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Relative cost of capital for marginal firms over the business cycle

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Author Info

  • 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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Related research

Keywords: Capital ; Business cycles ; Corporations - Finance;

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Cited by:
  1. Papadamou, Stephanos & Siriopoulos, Costas, 2008. "Does the ECB Care about Shifts in Investors’ Risk Appetite?," MPRA Paper 25973, University Library of Munich, Germany.
  2. 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.
  3. Sherrill Shaffer, 1996. "Capital requirements and rational discount window borrowing," Working Papers 96-4, Federal Reserve Bank of Philadelphia.
  4. Sherrill Shaffer, 1995. "The discount window and credit availability," Working Papers 95-23, Federal Reserve Bank of Philadelphia.
  5. Fuerst, Michael E., 2006. "Investor risk premia and real macroeconomic fluctuations," Journal of Macroeconomics, Elsevier, vol. 28(3), pages 540-563, September.

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