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Keywords:Financial leverage 

Report
Corporate leverage and taxes in the U.S. economy

Research Paper , Paper 9023

Journal Article
Tax incentives for corporate leverage in the 1980s

Economic Review , Issue Fall , Pages 3-17

Journal Article
Statement to Congress, March 24, 1999 (hedge funds and leveraged institutions)

Federal Reserve Bulletin , Issue May

Report
Event risk premia and bond market incentives for corporate leverage

Research Paper , Paper 9028

Report
A model of liquidity hoarding and term premia in inter-bank markets

Financial crises are associated with reduced volumes and extreme levels of rates for term inter-bank loans, reflected in the one-month and three-month Libor. We explain such stress by modeling leveraged banks? precautionary demand for liquidity. Asset shocks impair a bank?s ability to roll over debt because of agency problems associated with high leverage. In turn, banks hoard liquidity and decrease term lending as their rollover risk increases over the term of the loan. High levels of short-term leverage and illiquidity of assets lead to low volumes and high rates for term borrowing. In ...
Staff Reports , Paper 498

Journal Article
Leverage, monetary policy, and firm investment

In this paper, I investigate whether the effects of monetary policy on firm investment can be transmitted through leverage. I find that monetary contractions reduce the growth of investment more for highly leveraged firms than for less leveraged firms. The results suggest that the board credit channel for monetary policy exists, and that it can operate through leverage, as adverse monetary shocks aggravate real debt burdens and raise the effective costs of investment.
Economic Review

Report
Financial intermediary leverage and value at risk

We study a contracting model for the determination of leverage and balance sheet size for financial intermediaries that fund their activities through collateralized borrowing. The model gives rise to two features: First, leverage is procyclical in the sense that leverage is high when the balance sheet is large. Second, leverage and balance sheet size are both determined by the riskiness of assets. For U.S. investment banks, we find empirical support for both features of our model, that is, leverage is procyclical, and both leverage and balance sheet size are determined by measured risks. In a ...
Staff Reports , Paper 338

Monograph
Policies toward corporate leveraging

Monograph

Report
Understanding international differences in leverage trends

Research Paper , Paper 9025

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