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4,396
Risk-management: coordinating corporate investment and financing policies
, 1993
"... This paper develops a general framework for analyzing corporate risk management policies. We begin by observing that if external sources of finance are more costly to corporations than internally generated funds, there will typically be a benefit to hedging: hedging adds value to the extent that it ..."
Abstract
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Cited by 554 (16 self)
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that it helps ensure that a corporation has sufficient internal funds available to take advantage of attractive investment opportunities. We then argue that this simple observation has wide ranging impli-cations for the design of risk management strategies. We delineate how these strategies should depend
CEO overconfidence and corporate investment
- Journal of Finance
, 2005
"... We explore behavioral explanations for sub-optimal corporate investment decisions. Focusing on the sensitivity of investment to cash flow, we argue that personal characteristics of chief executive officers, in particular overconfidence, can account for this widespread and persistent investment disto ..."
Abstract
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Cited by 219 (10 self)
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We explore behavioral explanations for sub-optimal corporate investment decisions. Focusing on the sensitivity of investment to cash flow, we argue that personal characteristics of chief executive officers, in particular overconfidence, can account for this widespread and persistent investment
Agency, information, and corporate investment
- STULZ (EDS), HANDBOOK OF THE ECONOMICS OF FINANCE
, 2001
"... This essay surveys the body of research that asks how the efficiency of corporate investment is influenced by problems of asymmetric information and agency. I organize the material around two basic questions. First, does the external capital market channel the right amount of money to each firm? Tha ..."
Abstract
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Cited by 141 (0 self)
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This essay surveys the body of research that asks how the efficiency of corporate investment is influenced by problems of asymmetric information and agency. I organize the material around two basic questions. First, does the external capital market channel the right amount of money to each firm
The behavior of aggregate corporate investment
, 2013
"... University of Rochester for helpful comments and suggestions. The behavior of aggregate corporate investment We study the factors that drive aggregate corporate investment from 1952–2010. Quarterly investment responds strongly to prior profits and stock returns but, contrary to standard predictions, ..."
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University of Rochester for helpful comments and suggestions. The behavior of aggregate corporate investment We study the factors that drive aggregate corporate investment from 1952–2010. Quarterly investment responds strongly to prior profits and stock returns but, contrary to standard predictions
Debt Covenants and Corporate Investment *
"... Please do not quote without permission In this paper we analyze the effect of covenants in corporate investment. We argue that when lenders fix excessive stringent covenants this may generate inefficient underinvestment when a firm is close to a covenant violation, particularly for good quality firm ..."
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Please do not quote without permission In this paper we analyze the effect of covenants in corporate investment. We argue that when lenders fix excessive stringent covenants this may generate inefficient underinvestment when a firm is close to a covenant violation, particularly for good quality
Corporate Investment and Asset Price Dynamics: Implications for the Cross-Section of Returns
- Journal of Finance
, 2004
"... We show that corporate investment decisions can explain conditional dynamics in expected asset returns. Our approach is similar in spirit to Berk, Green, and Naik (1999), but we introduce to the investment problem operating leverage, reversible real options, fixed adjustment costs, and finite growth ..."
Abstract
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Cited by 207 (8 self)
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We show that corporate investment decisions can explain conditional dynamics in expected asset returns. Our approach is similar in spirit to Berk, Green, and Naik (1999), but we introduce to the investment problem operating leverage, reversible real options, fixed adjustment costs, and finite
Tax Polky and Corporate Investment
"... The proposition that the level of business fixed investment in the United States should be increased commands almost universal support. Increasing the rate of investment is widely seen as a panacea for a variety of economic problems including inflation, declining productivity, and the fall of the do ..."
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capital formation has been our failure to do anything about recessions, not our active use of anti-investment stimulative policies, ” while Martin Feldstein (1980) argues that the interaction of inflation and taxation accounts for much of the decline in corporate capital accumulation that has taken place
Interest Rates and Aggregate Corporate Investment
"... Using Swedish data between 1988 and 2014 we investigate if the real corporate borrowing interest rate has a significant effect on corporate investment. We find no proof of a connection between the change in investment and the fluctuations in the interest rate. However, our results indicate a relatio ..."
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Using Swedish data between 1988 and 2014 we investigate if the real corporate borrowing interest rate has a significant effect on corporate investment. We find no proof of a connection between the change in investment and the fluctuations in the interest rate. However, our results indicate a
Financial constraints, asset tangibility, and corporate investment
- Review of Financial Studies
"... When firms are able to pledge their assets as collateral, investment and borrowing become endogenous: pledgeable assets support more borrowings that in turn allow for further investment in pledgeable assets. We show that this credit multiplier has a significant effect on investment when firms face c ..."
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Cited by 107 (9 self)
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us to use a “differences in differences ” approach to identify the effect of financing frictions on corporate investment: we compare the differential (marginal) effect of asset tangibility on the sensitivity of investment to cash flow across different regimes of financial constraints. Using two
Results 1 - 10
of
4,396
