Matches in SemOpenAlex for { <https://semopenalex.org/work/W3121406000> ?p ?o ?g. }
Showing items 1 to 82 of
82
with 100 items per page.
- W3121406000 abstract "Firm financing is the link between financial markets and the real economy. In this paper, we investigate how firm financing depends on the state of the economy. Using Compustat data, we look at the external financing decisions of firms over the business cycle. We find that firm financing is cyclical, but that the cyclicality depends on size. Whereas large firms seem to substitute between debt and equity financing over the business cycle, small firms are unable to do so, increasing financing in good times and reducing it in bad. More importantly, small firms make extensive use of equity financing which is generally more expensive. In this paper, we propose a mechanism that explains these empirical facts in a heterogeneous firm optimization model. Our mechanism is based on two main features: (1) small firms are growing and therefore need more funds and (2) cost of debt financing is higher for more leveraged firms. These features imply that small firms’ funding needs cannot be satisfied by debt alone - especially not in booms when growth opportunities and therefore funding needs are higher. For this reason they turn to equity. The model accounts for the cyclical patterns we see in the data." @default.
- W3121406000 created "2021-02-01" @default.
- W3121406000 creator A5056465293 @default.
- W3121406000 creator A5062153986 @default.
- W3121406000 date "2014-01-01" @default.
- W3121406000 modified "2023-09-27" @default.
- W3121406000 title "Firm Financing over the Business Cycle" @default.
- W3121406000 hasPublicationYear "2014" @default.
- W3121406000 type Work @default.
- W3121406000 sameAs 3121406000 @default.
- W3121406000 citedByCount "2" @default.
- W3121406000 countsByYear W31214060002014 @default.
- W3121406000 crossrefType "posted-content" @default.
- W3121406000 hasAuthorship W3121406000A5056465293 @default.
- W3121406000 hasAuthorship W3121406000A5062153986 @default.
- W3121406000 hasConcept C10138342 @default.
- W3121406000 hasConcept C120527767 @default.
- W3121406000 hasConcept C127413603 @default.
- W3121406000 hasConcept C139719470 @default.
- W3121406000 hasConcept C141441539 @default.
- W3121406000 hasConcept C144133560 @default.
- W3121406000 hasConcept C162324750 @default.
- W3121406000 hasConcept C17744445 @default.
- W3121406000 hasConcept C199539241 @default.
- W3121406000 hasConcept C199728807 @default.
- W3121406000 hasConcept C2778776786 @default.
- W3121406000 hasConcept C2992672087 @default.
- W3121406000 hasConcept C2994348538 @default.
- W3121406000 hasConcept C32896092 @default.
- W3121406000 hasConcept C43071985 @default.
- W3121406000 hasConcept C47702881 @default.
- W3121406000 hasConcept C556758197 @default.
- W3121406000 hasConcept C78872851 @default.
- W3121406000 hasConcept C83873408 @default.
- W3121406000 hasConcept C87717796 @default.
- W3121406000 hasConceptScore W3121406000C10138342 @default.
- W3121406000 hasConceptScore W3121406000C120527767 @default.
- W3121406000 hasConceptScore W3121406000C127413603 @default.
- W3121406000 hasConceptScore W3121406000C139719470 @default.
- W3121406000 hasConceptScore W3121406000C141441539 @default.
- W3121406000 hasConceptScore W3121406000C144133560 @default.
- W3121406000 hasConceptScore W3121406000C162324750 @default.
- W3121406000 hasConceptScore W3121406000C17744445 @default.
- W3121406000 hasConceptScore W3121406000C199539241 @default.
- W3121406000 hasConceptScore W3121406000C199728807 @default.
- W3121406000 hasConceptScore W3121406000C2778776786 @default.
- W3121406000 hasConceptScore W3121406000C2992672087 @default.
- W3121406000 hasConceptScore W3121406000C2994348538 @default.
- W3121406000 hasConceptScore W3121406000C32896092 @default.
- W3121406000 hasConceptScore W3121406000C43071985 @default.
- W3121406000 hasConceptScore W3121406000C47702881 @default.
- W3121406000 hasConceptScore W3121406000C556758197 @default.
- W3121406000 hasConceptScore W3121406000C78872851 @default.
- W3121406000 hasConceptScore W3121406000C83873408 @default.
- W3121406000 hasConceptScore W3121406000C87717796 @default.
- W3121406000 hasLocation W31214060001 @default.
- W3121406000 hasOpenAccess W3121406000 @default.
- W3121406000 hasPrimaryLocation W31214060001 @default.
- W3121406000 hasRelatedWork W1492879601 @default.
- W3121406000 hasRelatedWork W1578365387 @default.
- W3121406000 hasRelatedWork W1578948614 @default.
- W3121406000 hasRelatedWork W194760484 @default.
- W3121406000 hasRelatedWork W2032061646 @default.
- W3121406000 hasRelatedWork W2056366296 @default.
- W3121406000 hasRelatedWork W2111533820 @default.
- W3121406000 hasRelatedWork W2114730678 @default.
- W3121406000 hasRelatedWork W2202457157 @default.
- W3121406000 hasRelatedWork W2266573617 @default.
- W3121406000 hasRelatedWork W2370214080 @default.
- W3121406000 hasRelatedWork W2405880380 @default.
- W3121406000 hasRelatedWork W2913998015 @default.
- W3121406000 hasRelatedWork W3121354669 @default.
- W3121406000 hasRelatedWork W3123221103 @default.
- W3121406000 hasRelatedWork W3123874812 @default.
- W3121406000 hasRelatedWork W3125300892 @default.
- W3121406000 hasRelatedWork W3125942457 @default.
- W3121406000 hasRelatedWork W2135381569 @default.
- W3121406000 hasRelatedWork W2187782854 @default.
- W3121406000 isParatext "false" @default.
- W3121406000 isRetracted "false" @default.
- W3121406000 magId "3121406000" @default.
- W3121406000 workType "article" @default.