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Financial outreach and household financial constraint
Accounting & Finance, 2019AbstractThis paper analyses how financial outreach affects the probability of households having financial constraint (i.e. being ‘discouraged’ and ‘rejected’ for loan applications). We show that households residing in communities with more bank branches are less likely to be financially constrained. Using the distance to the closest fruit and vegetable
Yiyi Bai, Zhisheng Li, Huan Liu
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Measuring Firms' Financial Constraints
2020Measuring firms' financial constraints can prove to be a difficult task for researchers because it is not possible to directly observe whether a firm is financially constrained. This chapter surveys the existing methodologies to measure such constraints at firm level, discussing the advantages and disadvantages of each one.
Carlos Carreira +2 more
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2015
We construct a novel measure of financial constraints using textual analysis and investigate its impact on stock returns. Unlike other financial constraints measures, ours is consistent with firm characteristics of constrained firms. We find that constrained firms' returns move together.
Buehlmaier, M, Whited, TM
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We construct a novel measure of financial constraints using textual analysis and investigate its impact on stock returns. Unlike other financial constraints measures, ours is consistent with firm characteristics of constrained firms. We find that constrained firms' returns move together.
Buehlmaier, M, Whited, TM
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Financial Constraints, Liquidity Management, and Investment
SSRN Electronic Journal, 2009Investment and liquidity management are analyzed in a sector in which firms are exogenously cash constrained and empirical estimates of Tobin's q provide reliable measures of investment opportunity. Across the entire sector, we document substantial realized investment as well as high investment sensitivity to q. Investment is also sensitive to measures
Timothy J. Riddiough, Zhonghua Wu
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Taxes and Financial Constraints: Evidence from Linguistic Cues
Journal of Accounting Research, 2015ABSTRACTUsing a new measure of financial constraints based on firms’ qualitative disclosures, we find that financially constrained firms—firms that use more negative words in their annual reports—pursue more aggressive tax planning strategies as evidenced by: (1) higher current and future unrecognized tax benefits, (2) lower short‐ and long‐run current
Law, Kelvin, Mills, L.F.
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Financial constraints for investment in Brazil
International Journal of Managerial Finance, 2013Purpose– The purpose of this paper is to verify the existence of financial constraints for investment in Brazil, an emerging market with growing international visibility.Design/methodology/approach– Using panel data methodology and generalized method of moments (GMM), the paper estimates dynamic investment models based on the Euler equation and Tobin ...
Vicente Lima Crisóstomo +2 more
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Financial Constraints and Exports
SSRN Electronic Journal, 2016How do firms' financial constraints, which restrict their borrowing, dynamically impact exports? This paper finds that after controlling for the endogeneity of financial constraints, constrained firms are less likely to export, and relaxing financial constraints leads to an increase in exports.
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2004
There is a multitude of factors that have contributed to the low level of development of the northeastern region of India in general and Assam in particular. Although the lack of finance is an acute problem, there are other equally potent impediments to the development of the northeastern region.
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There is a multitude of factors that have contributed to the low level of development of the northeastern region of India in general and Assam in particular. Although the lack of finance is an acute problem, there are other equally potent impediments to the development of the northeastern region.
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Credit Constraints and International Financial Crises
SSRN Electronic Journal, 2001Abstract A version of the Kiyotaki and Moore (J. Political Econom. 105 (1997) 211) model of credit cycles is used to examine the extent to which a crisis in a country can spread to another seemingly unrelated country. The model features two small open economies that face credit constraints and produce a differentiated commodity which they export to a
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Financial Constraints and International Trade Patterns
SSRN Electronic Journal, 2012Abstract Growing empirical literature shows that financial constraints reduce the chance of exporting, suggesting that financial constraints are an important determinant of international trade patterns. In this aspect, I develop a model of international trade based on new trade theory with financial constraints and non-homothetic preferences.
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