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Dirk Hackbarth

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Working papers

  1. Hackbarth, Dirk & Taub, Bart, 2018. "Does the Potential to Merge Reduce Competition?," CEPR Discussion Papers 12732, C.E.P.R. Discussion Papers.

    Cited by:

    1. Winston Wei Dou & Yan Ji, 2021. "External Financing and Customer Capital: A Financial Theory of Markups," Management Science, INFORMS, vol. 67(9), pages 5569-5585, September.
    2. Dou, Winston Wei & Ji, Yan & Wu, Wei, 2021. "Competition, profitability, and discount rates," Journal of Financial Economics, Elsevier, vol. 140(2), pages 582-620.

  2. Hackbarth, Dirk & Rivera, Alejandro & Wong, Tak-Yuen, 2018. "Optimal Short-Termism," CEPR Discussion Papers 12588, C.E.P.R. Discussion Papers.

    Cited by:

    1. Małgorzata Janicka & Aleksandra Pieloch-Babiarz & Artur Sajnóg, 2020. "Does Short-Termism Influence the Market Value of Companies? Evidence from EU Countries," JRFM, MDPI, vol. 13(11), pages 1-22, November.
    2. Hoffmann, Florian & Pfeil, Sebastian, 2021. "Dynamic multitasking and managerial investment incentives," Journal of Financial Economics, Elsevier, vol. 142(2), pages 954-974.
    3. Alain Bensoussan & Benoit Chevalier-Roignant & Alejandro Rivera, 2021. "Does Performance-Sensitive Debt mitigate Debt Overhang?," Post-Print hal-03364891, HAL.
    4. Morellec, Erwan & Gryglewicz, Sebastian & Mayer, Simon, 2018. "Agency Conflicts over the Short and Long Run: Short-termism, Long-termism, and Pay-for-Luck," CEPR Discussion Papers 12720, C.E.P.R. Discussion Papers.
    5. Gryglewicz, Sebastian & Mayer, Simon & Morellec, Erwan, 2020. "Agency conflicts and short- versus long-termism in corporate policies," Journal of Financial Economics, Elsevier, vol. 136(3), pages 718-742.
    6. Bensoussan, Alain & Chevalier-Roignant, Benoît & Rivera, Alejandro, 2021. "Does performance-sensitive debt mitigate debt overhang?," Journal of Economic Dynamics and Control, Elsevier, vol. 131(C).

  3. Zechner, Josef & Choi, Jaewon & Hackbarth, Dirk, 2017. "Corporate Debt Maturity Profiles," CEPR Discussion Papers 12289, C.E.P.R. Discussion Papers.

    Cited by:

    1. Bougias, Alexandros & Episcopos, Athanasios & Leledakis, George N., 2022. "The role of asset payouts in the estimation of default barriers," International Review of Financial Analysis, Elsevier, vol. 81(C).
    2. Ca Nguyen, 2022. "Does amortization matter? Evidence from the syndicated loan market," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(1), pages 92-123, March.
    3. David Newton & Steven Ongena & Ru Xie & Binru Zhao, 2022. "Banks vs. Markets: Are Banks More Effective in Facilitating Sustainability?," Swiss Finance Institute Research Paper Series 22-22, Swiss Finance Institute.
    4. Eren, Egemen & Malamud, Semyon, 2022. "Dominant currency debt," Journal of Financial Economics, Elsevier, vol. 144(2), pages 571-589.
    5. Egemen Eren & Semyon Malamud, 2019. "Dominant currency debt," BIS Working Papers 783, Bank for International Settlements.
    6. Zhiguo He & Konstantin Milbradt, 2016. "Dynamic Debt Maturity," NBER Working Papers 21919, National Bureau of Economic Research, Inc.
    7. Priit Jeenas, 2023. "Firm balance sheet liquidity, monetary policy shocks, and investment dynamics," Economics Working Papers 1872, Department of Economics and Business, Universitat Pompeu Fabra.
    8. Martin Oehmke & Hongda Zhong & Chong Huang, 2017. "A Theory of Multi-Period Debt Structure," 2017 Meeting Papers 1645, Society for Economic Dynamics.
    9. Henrique Castro Martins & Eduardo Schiehll & Paulo Renato Soares Terra, 2020. "Do shareholder protection and creditor rights have distinct effects on the association between debt maturity and ownership structure?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(5-6), pages 708-729, May.
    10. Dasgupta, Amil & Choi, Jaewon & Oh, Ji Yeol Jimmy, 2019. "Bond Funds and Credit Risk," CEPR Discussion Papers 14134, C.E.P.R. Discussion Papers.
    11. Ee, Mong Shan & Huang, He & Cheng, Mingying, 2023. "Do labor mobility restrictions affect debt maturity?," Journal of Financial Stability, Elsevier, vol. 66(C).
    12. Haque, Sharjil & Varghese, Richard, 2023. "Firms’ rollover risk, capital structure and unequal exposure to aggregate shocks," Journal of Corporate Finance, Elsevier, vol. 80(C).
    13. Hassan, M. Kabir & Karim, Md. Sydul & Kozlowski, Steven E., 2022. "Implications of public corruption for local firms: Evidence from corporate debt maturity," Journal of Financial Stability, Elsevier, vol. 58(C).
    14. Huang, Chong & Oehmke, Martin & Zhong, Hongda, 2019. "A theory of multiperiod debt structure," LSE Research Online Documents on Economics 90429, London School of Economics and Political Science, LSE Library.
    15. Goetz, Martin, 2019. "Financing conditions and toxic emissions," SAFE Working Paper Series 254, Leibniz Institute for Financial Research SAFE.
    16. Matthew Darst & Ehraz Refayet, 2018. "A Model of Endogenous Debt Maturity with Heterogeneous Beliefs," 2018 Meeting Papers 1004, Society for Economic Dynamics.
    17. Kashefi Pour, Eilnaz & Lasfer, Meziane, 2019. "Taxes, governance, and debt maturity structure: International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 58(C), pages 136-161.
    18. Field, Laura Casares & Mkrtchyan, Anahit & Wang, Yuan, 2022. "Bond liquidity and investment," Journal of Banking & Finance, Elsevier, vol. 145(C).
    19. Huang, Zhen & Gao, Weiwei, 2022. "The effects of formal and informal CEO power on debt policy persistence," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    20. Wang, Xiaoxiao & Liu, Haiming, 2022. "The impact of rollover restriction on stock price crash risk," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    21. Luca Benzoni & Lorenzo Garlappi & Robert Goldstein, 2023. "Incomplete Information, Debt Issuance, and the Term Structure of Credit Spreads," Management Science, INFORMS, vol. 69(7), pages 4331-4352, July.
    22. Zhu, Qifei, 2021. "Capital supply and corporate bond issuances: Evidence from mutual fund flows," Journal of Financial Economics, Elsevier, vol. 141(2), pages 551-572.
    23. Fu, Xudong & Huang, Minjie & Tang, Tian, 2022. "Duration of executive compensation and maturity structure of corporate debt," Journal of Corporate Finance, Elsevier, vol. 73(C).
    24. Thomas Dangl & Josef Zechner, 2021. "Debt Maturity and the Dynamics of Leverage [Rollover risk and market freezes]," The Review of Financial Studies, Society for Financial Studies, vol. 34(12), pages 5796-5840.
    25. Wei, Xu & Xiao, Xiao & Zhou, Yi & Zhou, Yimin, 2023. "Spillover effects between liquidity risks through endogenous debt maturity," Journal of Financial Markets, Elsevier, vol. 64(C).
    26. Ram Yamarthy, 2019. "Corporate Debt Maturity and the Real Economy," 2019 Meeting Papers 627, Society for Economic Dynamics.
    27. Xu Li & Chen Lin & Xintong Zhan, 2019. "Does Change in the Information Environment Affect Financing Choices?," Management Science, INFORMS, vol. 65(12), pages 5676-5696, December.
    28. David Knezevic, 2020. "Intertemporal diversification of sub-sovereign debt," Empirical Economics, Springer, vol. 58(2), pages 453-487, February.
    29. Poeschl, Johannes, 2023. "Corporate debt maturity and investment over the business cycle," European Economic Review, Elsevier, vol. 152(C).
    30. Liu, Lu, 2023. "The demand for long-term mortgage contracts and the role of collateral," Bank of England working papers 1009, Bank of England.
    31. Gang Bai & Chunhui Chen, 2023. "Managing Information Sensitivity: The Relationship between the Interbank Offered Rate and the Characteristics of Bank-Issued Wealth Management Products in China," Sustainability, MDPI, vol. 15(2), pages 1-19, January.
    32. Falk Bräuning & José Fillat & J. Christina Wang, 2020. "Corporate Debt Maturity and Monetary Policy," Current Policy Perspectives 88967, Federal Reserve Bank of Boston.
    33. Brown, Scott & Powers, Eric, 2020. "The life cycle of make-whole call provisions," Journal of Corporate Finance, Elsevier, vol. 65(C).
    34. Liu, Lu, 2023. "The demand for long-term mortgage contracts and the role of collateral," ESRB Working Paper Series 142, European Systemic Risk Board.
    35. Choi, Jaewon & Dasgupta, Amil & Oh, Ji, 2022. "Bond funds and credit risk," LSE Research Online Documents on Economics 118856, London School of Economics and Political Science, LSE Library.
    36. Benzoni, Luca & Garlappi, Lorenzo & Goldstein, Robert S. & Ying, Chao, 2022. "Debt dynamics with fixed issuance costs," Journal of Financial Economics, Elsevier, vol. 146(2), pages 385-402.
    37. Nina Boyarchenko & Leonardo Elias, 2023. "The Good, the Bad, and the Ugly of International Debt Market Data," Staff Reports 1074, Federal Reserve Bank of New York.
    38. Chiu, Wan-Chien & King, Tao-Hsien Dolly & Wang, Chih-Wei, 2021. "Debt maturity dispersion and the cost of bank loans," Journal of Corporate Finance, Elsevier, vol. 70(C).
    39. Chen, Hui & Xu, Yu & Yang, Jun, 2021. "Systematic risk, debt maturity, and the term structure of credit spreads," Journal of Financial Economics, Elsevier, vol. 139(3), pages 770-799.
    40. Helwege, Jean & Wang, Liying, 2021. "Liquidity and price pressure in the corporate bond market: evidence from mega-bonds," Journal of Financial Intermediation, Elsevier, vol. 48(C).
    41. Liu, Ya & Qiu, Buhui & Wang, Teng, 2021. "Debt rollover risk, credit default swap spread and stock returns: Evidence from the COVID-19 crisis," Journal of Financial Stability, Elsevier, vol. 53(C).

