Macroeconomic conditions, financial constraints, and firms’ financing decisions
Publication in refereed journal

香港中文大學研究人員
替代計量分析
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其它資訊
摘要We examine how time-varying macroeconomic conditions affect firms’ financing decisions. A principal components decomposition of several macroeconomic variables characterizes three phases of the business cycle relative to recessions: early recovery, robust recovery, and economic crest; a fourth represents “windows of opportunity” in capital markets that are unrelated to recessions. This characterization yields results that traditional approaches miss. Specifically, debt issuance exhibits a non-monotonic pattern during the upward phase of the business cycle: it declines in robust recovery relative to recessions but peaks at the economic crest. Financially constrained firms issue more equity during windows of high stock market valuation, whereas unconstrained firms time debt issuance in response to debt market spreads.
著者Xin Chang, Yunling Chen, Sudipto Dasgupta
期刊名稱Journal of Banking and Finance
出版年份2019
月份4
卷號101
出版社Elsevier B.V.
頁次242 - 255
國際標準期刊號0378-4266
電子國際標準期刊號1872-6372
語言美式英語
關鍵詞Capital structure, Debt maturity, Financial constraints, Macroeconomic conditions, Market timing

上次更新時間 2021-19-01 於 23:48