zingales +1 more
TL;DR: In this article, the authors investigated the relationship between financing constraints and investment-cash flow sensitivities by analyzing the firms identified by Fazzari, Hubbard, and Petersen as having unusually high investment cash flow sensitivity.
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