  4. Hackbarth, Dirk & Gu, Lifeng & Johnson, Timothy, 2017. "Inflexibility and Stock Returns," CEPR Discussion Papers 12441, C.E.P.R. Discussion Papers.

    Cited by:

    1. Zechner, Josef & Chaderina, Maria & Weiss, Patrick, 2020. "The Maturity Premium," CEPR Discussion Papers 14570, C.E.P.R. Discussion Papers.
    2. Jun Li & Huijun Wang & Jianfeng Yu, 2021. "The expected investment growth premium," Financial Management, Financial Management Association International, vol. 50(4), pages 905-933, December.
    3. Avijit Bansal & Balagopal Gopalakrishnan & Joshy Jacob & Pranjal Srivastava, 2022. "Impact of operational fragility on stock returns: Lessons from COVID‐19 crisis," International Review of Finance, International Review of Finance Ltd., vol. 22(2), pages 365-398, June.
    4. Po‐Hsuan Hsu & Kai Li & Chi‐Yang Tsou, 2023. "The Pollution Premium," Journal of Finance, American Finance Association, vol. 78(3), pages 1343-1392, June.
    5. Matti Keloharju & Juhani T. Linnainmaa & Peter Nyberg, 2019. "Long-Term Discount Rates Do Not Vary Across Firms," NBER Working Papers 25579, National Bureau of Economic Research, Inc.
    6. Cook, Douglas O. & Kieschnick, Robert & Moussawi, Rabih, 2019. "Operating leases, operating leverage, operational inflexibility and sticky costs," Finance Research Letters, Elsevier, vol. 31(C).
    7. Keloharju, Matti & Linnainmaa, Juhani T. & Nyberg, Peter, 2021. "Long-term discount rates do not vary across firms," Journal of Financial Economics, Elsevier, vol. 141(3), pages 946-967.
    8. Ho, Tuan & Kim, Kirak & Li, Yang & Xu, Fangming, 2023. "Can Real Options Explain the Skewness of Stock Returns?," Journal of Banking & Finance, Elsevier, vol. 148(C).

  5. Fulghieri, Paolo & Hackbarth, Dirk & Garcia, Diego, 2015. "Asymmetric information, security design, and the pecking (dis)order," CEPR Discussion Papers 10660, C.E.P.R. Discussion Papers.

    Cited by:

    1. Lannoo, Karel & Thomadakis, Apostolos, 2019. "Rebranding Capital Markets Union: A market finance action plan," ECMI Papers 500, Centre for European Policy Studies.

  6. Choi, Jaewon & Hackbarth, Dirk & Zechner, Josef, 2013. "Granularity of corporate debt," CFS Working Paper Series 2013/26, Center for Financial Studies (CFS).

    Cited by:

    1. Melvin Jameson & Tao‐Hsien Dolly King & Andrew Prevost, 2021. "Top management incentives and financial flexibility: The case of make‐whole call provisions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(1-2), pages 374-404, January.
    2. Giannetti, Caterina, 2015. "Debt concentration of European Firms," MPRA Paper 63002, University Library of Munich, Germany.
    3. Huang, Chong & Oehmke, Martin & Zhong, Hongda, 2019. "A theory of multiperiod debt structure," LSE Research Online Documents on Economics 90429, London School of Economics and Political Science, LSE Library.
    4. Gyimah, Daniel & Danso, Albert & Adu-Ameyaw, Emmanuel & Boateng, Agyenim, 2022. "Firm-level political risk and corporate leverage decisions," International Review of Financial Analysis, Elsevier, vol. 84(C).
    5. Giannetti, Caterina, 2019. "Debt specialization and performance of European firms," Journal of Empirical Finance, Elsevier, vol. 53(C), pages 257-271.
    6. Yomna Abdulla & Viet Anh Dang & Arif Khurshed, 2016. "Debt maturity and initial public offerings," Review of Quantitative Finance and Accounting, Springer, vol. 47(4), pages 1129-1165, November.
    7. Garcia-Appendini, Emilia, 2014. "Idiosyncratic Shocks and Industry Contagion: Evidence from a Quasi-experiment," Working Papers on Finance 1410, University of St. Gallen, School of Finance, revised Mar 2015.
    8. Libo Sun & Sheridan D. Titman & Garry J. Twite, 2015. "REIT and Commercial Real Estate Returns: A Postmortem of the Financial Crisis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(1), pages 8-36, March.
    9. Giannetti, Caterina, 2015. "Debt Concentration of European Firms," LEAP Working Papers 2015/3, Luiss Institute for European Analysis and Policy.
    10. Garcia-Appendini, Emilia, 2018. "Financial distress and competitors' investment," Journal of Corporate Finance, Elsevier, vol. 51(C), pages 182-209.

  7. Arnold, Marc & Hackbarth, Dirk & Puhan, Tatjana-Xenia, 2013. "Financing Asset Sales and Business Cycles," Working Papers on Finance 1320, University of St. Gallen, School of Finance.

    Cited by:

    1. Ahrends, Meike & Drobetz, Wolfgang & Puhan, Tatjana Xenia, 2018. "Cyclicality of growth opportunities and the value of cash holdings," Journal of Financial Stability, Elsevier, vol. 37(C), pages 74-96.
    2. Nishihara, Michi & Shibata, Takashi, 2016. "Asset sale, debt restructuring, and liquidation," Journal of Economic Dynamics and Control, Elsevier, vol. 67(C), pages 73-92.
    3. Alex Edmans & William Mann, 2019. "Financing Through Asset Sales," Management Science, INFORMS, vol. 65(7), pages 3043-3060, July.
    4. Colonnello, Stefano, 2020. "Executive compensation, macroeconomic conditions, and cash flow cyclicality," Finance Research Letters, Elsevier, vol. 37(C).
    5. Nguyen, Giang & Vu, Le, 2018. "Asset sales and subsequent acquisitions," International Review of Financial Analysis, Elsevier, vol. 60(C), pages 87-97.

  8. Murillo Campello & Dirk Hackbarth, 2012. "The Firm-Level Credit Multiplier," NBER Working Papers 17805, National Bureau of Economic Research, Inc.

    Cited by:

    1. Didier, Tatiana & Levine, Ross & Llovet Montanes, Ruth & Schmukler, Sergio L., 2021. "Capital market financing and firm growth," Journal of International Money and Finance, Elsevier, vol. 118(C).
    2. Narayan, Seema & Bui, Minh Ngoc Thi & Ren, Yishuai & Ma, Chaoqun, 2021. "Macroeconomic determinants of US corporate leverage," Economic Modelling, Elsevier, vol. 104(C).
    3. Wang, Mengying, 2017. "Does foreign direct investment affect host-country firms' financial constraints?," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 522-539.
    4. Arping, Stefan & Sautner, Zacharias, 2010. "Corporate governance and leverage: Evidence from a natural experiment," Finance Research Letters, Elsevier, vol. 7(2), pages 127-134, June.
    5. Bencheikh, Fayrouz & Taktak, Neila Boulila, 2017. "Access to bank financing and the collateral channel: The case of Tunisian firms before and after the revolution," Research in International Business and Finance, Elsevier, vol. 42(C), pages 874-886.
    6. Bing Xu, 2017. "Permissible collateral and access to finance: evidence from a quasi-natural experiment," Working Papers 1750, Banco de España.
    7. Golbeck, Steven & Linetsky, Vadim, 2013. "Asset financing with credit risk," Journal of Banking & Finance, Elsevier, vol. 37(1), pages 43-59.
    8. Beladi, Hamid & Deng, Jie & Hu, May, 2021. "Cross-border investment and corporate innovation: Evidence from the Chinese market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    9. Abdul Rashid & Noshaba Jabeen, 2018. "Financial frictions and the cash flow – external financing sensitivity: evidence from a panel of Pakistani firms," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 4(1), pages 1-20, December.
    10. Rapp, Marc Steffen & Schmid, Thomas & Urban, Daniel, 2014. "The value of financial flexibility and corporate financial policy," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 288-302.
    11. Cao, Yue & Dong, Yizhe & Ma, Diandian & Sun, Li, 2021. "Customer concentration and corporate risk-taking," Journal of Financial Stability, Elsevier, vol. 54(C).
    12. Bustamante, M. Cecilia, 2016. "How Do Frictions Affect Corporate Investment? A Structural Approach," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 51(6), pages 1863-1895, December.
    13. Norden, Lars & van Kampen, Stefan, 2013. "Corporate leverage and the collateral channel," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 5062-5072.
    14. Ganguly, Kousik & Mishra, Ajay Kumar & Parikh, Bhavik, 2023. "Do Political connections influence investment decisions? Evidence from India," Finance Research Letters, Elsevier, vol. 52(C).
    15. Xu, Bing, 2018. "Permissible collateral and access to finance: Evidence from a quasi-natural experiment," BOFIT Discussion Papers 3/2018, Bank of Finland Institute for Emerging Economies (BOFIT).
    16. Biao Chen & Jinqiang Yang & Chuanqian Zhang, 2021. "Corporate investment and financing with uncertain growth opportunities," International Review of Finance, International Review of Finance Ltd., vol. 21(3), pages 821-842, September.
    17. Murillo Campello & Mauricio Larrain, 2016. "Enlarging the Contracting Space: Collateral Menus, Access to Credit, and Economic Activity," The Review of Financial Studies, Society for Financial Studies, vol. 29(2), pages 349-383.
    18. Xu, Bing, 2019. "Permissible collateral and access to finance: Evidence from a quasi-natural experiment," China Economic Review, Elsevier, vol. 54(C), pages 237-255.

