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Optimization of Fire Sales and Borrowing in Systemic Risk 系统风险下甩卖与借贷的优化
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2018-02-12 DOI: 10.2139/ssrn.3122595
Maxim Bichuch, Zachary Feinstein
{"title":"Optimization of Fire Sales and Borrowing in Systemic Risk","authors":"Maxim Bichuch, Zachary Feinstein","doi":"10.2139/ssrn.3122595","DOIUrl":"https://doi.org/10.2139/ssrn.3122595","url":null,"abstract":"This paper provides a framework for modeling financial contagion in a network subject to fire sales and price impacts, but allowing for firms to borrow to cover their shortfall as well. We consider both uncollateralized and collateralized loans. The main results of this work are providing sufficient conditions for existence and uniqueness of the clearing solutions (i.e., payments, liquidations, and borrowing); in such a setting any clearing solution is the Nash equilibrium of an aggregation game.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123771507","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 17
Inference of Economic Truth from Financial Statements for Detecting Earnings Management: Inventory Costing Methods from an Information Economics Perspective 从财务报表推断经济真相以发现盈余管理:信息经济学视角下的存货成本核算方法
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2018-01-25 DOI: 10.2139/ssrn.3109928
Hemantha S. B. Herath
{"title":"Inference of Economic Truth from Financial Statements for Detecting Earnings Management: Inventory Costing Methods from an Information Economics Perspective","authors":"Hemantha S. B. Herath","doi":"10.2139/ssrn.3109928","DOIUrl":"https://doi.org/10.2139/ssrn.3109928","url":null,"abstract":"We introduce uncertainty in the classic inventory costing choice problem to investigate the underlying partitions imposed by two accounting inquiries (processes of generating information): variable costing and absorption costing. In a contemporaneous reporting environment, we show that absorption costing provides a finer partition of the state space compared to variable costing when a firm arbitrarily increases the production level (opportunistic overproduction), and the predetermined fixed overhead rate is adjusted. Grounded in an information economics perspective, the intent of the article is to propose an approach to detect real earnings management by extracting information from financial statements. The resulting managerial biases arising from earnings management are also discussed.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"103 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128469244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Capital Structure in U.S., a Quantile Regression Approach with Macroeconomic Impacts 美国资本结构:一个具有宏观经济影响的分位数回归方法
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2018-01-20 DOI: 10.1453/JEB.V5I1.1593
Andreas Kaloudis, D. Tsolis
{"title":"Capital Structure in U.S., a Quantile Regression Approach with Macroeconomic Impacts","authors":"Andreas Kaloudis, D. Tsolis","doi":"10.1453/JEB.V5I1.1593","DOIUrl":"https://doi.org/10.1453/JEB.V5I1.1593","url":null,"abstract":"The major perspective of this paper is to provide more evidence into the empirical determinants of capital structure adjustment in different macroeconomics states by focusing and discussing the relative importance of firm-specific and macroeconomic characteristics from an alternative scope in U.S. This study extends the empirical research on the topic of capital structure by focusing on a quantile regression method to investigate the behavior of firm-specific characteristics and macroeconomic variables across all quantiles of distribution of leverage (total debt, long-terms debt and short-terms debt). Thus, based on a partial adjustment model, we find that long-term and short-term debt ratios varying regarding their partial adjustment speeds; the short-term debt raises up while the long-term debt ratio slows down for same periods.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114643931","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Monetary Policy Shocks, Financial Structure, and Firm Activity: A Panel Approach 货币政策冲击、金融结构和企业活动:一个小组研究方法
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2018-01-05 DOI: 10.2139/ssrn.3043579
Priit Jeenas
{"title":"Monetary Policy Shocks, Financial Structure, and Firm Activity: A Panel Approach","authors":"Priit Jeenas","doi":"10.2139/ssrn.3043579","DOIUrl":"https://doi.org/10.2139/ssrn.3043579","url":null,"abstract":"This paper assesses the differences in how nonfinancial firms respond to high frequency identified monetary policy shocks conditional on various measures of their financial conditions. In line with the effects of monetary policy shocks on real aggregate activity, the most significant disparities between firms arise slowly, over a horizon of approximately 4 to 12 quarters after a shock. Among the explanatory financial variables considered, both higher leverage and lower liquid asset holdings at the time of a contractionary monetary shock tend to predict relatively lower fixed capital, inventory and sales growth in the cross-section of firms. When simultaneously controlling for both the relevance of leverage and liquid assets, it is the latter that explains the disparities over the longer horizon. Low liquid asset holdings are also shown to be associated with stronger pass-through to borrowing costs.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"2004 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131407208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 36
