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Debt, Taxes, and Liquidity
https://www.cerf.cam.ac.uk/system/files/documents/debttaxes.pdfof debt and equity as well as a characterization of corporate financial policy that can. ... the economic value of the productive asset under financial constraints. Indeed, under MM,. -
The paradox of financial fire sales and the role ...
https://www.cerf.cam.ac.uk/system/files/documents/firesale_20150803.pdfinvestors somewhere in the economy? We propose a theory of financial fire sales. ... of real assets, unlike those of financial securities, can differ significantly among investors. -
Information Acquisition and Corporate Debt Illiquidity∗ Ilona…
https://www.cerf.cam.ac.uk/system/files/documents/DebtLiquidity_v17.pdfinformation at the onset of the firm’s financial distress. This result is consistent with empirical. ... While this intuition is helpful in explaining the liquidity of debt contracts in financial inter-. -
Strategic Decertification in Venture Capital Pierre Mella-Barral…
https://www.cerf.cam.ac.uk/system/files/documents/mella-barral.pdffollow-on round of financing. Non-pursued certification would send a negative signal. ... the value of securities issued by relatively unknown firms.3Empirical studies provide evidence that venture capital backed firms are indeed viewed by financial. -
Dynamic Corporate Liquidity∗ Boris Nikolov Swiss Finance Institute…
https://www.cerf.cam.ac.uk/system/files/documents/DLC_Cambridge.pdfWealso have benefited from comments from seminar participants at Georgetown economics department, theannual meeting of the Society for Economic Dynamics, at the CEPR Summer Meetings Gerzensee, theSummer Finance Conference at IDC ... economics and finance -
Financing Choices When Investors Can Become Dominant Roman Inderst∗…
https://www.cerf.cam.ac.uk/system/files/documents/finacialflexibility73.pdfon the dominance of early investors. Our work also touches upon the discussion of whether long-term financial contracts can help. ... round. One of the key insights of our paper is that both financial claims, S1 and S2, determine to what. -
Electronic copy available at: http://ssrn.com/abstract=2220006 Means…
https://www.cerf.cam.ac.uk/system/files/documents/meansofpayment.pdfVladimirov,Michael Whinston, seminar participants at Aalto University, Bocconi University, EIEF, Erasmus University Rotterdam,Imperial College, London Business School, Northwestern University (Kellogg), Stockholm School of Economics, ... Thus, such -
Governance through Threats of Intervention and ExitI Vyacheslav…
https://www.cerf.cam.ac.uk/system/files/documents/modelver27_Aug2015.pdfunobservable to empiricists, theoretical analysis of what form of governance. disciplines the manager can enhance our understanding of how financial mar-. ... captures the degree of A’s dependence on financial markets. High (α ϕ). -
Corporate Policies withTemporary and Permanent Shocks∗ J.-P.…
https://www.cerf.cam.ac.uk/system/files/documents/copy_of_TempPermanent.pdfErwan Morellec acknowledges financial support from the Swiss Finance Institute.†Toulouse School of Economics.‡Erasmus University Rotterdam.Swiss Finance Institute, EPFL, and CEPR.Toulouse School of Economics. ... mainstream literature in financial -
Electronic copy available at: http://ssrn.com/abstract=2169880…
https://www.cerf.cam.ac.uk/system/files/documents/activistfunds.pdfthanks the Paul Woolley Centre at the LSE for nancial support and the Faculty of Economics at Cambridge. ... activism procyclical?yStockholm School of Economics and Swedish House of Finance, CEPR, ECGI, and FMG. -
Corporate Social Responsibility Committee: International Evidence…
https://www.cerf.cam.ac.uk/files/csr_committee_-_2023-02-23.pdf26 Jun 2023: j.chu@jbs.cam.ac.uk. Xi Li. London School of Economics and Political Science. xi.li@lse.ac.uk. ... School of Economics, University of Portsmouth, Rutgers University, Bocconi University, RCN,. -
Governing Multiple Firms∗ Alex Edmans LBS, CEPR, and ECGI ...
https://www.cerf.cam.ac.uk/system/files/documents/GoverningMultipleFirms.pdfdifferent from adding financial slack, i.e. liquid securities (such as Treasury bills) on which. ... portfolio is different from adding financial slack, i.e. liquid securities (such as Treasury bills). -
Integrating profitability prospects and cash management∗ Jean-Paul…
https://www.cerf.cam.ac.uk/system/files/documents/DV_Integratingprospects.pdfsupport provided to this program by EDF.†Toulouse School of Economics (CRM-IDEI), Manufacture des Tabacs, 21, Allée de Brienne, 31000. ... Toulouse, France. Email: jean-paul.decamps@tse-fr.eu‡Toulouse School of Economics (CRM-IDEI), Manufacture des -
Electronic copy available at: http://ssrn.com/abstract=2101645 How…
https://www.cerf.cam.ac.uk/system/files/documents/howeffectivelycandebtcovenants.pdfrole of debt covenants in resolving financial agency problems has not yet been carefully. ... absent any covenant restrictions, and the resulting magnitude of financial agency costs. -
acm_12may2014.dvi
https://www.cerf.cam.ac.uk/system/files/documents/franklinallenkeynotespeaker.pdfdocuments that relatively few people own stocks, bonds or other types of financial assets. ... In this section we develop a simple one-period ( = 01) model of financial intermediation. -
Uncertainty Aversion and Systemic Risk∗ David L. DicksKenan-Flagler…
https://www.cerf.cam.ac.uk/system/files/documents/Systemicrisk20150310.pdfthe liquidity provision/maturity transformation role of financial intermediation originating with. Diamond and Dybvig (1983). ... Allen, Babus, and. Carletti (2012) examine the impact of financial connections on systemic risk. -
Hedge Fund Tail Risk� Tobias Adriany Federal Reserve Bank ...
https://www.cerf.cam.ac.uk/sites/www.cerf.cam.ac.uk/files/media/tail_risk.pdf10 Jan 2023: turns on Stocks and Bonds," Journal of Financial Economics, 25(1), 23{49. ... Makarov (2004): An Econometric Model. of Serial Correlation and Illiquidity in Hedge Fund Returns," Journal of Financial. -
rg9b.dvi
https://www.cerf.cam.ac.uk/sites/www.cerf.cam.ac.uk/files/media/rg9b.pdf10 Jan 2023: stock available for trading. We link our model to a wide range of financial phenomena. ... of hyperbolic time discounting. While hyperbolic discounting has been linked to a number. -
Start-up Financing, Entry and Innovation Charles ParryUniversity of…
https://www.cerf.cam.ac.uk/files/media/start_up_financing_entry_and_innovation.pdf19 Jun 2024: ultimately successful, which Idefine as completing an IPO or acquisition by a financial-acquiror. ... Nanda and Rhodes-Kropf (2017) argue that start-upswith more radical innovations require hot financial markets to succeed because the real option value -
Multi-Asset Noisy Rational Expectations Equilibriumwith Contingent…
https://www.cerf.cam.ac.uk/system/files/documents/Derivatives2015_02_21.pdfJournal of Economic Literature Classification Numbers: D82, G12, G14.Keywords: asymmetric information, rational expectations, learning from prices, contingentclaims, derivative securities. ... Investors in financial markets use their private informa-tion
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