  9. Heitor Almeida & Murillo Campello & Dirk Hackbarth, 2011. "Liquidity Mergers," NBER Working Papers 16724, National Bureau of Economic Research, Inc.

    Cited by:

    1. Ron Alquist & Rahul Mukherjee & Linda Tesar, 2013. "Fire-Sale FDI or Business as Usual?," Staff Working Papers 13-17, Bank of Canada.
    2. Larrain, Borja & Tapia, Matías & Urzúa I., Francisco, 2017. "Investor protection and corporate control," Journal of Corporate Finance, Elsevier, vol. 47(C), pages 174-190.
    3. Heitor Almeida & Murillo Campello & Igor Cunha & Michael S. Weisbach, 2014. "Corporate Liquidity Management: A Conceptual Framework and Survey," Annual Review of Financial Economics, Annual Reviews, vol. 6(1), pages 135-162, December.
    4. Jaffe, Jeffrey & Jindra, Jan & Pedersen, David & Voetmann, Torben, 2015. "Returns to acquirers of public and subsidiary targets," Journal of Corporate Finance, Elsevier, vol. 31(C), pages 246-270.
    5. Andrei Shleifer & Robert Vishny, 2011. "Fire Sales in Finance and Macroeconomics," Journal of Economic Perspectives, American Economic Association, vol. 25(1), pages 29-48, Winter.
    6. Servaes, Henri & Meier, Jean-Marie A., 2014. "Distressed Acquisitions," CEPR Discussion Papers 10093, C.E.P.R. Discussion Papers.
    7. Beutler, Toni & Grobéty, Mathieu, 2019. "The collateral channel under imperfect debt enforcement," European Economic Review, Elsevier, vol. 111(C), pages 336-359.
    8. Filippo Ippolito & Ander Pérez Orive, 2012. "Credit Lines: The Other Side of Corporate Liquidity," Working Papers 618, Barcelona School of Economics.
    9. Vittoria Cerasi & Alessandro Fedele & Raffaele Miniaci, 2017. "Product market competition and access to credit," Small Business Economics, Springer, vol. 49(2), pages 295-318, August.
    10. Ying Xu & Hai Anh La, 2017. "Spillovers of the United States’ Unconventional Monetary Policy to Emerging Asia: The Bank Lending Channel," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(12), pages 2744-2769, December.
    11. Rahul Mukherjee & Linda Tesar & Ron Alquist, 2015. "Liquidity-Driven FDI," 2015 Meeting Papers 415, Society for Economic Dynamics.
    12. Choi, Jaewon & Hackbarth, Dirk & Zechner, Josef, 2021. "Granularity of Corporate Debt," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 56(4), pages 1127-1162, June.
    13. Vittoria Cerasi & Alessandro Fedele & Raffaele Miniaci, 2013. "Product market competition and collateralized debt," Working Papers 238, University of Milano-Bicocca, Department of Economics, revised Mar 2013.
    14. Chang, Xin & Shekhar, Chander & Tam, Lewis H.K. & Yao, Jiaquan, 2016. "The information role of advisors in mergers and acquisitions: Evidence from acquirers hiring targets’ ex-advisors," Journal of Banking & Finance, Elsevier, vol. 70(C), pages 247-264.
    15. Quoc-Anh Do & Yen-Teik Lee & Bang Dang Nguyen, 2016. "Directors as Connectors: The Impact of the External Networks of Directors on Firms," Working Papers hal-03393196, HAL.
    16. Dinc, Serdar & Erel, Isil & Liao, Rose, 2017. "Fire sale discount: Evidence from the sale of minority equity stakes," Journal of Financial Economics, Elsevier, vol. 125(3), pages 475-490.
    17. Gregor Matvos & Amit Seru, 2011. "Resource Allocation within Firms and Financial Market Dislocation: Evidence from Diversified Conglomerates," NBER Working Papers 17717, National Bureau of Economic Research, Inc.
    18. Ron Alquist & Rahul Mukherjee & Linda L. Tesar, 2015. "Liquidity-Driven FDI," Working Papers 646, Research Seminar in International Economics, University of Michigan.
    19. Hong Zhu & Qi Zhu, 2016. "Mergers and acquisitions by Chinese firms: A review and comparison with other mergers and acquisitions research in the leading journals," Asia Pacific Journal of Management, Springer, vol. 33(4), pages 1107-1149, December.
    20. Araujo, Aloisio P. & Ferreira, Rafael V.X. & Funchal, Bruno, 2012. "The Brazilian bankruptcy law experience," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 994-1004.
    21. Alhenawi, Yasser & Krishnaswami, Sudha, 2015. "Long-term impact of merger synergies on performance and value," The Quarterly Review of Economics and Finance, Elsevier, vol. 58(C), pages 93-118.
    22. Rahul Mukherjee & Christian Proebsting, 2015. "Survival of the Fittest: Corporate Control and the Cleansing Effect of Financial Crises," IHEID Working Papers 20-2015, Economics Section, The Graduate Institute of International Studies, revised 01 Oct 2015.
    23. Jieying Hong & Rui Zhang, 2023. "Manager‐specific shocks, financial constraints and conglomerate merger," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 56(1), pages 46-59, February.
    24. Khatami, Seyed Hossein & Marchica, Maria-Teresa & Mura, Roberto, 2015. "Corporate acquisitions and financial constraints," International Review of Financial Analysis, Elsevier, vol. 40(C), pages 107-121.

  10. Dirk Hackbarth & Jianjun Maio, 2007. "The Dynamics of Mergers and Acquisitions in Oligopolistic Industries," Boston University - Department of Economics - Working Papers Series WP2007-017, Boston University - Department of Economics.

    Cited by:

    1. Muendler, Marc-Andreas, 2014. "Export or Merge? Proximity vs. Concentration in Product Space," CAGE Online Working Paper Series 180, Competitive Advantage in the Global Economy (CAGE).
    2. Andrey Malenko & Alexander Gorbenko, 2013. "Means of payment and timing of mergers and acquisitions in a dynamic economy," 2013 Meeting Papers 928, Society for Economic Dynamics.
    3. Guthrie, Graeme & Hobbs, Cameron, 2021. "How managerial ownership and the market for corporate control can improve investment timing," Journal of Banking & Finance, Elsevier, vol. 128(C).
    4. Andreas Welling, 2017. "Optimal Carbon Tax Scheme under Uncertainty in an Oligopolistic Market of Polluters," FEMM Working Papers 170001, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
    5. Almeida, Heitor & Campello, Murillo & Hackbarth, Dirk, 2011. "Liquidity mergers," Journal of Financial Economics, Elsevier, vol. 102(3), pages 526-558.
    6. Lukas, Elmar & Welling, Andreas, 2017. "Efficient non-cooperative bargaining despite keeping strategic information private," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 287-294.
    7. Hackbarth, Dirk & Taub, Bart, 2018. "Does the Potential to Merge Reduce Competition?," CEPR Discussion Papers 12732, C.E.P.R. Discussion Papers.
    8. Pablo Moran, 2017. "Information Revelation in Merger Waves," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 6(2), pages 174-233.
    9. Antill, Samuel & Grenadier, Steven R., 2023. "Financing the litigation arms race," Journal of Financial Economics, Elsevier, vol. 149(2), pages 218-234.
    10. Lukas, Elmar & Pereira, Paulo J. & Rodrigues, Artur, 2019. "Designing optimal M&A strategies under uncertainty," Journal of Economic Dynamics and Control, Elsevier, vol. 104(C), pages 1-20.
    11. Ebina, Takeshi & Kumakura, Yuya & Nishide, Katsumasa, 2022. "Hostile takeovers or friendly mergers? Real options analysis," Journal of Corporate Finance, Elsevier, vol. 77(C).
    12. Tarsalewska, Monika, 2015. "The timing of mergers along the production chain, capital structure, and risk dynamics," Journal of Banking & Finance, Elsevier, vol. 57(C), pages 51-64.
    13. Bustamante, Maria Cecilia & Zucchi, Francesca, 2023. "Innovation, industry equilibrium, and discount rates," Working Paper Series 2835, European Central Bank.
    14. Lin William Cong, 2020. "Timing of Auctions of Real Options," Management Science, INFORMS, vol. 66(9), pages 3956-3976, September.
    15. Strebulaev, Ilya A. & Whited, Toni M., 2012. "Dynamic Models and Structural Estimation in Corporate Finance," Foundations and Trends(R) in Finance, now publishers, vol. 6(1–2), pages 1-163, November.
    16. Lukas, Elmar & Welling, Andreas, 2014. "On the investment–uncertainty relationship: A game theoretic real option approach," Finance Research Letters, Elsevier, vol. 11(1), pages 25-35.
    17. Massimo FLORIO & Matteo FERRARIS & Daniela VANDONE, 2018. "State-Owned Enterprises: Rationales for Mergers and Acquisitions," CIRIEC Working Papers 1801, CIRIEC - Université de Liège.
    18. García-Feijóo, Luis & Madura, Jeff & Ngo, Thanh, 2012. "Impact of industry characteristics on the method of payment in mergers," Journal of Economics and Business, Elsevier, vol. 64(4), pages 261-274.
    19. Chevalier-Roignant, Benoît & Flath, Christoph M. & Kort, Peter M. & Trigeorgis, Lenos, 2021. "Capacity investment choices under cost heterogeneity and output flexibility in oligopoly," European Journal of Operational Research, Elsevier, vol. 290(3), pages 1154-1173.
    20. Miyata, Ryo & Suzuki, Teruyoshi & Yagi, Kyoko, 2022. "The Dynamics of Takeovers through Exchange Offers in the Presence of Competition," Discussion paper series. A 362, Graduate School of Economics and Business Administration, Hokkaido University.
    21. Tarsalewska, Monika, 2018. "Buyouts under the threat of preemption," Journal of Banking & Finance, Elsevier, vol. 89(C), pages 39-58.
    22. Alex Holcomb & Paul Mason, 2021. "The Effect of Industry Restructuring on Peer Firms," JRFM, MDPI, vol. 14(5), pages 1-25, May.
    23. Zhuming Chen & Sijia Zhang & Tao Lin, 2020. "Optimal Timing And Terms In A Vertical Merger With Two Sources Of Uncertainty," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 43(2), pages 345-372, May.
    24. Winston Wei Dou & Yan Ji, 2021. "External Financing and Customer Capital: A Financial Theory of Markups," Management Science, INFORMS, vol. 67(9), pages 5569-5585, September.
    25. Habib, Michel A. & Mella-Barral, Pierre, 2013. "Skills, core capabilities, and the choice between merging, allying, and trading assets," Journal of Mathematical Economics, Elsevier, vol. 49(1), pages 31-48.
    26. Kaufmann, Mattheo & Schiereck, Dirk, 2023. "Acquiring for innovation: Evidence from the U.S. technology industry," Journal of Economic Dynamics and Control, Elsevier, vol. 152(C).
    27. Dou, Winston Wei & Ji, Yan & Wu, Wei, 2021. "Competition, profitability, and discount rates," Journal of Financial Economics, Elsevier, vol. 140(2), pages 582-620.