The Effects of Bank Loan Renegotiation on Corporate Policies and Performance 银行贷款再谈判对公司政策和绩效的影响
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2017-12-01 DOI: 10.2139/ssrn.3105570
Christophe J. Godlewski
{"title":"The Effects of Bank Loan Renegotiation on Corporate Policies and Performance","authors":"Christophe J. Godlewski","doi":"10.2139/ssrn.3105570","DOIUrl":"https://doi.org/10.2139/ssrn.3105570","url":null,"abstract":"I investigate the effects of bank loan renegotiation on firm’s financial and investment policies, and performances. I employ OLS and endogenous switching regime regressions using a large crosscountry sample of loans issued and amended on a long-time period. I find that bank loan renegotiation has an economically significant and causal impact on financial policy and performances. Renegotiation provides the firm with additional degrees of freedom and unlocks its economic potential, implying important effects of firm’s tangibility, growth, opportunities and cash on financial policy and performances. Bank loan renegotiation also exhibits a certification and signaling effect which can increase the effect of amendments to the credit agreement on firm’s financial policy.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129320207","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Debt Financing, Survival, and Growth of Start-Up Firms 债务融资、初创企业的生存与成长
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2017-10-31 DOI: 10.2139/ssrn.2506800
Rebel A. Cole, Tatyana Sokolyk
{"title":"Debt Financing, Survival, and Growth of Start-Up Firms","authors":"Rebel A. Cole, Tatyana Sokolyk","doi":"10.2139/ssrn.2506800","DOIUrl":"https://doi.org/10.2139/ssrn.2506800","url":null,"abstract":"We analyze the relation between different forms of debt financing at the firm's start-up and subsequent firm outcomes. We distinguish between business debt, obtained in the name of the firm, and personal debt, obtained in the name of the firm's owner and used to finance the start-up firm. Start-up firms with better performance prospects are more likely to use debt and, in particular, business debt. Compared to all-equity firms, firms using debt at the initial year of operations are significantly more likely to survive and achieve higher levels of revenue three years after the firm's start-up. However, results hold for business debt only. Debt obtained in the name of the firm is associated with longer survival time and higher revenues, while debt obtained in the name of the firm's owner has no effect on survival time and is associated with lower revenues.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114442185","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 123
Credit Rationing and Firm Exports: Microeconomic Evidence from SMEs in China 信贷配给与企业出口:来自中国中小企业的微观经济证据
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2017-10-15 DOI: 10.2139/ssrn.3055984
Dong Cheng, Y. Tan, Jian Yu
{"title":"Credit Rationing and Firm Exports: Microeconomic Evidence from SMEs in China","authors":"Dong Cheng, Y. Tan, Jian Yu","doi":"10.2139/ssrn.3055984","DOIUrl":"https://doi.org/10.2139/ssrn.3055984","url":null,"abstract":"This paper examines the effect of credit rationing on export performance by small and medium-sized firms in China. We use a detailed firm-level data provided by the Small and Medium-sized Enterprises Dynamic Survey (SMEDS) during 2015-2016 to conduct this analysis. The SMEDS provides firm-specific measures of credit rationing based directly on firm-level responses to the survey rather than indirect ones, based on firm-level financial statements. We find that, at the extensive margin, weak and strong credit rationing reduce export probability of small and medium-sized enterprises (SMEs) by 15.1% and 39.6%, respectively. At the intensive margin, they decrease SMEs’ export values by more than 20.0% and over 28.8%, respectively. Different than existing literature, we construct valid firm-level instruments, firm-level housing stock, for credit rationing rather than using province-level instruments. We also employ county-industry-level instruments and obtain consistent estimates. In addition, credit rationing exhibits heterogeneous impacts on firms with different liquidity ratios, product portfolios, external collateral, and capital utilization rates.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125881900","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Tax Motivated Payout Financing 税收激励派息融资
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2017-09-22 DOI: 10.2139/ssrn.3018949
Nan Liu, N. Tong, Alan L. Tucker
