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Relative cost of capital for marginal firms over the business cycle

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  • Gikas A. Hardouvelis
  • Thierry A. Wizman

Abstract

The authors compare the effects of the business cycle on the cost of capital faced by small, distressed firms and their larger, more financially secure counterparts. The analysis draws on stock market returns data for a broad range of traded companies during the 1963-91 period.

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File URL: http://www.newyorkfed.org/research/quarterly_review/1992v17/v17n3article4.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of New York in its journal Quarterly Review.

Volume (Year): (1992)
Issue (Month): Aut ()
Pages: 44-58

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Handle: RePEc:fip:fednqr:y:1992:i:aut:p:44-58:n:v.17no.3

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Keywords: Capital ; Business cycles ; Corporations - Finance;

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Cited by:
  1. Shaffer, Sherrill, 1999. "The discount window and credit availability," Journal of Banking & Finance, Elsevier, vol. 23(9), pages 1383-1406, September.
  2. Fuerst, Michael E., 2006. "Investor risk premia and real macroeconomic fluctuations," Journal of Macroeconomics, Elsevier, vol. 28(3), pages 540-563, September.
  3. Shaffer, Sherrill, 1998. "Capital Requirements and Rational Discount-Window Borrowing," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(4), pages 849-63, November.
  4. Papadamou, Stephanos & Siriopoulos, Costas, 2008. "Does the ECB Care about Shifts in Investors’ Risk Appetite?," MPRA Paper 25973, University Library of Munich, Germany.
  5. Krainer, Robert, 2009. "Portfolio and financing adjustments for U.S. banks: Some empirical evidence," Journal of Financial Stability, Elsevier, vol. 5(1), pages 1-24, January.

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