  11. Dirk Hackbarth & Erwan Morellec, 2006. "Stock Returns in Mergers and Acquisitions," Swiss Finance Institute Research Paper Series 06-01, Swiss Finance Institute.

    Cited by:

    1. Lukas, Elmar & Thiergart, Sascha, 2019. "The interaction of debt financing, cash grants and the optimal investment policy under uncertainty," European Journal of Operational Research, Elsevier, vol. 276(1), pages 284-299.
    2. Andrey Malenko & Alexander Gorbenko, 2013. "Means of payment and timing of mergers and acquisitions in a dynamic economy," 2013 Meeting Papers 928, Society for Economic Dynamics.
    3. Erwan Morellec & Alexei Zhdanov, 2006. "Financing and Takeovers," Swiss Finance Institute Research Paper Series 06-22, Swiss Finance Institute.
    4. Guthrie, Graeme & Hobbs, Cameron, 2021. "How managerial ownership and the market for corporate control can improve investment timing," Journal of Banking & Finance, Elsevier, vol. 128(C).
    5. Wang, Wenyu, 2018. "Bid anticipation, information revelation, and merger gains," Journal of Financial Economics, Elsevier, vol. 128(2), pages 320-343.
    6. Christian Bittner & Falko Fecht & Melissa Pala & Farzad Saidi, 2023. "Information Transmission between Banks and the Market for Corporate Control," ECONtribute Discussion Papers Series 250, University of Bonn and University of Cologne, Germany.
    7. Leonardo Kanashiro Felizardo & Elia Matsumoto & Emilio Del-Moral-Hernandez, 2022. "Solving the optimal stopping problem with reinforcement learning: an application in financial option exercise," Papers 2208.00765, arXiv.org.
    8. Huang, Qianqian & Jiang, Feng & Lie, Erik & Yang, Ke, 2014. "The role of investment banker directors in M&A," Journal of Financial Economics, Elsevier, vol. 112(2), pages 269-286.
    9. Thijssen, Jacco J.J., 2008. "Optimal and strategic timing of mergers and acquisitions motivated by synergies and risk diversification," Journal of Economic Dynamics and Control, Elsevier, vol. 32(5), pages 1701-1720, May.
    10. Agliardi, Elettra & Amel-Zadeh, Amir & Koussis, Nicos, 2016. "Leverage changes and growth options in mergers and acquisitions," Journal of Empirical Finance, Elsevier, vol. 37(C), pages 37-58.
    11. Mateev, Miroslav, 2017. "Is the M&A announcement effect different across Europe? More evidences from continental Europe and the UK," Research in International Business and Finance, Elsevier, vol. 40(C), pages 190-216.
    12. Kang, Moonsoo & Khaksari, S. & Nam, Kiseok, 2018. "Corporate investment, short-term return reversal, and stock liquidity," Journal of Financial Markets, Elsevier, vol. 39(C), pages 68-83.
    13. Anjos, Fernando, 2010. "Costly refocusing, the diversification discount, and the pervasiveness of diversified firms," Journal of Corporate Finance, Elsevier, vol. 16(3), pages 276-287, June.
    14. Paulo J. Pereira & Artur Rodrigues, 2015. "A theory on merger timing and announcement returns," NIPE Working Papers 13/2015, NIPE - Universidade do Minho.
    15. Pablo Moran, 2017. "Information Revelation in Merger Waves," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 6(2), pages 174-233.
    16. Elmar Lukas & Andreas Welling, 2012. "On the Investment-Uncertainty Relationship: A Game Theoretic Real Option Approach," FEMM Working Papers 120030, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
    17. Antill, Samuel & Grenadier, Steven R., 2023. "Financing the litigation arms race," Journal of Financial Economics, Elsevier, vol. 149(2), pages 218-234.
    18. Lukas, Elmar & Pereira, Paulo J. & Rodrigues, Artur, 2019. "Designing optimal M&A strategies under uncertainty," Journal of Economic Dynamics and Control, Elsevier, vol. 104(C), pages 1-20.
    19. Nishihara, Michi, 2023. "Target-initiated takeover with search frictions," European Journal of Operational Research, Elsevier, vol. 305(3), pages 1480-1497.
    20. Dirk Hackbarth & Jianjun Maio, 2007. "The Dynamics of Mergers and Acquisitions in Oligopolistic Industries," Boston University - Department of Economics - Working Papers Series WP2007-017, Boston University - Department of Economics.
    21. Sudi Sudarsanam & Ghulam Sorwar, 2010. "Determinants of Takeover Premium in Cash Offers: An Option Pricing Approach," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(5‐6), pages 687-714, June.
    22. Bahadir, S. Cem & Bharadwaj, Sundar & Parzen, Michael, 2009. "A meta-analysis of the determinants of organic sales growth," International Journal of Research in Marketing, Elsevier, vol. 26(4), pages 263-275.
    23. Steg, Jan-Henrik & Thijssen, Jacco J.J., 2023. "Strategic investment with positive externalities," Games and Economic Behavior, Elsevier, vol. 138(C), pages 1-21.
    24. Jakub Marszalek & Bogna Kazmierska-Jozwiak & Ewelina Niedzielska, 2022. "Value of the Acquiring Company and the Success of M&A Transaction in the Automotive Sector," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 700-716.
    25. Tarsalewska, Monika, 2015. "The timing of mergers along the production chain, capital structure, and risk dynamics," Journal of Banking & Finance, Elsevier, vol. 57(C), pages 51-64.
    26. Arzu Hajiyeva, "undated". "The Impact Of Mergers And Acquisitions On The Operational Performance Of Companies In Emerging Capital Markets," Review of Socio - Economic Perspectives 202067, Reviewsep.
    27. Strebulaev, Ilya A. & Whited, Toni M., 2012. "Dynamic Models and Structural Estimation in Corporate Finance," Foundations and Trends(R) in Finance, now publishers, vol. 6(1–2), pages 1-163, November.
    28. Hassan, M. Kabir & Alhenawi, Yasser, 2022. "Can information asymmetry explain both the post-merger value and the announcement discount in M&As?," International Review of Economics & Finance, Elsevier, vol. 77(C), pages 222-243.
    29. Coy, Jeffrey M. & Garcia-Feijoo, Luis, 2022. "Growth options, risk dynamics, and cost of capital: Evidence from U.S. corporate control transactions," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 562-576.
    30. Lukas, Elmar & Welling, Andreas, 2014. "On the investment–uncertainty relationship: A game theoretic real option approach," Finance Research Letters, Elsevier, vol. 11(1), pages 25-35.
    31. Svetlana Grigorieva & Tatiana Petrunina, 2015. "The performance of mergers and acquisitions in emerging capital markets: new angle," Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, Springer, vol. 26(4), pages 377-403, October.
    32. Lukas, Elmar & Reuer, Jeffrey J. & Welling, Andreas, 2012. "Earnouts in mergers and acquisitions: A game-theoretic option pricing approach," European Journal of Operational Research, Elsevier, vol. 223(1), pages 256-263.
    33. Chen, Jia & Gao, Ya-Chun & Li, Qiang & Zeng, Yong, 2020. "Cash holdings, M&A decision and risk premium," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 537(C).
    34. Choi, Jongmoo Jay & Ju, Ming & Trigeorgis, Lenos & Zhang, Xiaotian Tina, 2021. "Outsourcing flexibility under financial constraints," Journal of Corporate Finance, Elsevier, vol. 67(C).
    35. Jianjun Miao & Dirk Hackbarth, 2008. "The Timing and Returns of Mergers and Acquisitions in Oligopolistic Industries," 2008 Meeting Papers 12, Society for Economic Dynamics.
    36. Dutordoir, Marie & Strong, Norman C. & Sun, Ping, 2022. "Does short-selling potential influence merger and acquisition payment choice?," Journal of Financial Economics, Elsevier, vol. 144(3), pages 761-779.
    37. Pereira, Paulo J. & Rodrigues, Artur, 2019. "Bargaining merger terms and the effect on the announcement returns," International Review of Economics & Finance, Elsevier, vol. 59(C), pages 510-521.
    38. Alex Edmans & Itay Goldstein & Wei Jiang, 2012. "The Real Effects of Financial Markets: The Impact of Prices on Takeovers," Journal of Finance, American Finance Association, vol. 67(3), pages 933-971, June.
    39. Miyata, Ryo & Suzuki, Teruyoshi & Yagi, Kyoko, 2022. "The Dynamics of Takeovers through Exchange Offers in the Presence of Competition," Discussion paper series. A 362, Graduate School of Economics and Business Administration, Hokkaido University.
    40. Sergey Tsyplakov, 2019. "Can Post-Merger Integration Costs and Synergy Delays Explain Leverage Dynamics of Mergers?," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 9(04), pages 1-36, December.
    41. Gil Aharoni & Tuan Q. Ho & Qi Zeng, 2012. "Testing the growth option theory: the profitability of enhanced momentum strategies in Australia," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 52(2), pages 267-290, June.
    42. Dockner, Engelbert J. & Hartl, Richard F. & Kort, Peter M., 2019. "Dynamic capital structure choice and investment timing," Journal of Economic Dynamics and Control, Elsevier, vol. 102(C), pages 70-80.
    43. Svetlana Grigorieva & Tatiana Petrunina, 2013. "The performance of mergers and acquisitions in emerging capital markets: new evidence," HSE Working papers WP BRP 20/FE/2013, National Research University Higher School of Economics.
    44. Vithessonthi, Chaiporn & Techarongrojwong, Yaowaluk, 2012. "The impact of monetary policy decisions on stock returns: Evidence from Thailand," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(3), pages 487-507.
    45. Kejriwal, Mohitosh & Perron, Pierre, 2008. "Data Dependent Rules For Selection Of The Number Of Leads And Lags In The Dynamic Ols Cointegrating Regression," Econometric Theory, Cambridge University Press, vol. 24(5), pages 1425-1441, October.
    46. Yang Zhang, 2018. "Corporate Governance Effects on Risk Management and Shareholder Wealth: The Case of Mergers and Acquisitions," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 4-2018.
    47. Chi Man Leung & Yue Kuen Kwok, 2018. "Real options signaling game models for dynamic acquisition under information asymmetry," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 41(1), pages 35-63, May.
    48. Bai, Y. & Girma, S. & Riaño, A., 2020. "Corporate Acquisitions and Firm-level Uncertainty: Domestic versus Cross-Border Deals," Working Papers 20/09, Department of Economics, City University London.
    49. Bhamra, Harjoat S. & Shim, Kyung Hwan, 2017. "Stochastic idiosyncratic cash flow risk and real options: Implications for stock returns," Journal of Economic Theory, Elsevier, vol. 168(C), pages 400-431.
    50. Yongqiang Gao & Miaohan Zhang & Haibin Yang, 2023. "Looking Good in the Eyes of Stakeholders: Corporate Giving and Corporate Acquisitions," Journal of Business Ethics, Springer, vol. 185(2), pages 375-396, June.
    51. Wenjin Hu & Keith Skowronski & Yan Dong & Yongyi Shou, 2023. "Mergers and acquisitions in supply bases," Production and Operations Management, Production and Operations Management Society, vol. 32(4), pages 1059-1078, April.
    52. Lukas, Elmar & Welling, Andreas, 2012. "Negotiating M&As under uncertainty: The influence of managerial flexibility on the first-mover advantage," Finance Research Letters, Elsevier, vol. 9(1), pages 29-35.
    53. Jakub Marszalek & Bogna Kazmierska-Jozwiak & Ewelina Niedzielska, 2022. "The Value of the Acquiring Company and the Success of M&A Transaction in the Automotive Sector," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 160-176.
    54. Riccardo Borghi & Eric Hillebrand & Jakob Mikkelsen & Giovanni Urga, 2018. "The dynamics of factor loadings in the cross-section of returns," CREATES Research Papers 2018-38, Department of Economics and Business Economics, Aarhus University.
    55. Zhuming Chen & Sijia Zhang & Tao Lin, 2020. "Optimal Timing And Terms In A Vertical Merger With Two Sources Of Uncertainty," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 43(2), pages 345-372, May.
    56. Yensen Ni & Min-Yuh Day & Paoyu Huang, 2020. "Trading stocks following sharp movements in the USDX, GBP/USD, and USD/CNY," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-17, December.
    57. Wang, Xunxiao & Wu, Chongfeng & Xu, Weidong, 2015. "When to buy or sell in supply chains with the presence of mergers," International Journal of Production Economics, Elsevier, vol. 163(C), pages 137-145.
    58. Brahmadev Panda & N. M. Leepsa, 2019. "RIL’s Strategic Alliance with BP," Asian Journal of Management Cases, , vol. 16(2), pages 218-239, September.
    59. Zhang, Zhuang & Chizema, Amon & Kuo, Jing-Ming & Zhang, Qingjing, 2022. "Managerial risk-reducing incentives and social and exchange capital," The British Accounting Review, Elsevier, vol. 54(6).
    60. Veronika Vinogradova, 2018. "Value creation through external growth strategy: the architecture of successful performance," Review of Quantitative Finance and Accounting, Springer, vol. 51(3), pages 847-882, October.
    61. Michi NISHIHARA, 2021. "How should a startup respond to acquirers? A real options analysis," Discussion Papers in Economics and Business 20-24, Osaka University, Graduate School of Economics.
    62. Nicos Koussis & Michalis Makrominas, 2015. "Growth options, option exercise and firms’ systematic risk," Review of Quantitative Finance and Accounting, Springer, vol. 44(2), pages 243-267, February.
    63. Marcato, Gianluca & Sebehela, Tumellano & Campani, Carlos Heitor, 2018. "Volatility smiles when information is lagged in prices," The North American Journal of Economics and Finance, Elsevier, vol. 46(C), pages 151-165.
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    65. Lina M. Cortés & John J. García & David Agudelo, 2015. "Effects of Mergers and Acquisitions on Shareholder Wealth: Event Study for Latin American Airlines," Documentos de Trabajo de Valor Público 12453, Universidad EAFIT.

