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Journal of Risk and Financial Management, 2021 Corporate finance deals with the financing and investment decisions set by the corporations’ management in order to maximize the value of the shareholders’ wealth [...]
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The Corporation in Finance [PDF]
SSRN Electronic Journal, 2012 The nature of the firm and its financing are closely interlinked. To produce significant net present value, an entrepreneur has to transform her enterprise into one that is differentiated from the ordinary. To achieve the control that will allow her to execute this strategy, she needs to have substantial ownership, and thus financing. But it is hard to
Raghuram G. Rajan +2 more
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The euro and corporate financing before the crisis [PDF]
Journal of Financial Economics, 2011 Abstract We study the financing policies of European public corporations prior to the euro crisis. Using data from 11 euro countries and a control group of five other European countries over 1991–2006, we show that nonfinancial firms from euro countries with previously weak currencies considerably increased their debt financing after the introduction
Bris, Arturo +2 more
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Essays in corporate finance [PDF]
, 2016 This thesis examines corporate investment decisions and financing choices of firms. It combines an introductory chapter, two essays and a concluding chapter. In the first essay, I investigate the impact of uncertainty on firm-level capital investment and examine whether this effect depends on the degree of competition that firms face.
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Corporate Financing in Romania [PDF]
SSRN Electronic Journal, 2019 ABSTRACT: Two are the external sources of corporate financing: equity and debt. These are exclusive (other sources of external financing no longer exist, but only variants thereof) and can be combined in turn. Capital with which a company is financed is its engine, no company being able to operate without capital regardless of the industry. Funding may
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Three essays on corporate finance [PDF]
, 2014 This thesis focuses on empirical corporate finance by studying several entities' decision-making. In the first chapter, we investigate how local governments in China borrow from banks and at the end drive up housing prices. The mechanism is that local government financing vehicles could purchase land parcels at cheaper prices from the local ...
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SSRN Electronic Journal, 2019 Abstract Considerable research tackles the aggregate impact of debt financing. We show that equity is more important for firm growth than generally understood. A dollar of equity issuance is associated with an extra $\$0.93$ of real assets, whereas a dollar of debt issuance is associated with an extra $\$0.14$.
Ali Sanati +2 more
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COVID-19 and Corporate Finance
SSRN Electronic Journal, 2022 Abstract We distill evidence about the effects of COVID-19 on companies. Stock price reactions to the shock differed greatly across firms, depending on their resilience to social distancing, financial flexibility, and corporate culture. The same characteristics affected the response of firms’ sales, employment, and asset growth.
Marco Pagano, Josef Zechner
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Corporate Finance in Europe: A Survey [PDF]
SSRN Electronic Journal, 2006 We survey research on corporate finance in Europe. The ambition is to provide the reader with an overview of what we learned, particularly since the beginning of the 1990s. We focus on two themes: (1) the practice and institutions in Europe are heterogeneous and different from those in the United States, and we identify areas where the gap seems to be ...
Francois Degeorge +2 more
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Stress Testing and Corporate Finance [PDF]
SSRN Electronic Journal, 2008 Abstract The article contributes to the literature on financial fragility, studying how macroeconomic shocks affect supply and demand in the corporate debt market. We take into account the effect of the competitive environment, as well as the risk level, measured by companies’ default rate.
Widad El Amri +3 more
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