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Keywords:Corporations - Finance 

Journal Article
Tax policy and corporate capital structure

Economic Review , Issue Fall , Pages 37-51

Journal Article
The roles of debt and equity in financing corporate investments

New England Economic Review , Issue Jul , Pages 25-48

Working Paper
The determinants of corporate bank borrowing

Financial Industry Studies Working Paper , Paper 93-1

Journal Article
A panel study of investment: sales, cash flow, the cost of capital, and leverage

This article compares the investment spending for each of 396 corporations during the late 1980s and early 1990s to projections of their spending derived from several basic models of investment. According to these models, capital spending, on average, adheres closely to output, profits, and the cost of capital. The pattern of average forecast errors derived from the statistical models does not correspond very closely to measures of indebtedness, liquidity, size, or type of business. It is not surprising that these variables should influence capital spending so little, once the general ...
New England Economic Review , Issue Jan , Pages 9-30

Working Paper
Corporate hedging, investment and value

We consider the effect of hedging with foreign currency derivatives on Brazilian firms in the period 1997 through 2004, a period that includes the Brazilian currency crisis of 1999. We find that, derivative users have valuations that are 6.7-7.8% higher than non-user firms. Hedging with currency derivatives allows firms to sustain larger capital investments, and also removes the sensitivity of investment to internally generated funds. Thus, it mitigates the underinvestment friction of Froot, Scharfstein, and Stein (1993), at a time when capital in the economy as a whole is scarce. We further ...
Finance and Economics Discussion Series , Paper 2008-16

Evaluating the riskiness of initial public offerings: 1980-2000

In the wake of the collapse, investor sentiment toward initial public offerings (IPOs) has turned negative. To many investors, IPOs have come to symbolize the insider abuses and stock market excesses of the Internet bubble period; to others, investing in IPOs is inherently fraught with danger. This paper asks the question, Have IPOs indeed become more perilous to the investing public over time? ; I employ two approaches to investigate the post-issue riskiness of IPOs for the 1980-2000 period. First, I compare the stock price volatility for issuing and nonissuing firms. Second, I use a ...
Staff Reports , Paper 167

Journal Article
Event risk premia and bond market incentives for corporate leverage

Quarterly Review , Volume 15 , Issue Spr , Pages 15-30

Journal Article
Corporate refinancing in the 1990s

U.S. corporations have floated stocks and bonds in unprecedented amounts in the last year. How much have corporate treasurers reduced their firms' interest payments through such refinancing? After assessing the motives for refinancing, the authors estimate the aggregate interest savings achieved through equity issuance, bond calls, and bond sales and compare the effectiveness of refinancing and lower short-term interest rates in easing the interest burden on U.S. corporations' cash flows.
Quarterly Review , Volume 17 , Issue Win , Pages 1-27



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anonymous 19 items

McCauley, Robert N. 6 items

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Kopcke, Richard W. 5 items

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