  12. Dirk Hackbarth & Jianjun Miao & Erwan Morellec, 2004. "Capital Structure, Credit Risk, and Macroeconomic Conditions," FAME Research Paper Series rp125, International Center for Financial Asset Management and Engineering.

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    1. Gady Jacoby & Chuan Liao & Jonathan A. Batten, 2007. "A Pure Test for the Elasticity of Yield Spreads," The Institute for International Integration Studies Discussion Paper Series iiisdp195, IIIS.
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    3. Alain Monfort & Jean-Paul Renne, 2010. "Default, Liquidity and Crises : An Econometric Framework," Working Papers 2010-46, Center for Research in Economics and Statistics.
    4. Carlos González-Aguado, 2011. "Interest Rates and Credit Risk," CNMV Working Papers CNMV Working Papers no. 4, CNMV- Spanish Securities Markets Commission - Research and Statistics Department.
    5. Lee, Chien-Chiang & Yang, Shih-Jui & Chang, Chi-Hung, 2014. "Non-interest income, profitability, and risk in banking industry: A cross-country analysis," The North American Journal of Economics and Finance, Elsevier, vol. 27(C), pages 48-67.
    6. Situm Mario, 2014. "Inability of Gearing-Ratio as Predictor for Early Warning Systems," Business Systems Research, Sciendo, vol. 5(2), pages 23-45, September.
    7. Richardson, Grant & Taylor, Grantley & Lanis, Roman, 2015. "The impact of financial distress on corporate tax avoidance spanning the global financial crisis: Evidence from Australia," Economic Modelling, Elsevier, vol. 44(C), pages 44-53.
    8. Gomez-Gonzalez, Jose E. & Hirs-Garzón, Jorge & Uribe, Jorge M., 2022. "Interdependent capital structure choices and the macroeconomy," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    9. Zechner, Josef & Chaderina, Maria & Weiss, Patrick, 2020. "The Maturity Premium," CEPR Discussion Papers 14570, C.E.P.R. Discussion Papers.
    10. Halling, Michael & Yu, Jin & Zechner, Josef, 2016. "Leverage dynamics over the business cycle," Journal of Financial Economics, Elsevier, vol. 122(1), pages 21-41.
    11. Hui Chen & Gustavo Manso, 2017. "Macroeconomic Risk and Debt Overhang," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 6(1), pages 1-38.
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    43. Erwan Morellec & Boris Nikolov & Norman Schürhoff, 2012. "Corporate Governance and Capital Structure Dynamics," Journal of Finance, American Finance Association, vol. 67(3), pages 803-848, June.
    44. Wei He & NyoNyo A Kyaw, 2023. "Macroeconomic risks and capital structure adjustment speed: The Chinese evidence," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(3), pages 2885-2899, July.
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    50. Sarah Sanya & Simon Wolfe, 2011. "Can Banks in Emerging Economies Benefit from Revenue Diversification?," Journal of Financial Services Research, Springer;Western Finance Association, vol. 40(1), pages 79-101, October.
    51. Ömer Tuğsal Doruk, 2022. "The link between exchange rate volatility and capital structure under financial liberalization: evidence from the Turkish manufacturing sector," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 12(3), pages 583-615, September.
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    61. Wei Xiong & Zhiguo He, 2010. "Rollover Risk and Credit Risk," 2010 Meeting Papers 98, Society for Economic Dynamics.
    62. Deng, Minjie & Fang, Min, 2022. "Debt maturity heterogeneity and investment responses to monetary policy," European Economic Review, Elsevier, vol. 144(C).
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    64. Sinha, Pankaj & Agnihotri, Shalini, 2015. "Macroeconomic risk and firms financing decision: An empirical panel data investigation using system GMM," MPRA Paper 67088, University Library of Munich, Germany, revised 30 Sep 2015.
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    206. Abdul Rashid, 2017. "Security issuance decisions, idiosyncratic risk, and macroeconomic dynamics," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(4), pages 659-678, October.
    207. An-Sing Chen & Che-Ming Yang, 2020. "Momentum Market States And Capital Structure Adjustment Speed," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 14(2), pages 37-49.
    208. Jeon, Haejun & Nishihara, Michi, 2014. "Macroeconomic conditions and a firm’s investment decisions," Finance Research Letters, Elsevier, vol. 11(4), pages 398-409.
    209. Chen, Hui & Xu, Yu & Yang, Jun, 2021. "Systematic risk, debt maturity, and the term structure of credit spreads," Journal of Financial Economics, Elsevier, vol. 139(3), pages 770-799.
    210. Bhamra, Harjoat S. & Fisher, Adlai J. & Kuehn, Lars-Alexander, 2011. "Monetary policy and corporate default," Journal of Monetary Economics, Elsevier, vol. 58(5), pages 480-494.
    211. Paulo V. Carvalho & José D. Curto & Rodrigo Primor, 2022. "Macroeconomic determinants of credit risk: Evidence from the Eurozone," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 2054-2072, April.
    212. Issouf Soumaré & Ernest Tafolong, 2017. "Risk-based capital for credit insurers with business cycles and dynamic leverage," Quantitative Finance, Taylor & Francis Journals, vol. 17(4), pages 597-612, April.
    213. Dah, Mustafa A., 2016. "Governance and firm value: The effect of a recession," Research in International Business and Finance, Elsevier, vol. 37(C), pages 464-476.
    214. Fang, Yiwei & van Lelyveld, Iman, 2014. "Geographic diversification in banking," Journal of Financial Stability, Elsevier, vol. 15(C), pages 172-181.
    215. Daniel Cardona Echeverri & Sandra Gaitán Riaño & Hermilson Velásquez Ceballos, 2016. "Variables macroeconómicas y microeconómicas que influyen en la estimación del costo de capital: un estudio de caso," Revista Facultad de Ciencias Económicas, Universidad Militar Nueva Granada, vol. 25(1), pages 105-116, December.