{"title":"Tax Motivated Payout Financing","authors":"Nan Liu, N. Tong, Alan L. Tucker","doi":"10.2139/ssrn.3018949","DOIUrl":"https://doi.org/10.2139/ssrn.3018949","url":null,"abstract":"Many firms, even those that are cash rich, routinely engage in costly borrowing and, more rarely, equity issuance in order to finance their payouts. A reported motive for this payout-financing behavior is the sheltering of corporate income tax. We present a model of a firm that maximizes its after-tax cash flow through jointly selecting the amount of its profits to recognize in a foreign tax haven and the amount of new capital it raises. The firm is subject to fixed payouts as well as a constraint on raising new capital. Consistent with U.S. tax law, the firm cannot use foreign-recognized earnings to finance payouts without triggering domestic taxation. The model shows that under certain benign conditions it may be optimal to raise external capital to meet payouts rather than using internally-generated cash flow. Consistent with this shelter-finance-payout strategy, we find that sticky-dividend firms that have more foreign earnings subject to repatriation taxes use more debt to finance their ordinary dividends. In addition, sticky-dividend firms that are tax aggressive use more debt to finance their ordinary dividends. Finally, sticky-dividend firms that are tax aggressive use more debt to finance their ordinary dividends if their domestic tax rate (cost of borrowing) is high (low).","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134640621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Why Do Firms Issue Bonds in the Offshore Market? Evidence from China 企业为何在离岸市场发行债券?来自中国的证据
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2017-09-18 DOI: 10.2139/ssrn.3038746
Qing. Ba, F. Song, Pengtao Zhou
{"title":"Why Do Firms Issue Bonds in the Offshore Market? Evidence from China","authors":"Qing. Ba, F. Song, Pengtao Zhou","doi":"10.2139/ssrn.3038746","DOIUrl":"https://doi.org/10.2139/ssrn.3038746","url":null,"abstract":"International debt financing is important for the development of emerging economies, as it gives firms from emerging markets (EMs) access to greater liquidity, a wider investor base and more effective laws and regulations. However, the financial crisis in the late 1990s, coupled with recent rapid growth in corporate leverage in EMs forced policymakers to re-evaluate the risk of offshore financing, and its role in EMs’ development. In this paper, we investigate the bonding/signalling effect of offshore financing in domestic market financing reflected by the improvement of information disclosure and creditability. \u0000Using a comprehensive database covering bond issuances by Chinese firms in domestic and offshore markets from 2010-2015, we find that: \u00001) The offshore bond issuance improves the funding conditions of the issuer in the subsequent domestic bond issuance, in terms of longer maturity of corporate issuance and lower funding cost. \u00002) The change of financing terms is more significant for domestic issuance by firms that have been issued bonds offshore under public issuance or with an international investment-grade rating. \u00003) Offshore debt financing improves long-term firm performance, especially for financially constrained companies. \u00004) Offshore bonds issued with a registration domain in Hong Kong, under Hong Kong law or listed on the Hong Kong exchange market have stronger signalling effects in the subsequent domestic issuance than other offshore locations. \u0000Our study underscores the role of offshore financing in promoting the institutional environment and firm growth of the domestic market, and offers policy suggestions for emerging economies in developing a broad offshore corporate bond market.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130167131","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
The Interrelationships between REIT Capital Structure and Investment 房地产投资信托基金资本结构与投资的相互关系
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2017-08-15 DOI: 10.1111/abac.12113
Jamie Alcock, Eva Steiner
{"title":"The Interrelationships between REIT Capital Structure and Investment","authors":"Jamie Alcock, Eva Steiner","doi":"10.1111/abac.12113","DOIUrl":"https://doi.org/10.1111/abac.12113","url":null,"abstract":"We explore the interdependence of investment and financing choices in US listed Real Estate Investment Trusts (REITs) in the period 1973–2011. We find that the investment and financing choices of REITs are interdependent, but they are not made simultaneously. Our results suggest that investment determines leverage, but leverage has no apparent effect on investment decisions. Conversely, the debt-overhang conflict between shareholders and debt holders that theoretically drives the reverse influence of leverage on investment policy does not appear to filter through to the actual investment choices of REITs. Rather, we find that REIT managers utilize the maturity dimension of capital structure to mitigate potential investment distortions and ensure that investment remains on its value-maximizing path. We also present novel evidence on the role of investments in driving a wedge between REIT target leverage and actual leverage levels, and on the interplay between investments and leverage adjustments toward the target ratio in explaining REIT capital structure dynamics.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122151430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 9
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