Articles

  1. Dirk Hackbarth & Rainer Haselmann & David Schoenherr, 2015. "Financial Distress, Stock Returns, and the 1978 Bankruptcy Reform Act," The Review of Financial Studies, Society for Financial Studies, vol. 28(6), pages 1810-1847.

    Cited by:

    1. Faradisa Bachmid & Sumiati Sumiati & Siti Aisjah, 2021. "The effect of financial distress using the Altman and Springate Models on stock return in mediated earnings management:A study on textile and garment companies listed on the Indonesia Stock Exchange 2," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 10(5), pages 119-128, July.
    2. Heyden, Kim J. & Heyden, Thomas, 2021. "Market reactions to the arrival and containment of COVID-19: An event study," Finance Research Letters, Elsevier, vol. 38(C).
    3. Antill, Samuel & Grenadier, Steven R., 2019. "Optimal capital structure and bankruptcy choice: Dynamic bargaining versus liquidation," Journal of Financial Economics, Elsevier, vol. 133(1), pages 198-224.
    4. Sinan Suleiman Abbadi, 2020. "The Moderating Role of Earnings Management on the Relationship between Cash Flow Activities and Stock Returns in the Jordanian Manufacturing Firms," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 1011-1022.
    5. Erwan Morellec & Boris Nikolov & Norman Schürhoff, 2018. "Agency Conflicts around the World," The Review of Financial Studies, Society for Financial Studies, vol. 31(11), pages 4232-4287.
    6. Rodano, Giacomo & Serrano-Velarde, Nicolas & Tarantino, Emanuele, 2016. "Bankruptcy law and bank financing," Journal of Financial Economics, Elsevier, vol. 120(2), pages 363-382.
    7. Closset, Frédéric & Großmann, Christoph & Kaserer, Christoph & Urban, Daniel, 2023. "Corporate restructuring and creditor power: Evidence from European insolvency law reforms," Journal of Banking & Finance, Elsevier, vol. 149(C).
    8. Müller, Karsten, 2022. "Busy bankruptcy courts and the cost of credit," Journal of Financial Economics, Elsevier, vol. 143(2), pages 824-845.
    9. Giambona, Erasmo & Lopez-de-Silanes, Florencio & Matta, Rafael, 2022. "Stiffing the creditor: Asset verifiability and bankruptcy," Journal of Financial Intermediation, Elsevier, vol. 52(C).
    10. Seokwoo Lee & Alejandro Rivera, 2021. "Extrapolation Bias and Robust Dynamic Liquidity Management," Management Science, INFORMS, vol. 67(10), pages 6421-6442, October.
    11. Cristina Fuentes-Albero, "undated". "Financial Frictions, Financial Shocks, and Aggregate Volatility," Departmental Working Papers 201201, Rutgers University, Department of Economics.
    12. Chu, Yongqiang, 2021. "Debt Renegotiation and Debt Overhang: Evidence from Lender Mergers," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 56(3), pages 995-1021, May.
    13. Assaf Eisdorfer & Efdal Ulas Misirli, 2020. "Distressed Stocks in Distressed Times," Management Science, INFORMS, vol. 66(6), pages 2452-2473, June.
    14. Rossi, Stefano, 2015. "What Drives Financial Reform? Economics and Politics of the State-Level Adoption of Municipal Bankruptcy Laws," CEPR Discussion Papers 10984, C.E.P.R. Discussion Papers.
    15. Zhiyao Chen & Ilya A. Strebulaev & Yuhang Xing & Xiaoyan Zhang, 2021. "Strategic Risk Shifting and the Idiosyncratic Volatility Puzzle: An Empirical Investigation," Management Science, INFORMS, vol. 67(5), pages 2751-2772, May.
    16. García-Posada Gómez, Miguel & Vegas Sánchez, Raquel, 2018. "Bankruptcy reforms in the midst of the Great Recession: The Spanish experience," International Review of Law and Economics, Elsevier, vol. 55(C), pages 71-95.
    17. Yezhou Sha & Ziwen Bu & Zilong Wang, 2023. "What drives the distress risk–return puzzle? A perspective on limits of arbitrage," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 3574-3592, October.
    18. Favara, Giovanni & Morellec, Erwan & Schroth, Enrique & Valta, Philip, 2017. "Debt enforcement, investment, and risk taking across countries," Journal of Financial Economics, Elsevier, vol. 123(1), pages 22-41.
    19. Stef, Nicolae, 2022. "How does legal design affect the initiation of a firm's bankruptcy?," Economic Modelling, Elsevier, vol. 114(C).
    20. Agrawal, Ashwini & Gonzalez-Uribe, Juanita & Martinez-Correa, Jimmy, 2020. "Measuring the ex-ante incentive effects of bankruptcy reorganization procedures," LSE Research Online Documents on Economics 118908, London School of Economics and Political Science, LSE Library.
    21. Agrawal, Ashwini & González-Uribe, Juanita & Martínez-Correa, Jimmy, 2022. "Measuring the ex-ante incentive effects of creditor control rights during bankruptcy reorganization," Journal of Financial Economics, Elsevier, vol. 143(1), pages 381-408.
    22. Agrawal, Ashwini & Gonzalez-Uribe, Juanita & Martinez-Correa, Jimmy, 2022. "Measuring the ex-ante incentive effects of creditor control rights during bankruptcy reorganization," LSE Research Online Documents on Economics 110482, London School of Economics and Political Science, LSE Library.
    23. Zacharias Sautner & Vladimir Vladimirov, 2018. "Indirect Costs of Financial Distress and Bankruptcy Law: Evidence from Trade Credit and Sales [Bankruptcy codes and innovations]," Review of Finance, European Finance Association, vol. 22(5), pages 1667-1704.
    24. Dincer, Hasan & Hacioglu, Umit & Tatoglu, Ekrem & Delen, Dursun, 2019. "Developing a hybrid analytics approach to measure the efficiency of deposit banks," Journal of Business Research, Elsevier, vol. 104(C), pages 131-145.
    25. Nils Friewald & Florian Nagler & Christian Wagner, 2022. "Debt Refinancing and Equity Returns," Journal of Finance, American Finance Association, vol. 77(4), pages 2287-2329, August.
    26. Qin, Yaohua & Xiao, He & Zhang, Yifei, 2019. "Market-based Financing Reforms and Shareholder Valuations: Event Study Evidence from the Chinese Science and Technology Innovation Board," MPRA Paper 94046, University Library of Munich, Germany.

  2. Dirk Hackbarth & Timothy Johnson, 2015. "Real Options and Risk Dynamics," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 82(4), pages 1449-1482.

    Cited by:

    1. Cujean, Julien & Bustamante, Maria Cecilia & Frésard, Laurent, 2019. "Knowledge Cycles and Corporate Investment," CEPR Discussion Papers 14152, C.E.P.R. Discussion Papers.
    2. Efdal Ulas Misirli, 2018. "Productivity Risk and Industry Momentum," Financial Management, Financial Management Association International, vol. 47(3), pages 739-774, September.
    3. Holger Kraft & Eduardo Schwartz & Farina Weiss, 2018. "Growth options and firm valuation," European Financial Management, European Financial Management Association, vol. 24(2), pages 209-238, March.
    4. Lambrecht, Bart M., 2017. "Real options in finance," Journal of Banking & Finance, Elsevier, vol. 81(C), pages 166-171.
    5. Ho, Tuan & Kim, Kirak & Li, Yang & Xu, Fangming, 2023. "Does real flexibility help firms navigate the COVID-19 pandemic?," The British Accounting Review, Elsevier, vol. 55(4).
    6. Matti Keloharju & Juhani T. Linnainmaa & Peter Nyberg, 2019. "Long-Term Discount Rates Do Not Vary Across Firms," NBER Working Papers 25579, National Bureau of Economic Research, Inc.
    7. Frederico Belo & Xiaoji Lin & Jun Li & Xiaofei Zhao, 2015. "Labor-Force Heterogeneity and Asset Prices: the Importance of Skilled Labor," NBER Working Papers 21487, National Bureau of Economic Research, Inc.
    8. Barinov, Alexander, 2023. "Profitability anomaly and aggregate volatility risk," Journal of Financial Markets, Elsevier, vol. 64(C).
    9. Keloharju, Matti & Linnainmaa, Juhani T. & Nyberg, Peter, 2021. "Long-term discount rates do not vary across firms," Journal of Financial Economics, Elsevier, vol. 141(3), pages 946-967.
    10. Luis García‐Feijóo & Benjamin A. Jansen, 2023. "International evidence on the association of leverage with stock returns and the value premium," The Financial Review, Eastern Finance Association, vol. 58(2), pages 315-341, May.
    11. Flor, Christian Riis & Petersen, Kirstine Boye & Schandlbauer, Alexander, 2023. "Callable or convertible debt? The role of debt overhang and covenants," Journal of Corporate Finance, Elsevier, vol. 78(C).
    12. Mortal, Sandra C. & Schill, Michael J., 2018. "The role of firm investment in momentum and reversal," Journal of Empirical Finance, Elsevier, vol. 48(C), pages 255-278.
    13. Ho, Tuan & Kim, Kirak & Li, Yang & Xu, Fangming, 2023. "Can Real Options Explain the Skewness of Stock Returns?," Journal of Banking & Finance, Elsevier, vol. 148(C).
    14. Hackbarth, Dirk & Gu, Lifeng & Johnson, Timothy, 2017. "Inflexibility and Stock Returns," CEPR Discussion Papers 12441, C.E.P.R. Discussion Papers.
    15. Ang, Tze Chuan 'Chewie' & Azad, A.S.M. Sohel & Pham, Thu A.T. & Zhong, Angel, 2021. "Firm efficiency and stock returns: Australian evidence," International Review of Financial Analysis, Elsevier, vol. 78(C).
    16. Zhang, Zhou, 2023. "Competition, investment reversibility, and equity risk premium," Journal of Banking & Finance, Elsevier, vol. 154(C).
    17. Dou, Winston Wei & Ji, Yan & Wu, Wei, 2021. "Competition, profitability, and discount rates," Journal of Financial Economics, Elsevier, vol. 140(2), pages 582-620.

  3. Dirk Hackbarth & Richmond Mathews & David Robinson, 2014. "Capital Structure, Product Market Dynamics, and the Boundaries of the Firm," Management Science, INFORMS, vol. 60(12), pages 2971-2993, December.

    Cited by:

    1. Morellec , Erwan & Valta , Philip & Zhdanov , Alexei, 2013. "Financing Investment: The Choice between Bonds and Bank Loans," HEC Research Papers Series 1010, HEC Paris.
    2. Michi Nishihara & Takashi Shibata, 2019. "The effects of asset liquidity on dynamic bankruptcy decisions," Discussion Papers in Economics and Business 19-12, Osaka University, Graduate School of Economics.
    3. Danmo Lin, 2023. "Accelerability vs. Scalability: R&D Investment Under Financial Constraints and Competition," Management Science, INFORMS, vol. 69(7), pages 4078-4107, July.
    4. Hwa-Sung Kim, 2023. "Effects of ambiguity on innovation strategies," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-27, December.
    5. Tarsalewska, Monika, 2018. "Buyouts under the threat of preemption," Journal of Banking & Finance, Elsevier, vol. 89(C), pages 39-58.
    6. Tania Babina, 2017. "Destructive Creation at Work: How Financial Distress Spurs Entrepreneurship," Working Papers 17-19, Center for Economic Studies, U.S. Census Bureau.
    7. Charalambides, Marios & Koussis, Nicos, 2018. "A stochastic model with interacting managerial operating options and debt rescheduling," European Journal of Operational Research, Elsevier, vol. 267(1), pages 236-249.
    8. Lóránth, Gyöngyi & Morrison, Alan & Zeng, Jing, 2020. "Organizational Structure and Investment Strategy," CEPR Discussion Papers 15602, C.E.P.R. Discussion Papers.
    9. Winston Wei Dou & Yan Ji, 2021. "External Financing and Customer Capital: A Financial Theory of Markups," Management Science, INFORMS, vol. 67(9), pages 5569-5585, September.
    10. Trigeorgis, Lenos & Tsekrekos, Andrianos E., 2018. "Real Options in Operations Research: A Review," European Journal of Operational Research, Elsevier, vol. 270(1), pages 1-24.
    11. Nishihara, Michi & Shibata, Takashi, 2021. "The effects of asset liquidity on dynamic sell-out and bankruptcy decisions," European Journal of Operational Research, Elsevier, vol. 288(3), pages 1017-1035.
    12. Dou, Winston Wei & Ji, Yan & Wu, Wei, 2021. "Competition, profitability, and discount rates," Journal of Financial Economics, Elsevier, vol. 140(2), pages 582-620.

  4. Lifeng Gu & Dirk Hackbarth, 2013. "Governance and Equity Prices: Does Transparency Matter?," Review of Finance, European Finance Association, vol. 17(6), pages 1989-2033.

    Cited by:

    1. Houdou Basse Mama & Alexander Bassen, 2017. "Neglected disciplinary effects of investor relations: evidence from corporate cash holdings," Journal of Business Economics, Springer, vol. 87(2), pages 221-261, February.
    2. Houdou Basse Mama & Rachidi Kotchoni, 2017. "Investor Relations' Quality and Mispricing," EconomiX Working Papers 2017-33, University of Paris Nanterre, EconomiX.
    3. Guo, Yifeng & Mota, Lira, 2021. "Should information be sold separately? Evidence from MiFID II," Journal of Financial Economics, Elsevier, vol. 142(1), pages 97-126.
    4. Houdou Basse Mama & Rachidi Kotchoni, 2017. "Investor Relations' Quality and Mispricing," Working Papers hal-04141636, HAL.
    5. Kose John & Qianru Qi & Jing Wang, 2020. "Bank Integration and the Market for Corporate Control: Evidence from Cross-State Acquisitions," Management Science, INFORMS, vol. 66(7), pages 3277-3294, July.
    6. Lixiong Guo & Patrick Lach & Shawn Mobbs, 2015. "Tradeoffs between Internal and External Governance: Evidence from Exogenous Regulatory Shocks," Financial Management, Financial Management Association International, vol. 44(1), pages 81-114, March.
    7. Ramón Bermejo Climent & Isabel Figuerola-Ferretti Garrigues & Ioannis Paraskevopoulos & Alvaro Santos, 2021. "ESG Disclosure and Portfolio Performance," Risks, MDPI, vol. 9(10), pages 1-14, September.
    8. Michel, Allen & Oded, Jacob & Shaked, Israel, 2020. "Institutional investors and firm performance: Evidence from IPOs," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
    9. Campbell, T. Colin & Thompson, Mary Elizabeth, 2015. "Why are CEOs paid for good luck? An empirical comparison of explanations for pay-for-luck asymmetry," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 247-264.

  5. Hackbarth, Dirk & Miao, Jianjun, 2012. "The dynamics of mergers and acquisitions in oligopolistic industries," Journal of Economic Dynamics and Control, Elsevier, vol. 36(4), pages 585-609.
    See citations under working paper version above.
  6. Dirk Hackbarth & David C. Mauer, 2012. "Optimal Priority Structure, Capital Structure, and Investment," The Review of Financial Studies, Society for Financial Studies, vol. 25(3), pages 747-796.

    Cited by:

    1. Xiang, Hua & Yang, Zhaojun, 2015. "Investment timing and capital structure with loan guarantees," Finance Research Letters, Elsevier, vol. 13(C), pages 179-187.
    2. Sarkar, Sudipto & Zhang, Chuanqian, 2015. "Underinvestment and the design of performance-sensitive debt," International Review of Economics & Finance, Elsevier, vol. 37(C), pages 240-253.
    3. Hui Chen & Gustavo Manso, 2017. "Macroeconomic Risk and Debt Overhang," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 6(1), pages 1-38.
    4. Chen, Jun & King, Tao-Hsien Dolly & Wen, Min-Ming, 2015. "Do joint ventures and strategic alliances create value for bondholders?," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 247-267.
    5. Lotfaliei, Babak, 2018. "Zero leverage and the value in waiting to have debt," Journal of Banking & Finance, Elsevier, vol. 97(C), pages 335-349.
    6. Sarkar, Sudipto & Zhang, Chuanqian, 2015. "Investment policy with time-to-build," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 142-156.
    7. Chang, Ya-Kai & Chou, Robin K. & Huang, Tai-Hsin, 2014. "Corporate governance and the dynamics of capital structure: New evidence," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 374-385.
    8. Liu, Yixin & Mauer, David C. & Zhang, Yilei, 2014. "Firm cash holdings and CEO inside debt," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 83-100.
    9. Wenlian Gao & Feifei Zhu & Kai Chen, 2023. "The role of bank lenders in firm leverage adjustments," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(1), pages 63-97, February.
    10. Antill, Samuel & Grenadier, Steven R., 2019. "Optimal capital structure and bankruptcy choice: Dynamic bargaining versus liquidation," Journal of Financial Economics, Elsevier, vol. 133(1), pages 198-224.
    11. Liu, Liang-Chih & Dai, Tian-Shyr & Wang, Chuan-Ju, 2016. "Evaluating corporate bonds and analyzing claim holders’ decisions with complex debt structure," Journal of Banking & Finance, Elsevier, vol. 72(C), pages 151-174.
    12. Manar Al-Mohareb & Mahmoud Alkhalaileh, 2019. "The Association between Earnings Management and Capital Structure: An Empirical Study on Jordanian Firms Listed in Amman Stock Exchange," International Journal of Economics and Financial Issues, Econjournals, vol. 9(6), pages 106-112.
    13. Agliardi, Elettra & Koussis, Nicos, 2013. "Optimal capital structure and the impact of time-to-build," Finance Research Letters, Elsevier, vol. 10(3), pages 124-130.
    14. Tian, Yuan, 2016. "Optimal capital structure and investment decisions under time-inconsistent preferences," Journal of Economic Dynamics and Control, Elsevier, vol. 65(C), pages 83-104.
    15. Myklebust, Tor Åge, 2012. "Performance Sensitive Debt - Investment and Financing Incentives," Discussion Papers 2012/7, Norwegian School of Economics, Department of Business and Management Science.
    16. Dudley, Evan & Yin, Qie Ellie, 2018. "Financial distress, refinancing, and debt structure," Journal of Banking & Finance, Elsevier, vol. 94(C), pages 185-207.
    17. Amiyatosh Purnanandam & Uday Rajan, 2018. "Growth Option Exercise and Capital Structure [Illiquidity and stock returns: cross-section and time series effects]," Review of Finance, European Finance Association, vol. 22(1), pages 177-206.
    18. Morellec , Erwan & Valta , Philip & Zhdanov , Alexei, 2013. "Financing Investment: The Choice between Bonds and Bank Loans," HEC Research Papers Series 1010, HEC Paris.
    19. Gan, Liu & Xia, Xin & Zhang, Hai, 2022. "Debt structure and debt overhang," Journal of Corporate Finance, Elsevier, vol. 74(C).
    20. Daniel Tut, 2022. "Debt dynamic, debt dispersion and corporate governance," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 19(4), pages 744-771, July.
    21. Michi NISHIHARA & Takashi SHIBATA & Chuanqian ZHANG, 2021. "Corporate investment, financing, and exit model with an earnings-based borrowing constraint," Discussion Papers in Economics and Business 21-13, Osaka University, Graduate School of Economics.
    22. Marc ARNOLD & Dirk HACKBARTH & Tatjana XENIA PUHAN, 2014. "Financing Asset Sales and Business Cycles," Swiss Finance Institute Research Paper Series 14-11, Swiss Finance Institute.
    23. Dirk Hackbarth & Richmond Mathews & David Robinson, 2014. "Capital Structure, Product Market Dynamics, and the Boundaries of the Firm," Management Science, INFORMS, vol. 60(12), pages 2971-2993, December.
    24. Agliardi, Elettra & Amel-Zadeh, Amir & Koussis, Nicos, 2016. "Leverage changes and growth options in mergers and acquisitions," Journal of Empirical Finance, Elsevier, vol. 37(C), pages 37-58.
    25. Sarkar, Sudipto, 2023. "Optimal restrictiveness of a financing covenant," Journal of Banking & Finance, Elsevier, vol. 150(C).
    26. Nikolov, Boris & Schmid, Lukas & Steri, Roberto, 2019. "Dynamic corporate liquidity," Journal of Financial Economics, Elsevier, vol. 132(1), pages 76-102.
    27. Peter Ritchken, 2021. "Reflections on “Risk Transmission Across Supply Chains”," Production and Operations Management, Production and Operations Management Society, vol. 30(12), pages 4590-4592, December.
    28. Tan, Yingxian & Yang, Zhaojun, 2017. "Growth option, contingent capital and agency conflicts," International Review of Economics & Finance, Elsevier, vol. 51(C), pages 354-369.
    29. Bolton, Patrick & Wang, Neng & Yang, Jinqiang, 2019. "Investment under uncertainty with financial constraints," Journal of Economic Theory, Elsevier, vol. 184(C).
    30. Piero Gottardi & Douglas Gale, 2017. "Equilibrium Theory of Banks' Capital Structure," 2017 Meeting Papers 380, Society for Economic Dynamics.
    31. Alain Bensoussan & Benoit Chevalier-Roignant & Alejandro Rivera, 2021. "Does Performance-Sensitive Debt mitigate Debt Overhang?," Post-Print hal-03364891, HAL.
    32. Gale, Douglas & Gottardi, Piero, 2013. "Capital structure and investment dynamics with fire sales," LSE Research Online Documents on Economics 59301, London School of Economics and Political Science, LSE Library.
    33. S. Viswanathan & Adriano Rampini, 2009. "Collateral and Capital Structure," 2009 Meeting Papers 525, Society for Economic Dynamics.
    34. Sudipto Sarkar, 2014. "Valuation of tax loss carryforwards," Review of Quantitative Finance and Accounting, Springer, vol. 43(4), pages 803-828, November.
    35. Gan, Liu & Luo, Pengfei & Yang, Zhaojun, 2016. "Real option, debt maturity and equity default swaps under negotiation," Finance Research Letters, Elsevier, vol. 18(C), pages 278-284.
    36. Billett, Matthew T. & Garfinkel, Jon A. & Jiang, Yi, 2011. "The influence of governance on investment: Evidence from a hazard model," Journal of Financial Economics, Elsevier, vol. 102(3), pages 643-670.
    37. Gornall, Will & Strebulaev, Ilya A., 2018. "Financing as a supply chain: The capital structure of banks and borrowers," Journal of Financial Economics, Elsevier, vol. 129(3), pages 510-530.
    38. Söhnke M. Bartram, 2017. "Corporate Postretirement Benefit Plans and Real Investment," Management Science, INFORMS, vol. 63(2), pages 355-383, February.
    39. Hugonnier, Julien & Malamud, Semyon & Morellec, Erwan, 2015. "Credit market frictions and capital structure dynamics," Journal of Economic Theory, Elsevier, vol. 157(C), pages 1130-1158.
    40. Marc Arnold & Ramona Westermann, 2023. "Debt Renegotiations Outside Distress," Review of Finance, European Finance Association, vol. 27(4), pages 1183-1228.
    41. Gan, Liu & Xia, Xin & Chen, Yifei, 2018. "Investment and financing choices by time-inconsistent managers," The North American Journal of Economics and Finance, Elsevier, vol. 46(C), pages 29-48.
    42. Douglas Gale & Piero Gottardi, 2018. "A General Equilibrium Theory of Capital Structure," 2018 Meeting Papers 264, Society for Economic Dynamics.
    43. Gale, Douglas & Gottardi, Piero, 2020. "A general equilibrium theory of banks' capital structure," Journal of Economic Theory, Elsevier, vol. 186(C).
    44. Strebulaev, Ilya A. & Whited, Toni M., 2012. "Dynamic Models and Structural Estimation in Corporate Finance," Foundations and Trends(R) in Finance, now publishers, vol. 6(1–2), pages 1-163, November.
    45. Tan, Yingxian & Luo, Pengfei, 2021. "The impact of debt restructuring on dynamic investment and financing policies," Economic Modelling, Elsevier, vol. 102(C).
    46. Gan, Liu & Xia, Xin, 2022. "SME financing with a combination contract of investment and guarantee," Finance Research Letters, Elsevier, vol. 50(C).
    47. Taoufik Elkemali & Aymen Ben Rejeb, 2015. "R&D Intensity and Financing Decisions: Evidence from European Firms," Economics Bulletin, AccessEcon, vol. 35(2), pages 1042-1055.
    48. Haejun Jeon, 2023. "Time-to-build and capacity expansion," Annals of Operations Research, Springer, vol. 328(2), pages 1461-1494, September.
    49. Zhaojun Yang, 2020. "Investment and asset securitization with an option‐for‐guarantee swap," European Financial Management, European Financial Management Association, vol. 26(4), pages 1006-1030, September.
    50. Sarkar, Sudipto, 2014. "Product–market flexibility and capital structure," The Quarterly Review of Economics and Finance, Elsevier, vol. 54(1), pages 111-122.
    51. Murillo Campello & Dirk Hackbarth, 2012. "The Firm-Level Credit Multiplier," NBER Working Papers 17805, National Bureau of Economic Research, Inc.
    52. Hwa-Sung Kim, 2023. "Effects of ambiguity on innovation strategies," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-27, December.
    53. Bessler, Wolfgang & Drobetz, Wolfgang & Haller, Rebekka & Meier, Iwan, 2013. "The international zero-leverage phenomenon," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 196-221.
    54. Marko Volker Krause & Alexander Lahmann, 2016. "Reconsidering the appropriate discount rate for tax shield valuation," Journal of Business Economics, Springer, vol. 86(5), pages 477-512, July.
    55. Peter Ritchken & Qi Wu, 2021. "Capacity Investment, Production Flexibility, and Capital Structure," Production and Operations Management, Production and Operations Management Society, vol. 30(12), pages 4593-4613, December.
    56. Sudipto Sarkar, 2020. "The relationship between operating leverage and financial leverage," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(S1), pages 805-826, April.
    57. Jiaqi Chen & Xi Zhao & Xiaotong Niu & Ying Han Fan & Grantley Taylor, 2020. "Does M&A Financing Affect Firm Performance under Different Ownership Types?," Sustainability, MDPI, vol. 12(8), pages 1-15, April.
    58. Hirth, Stefan & Uhrig-Homburg, Marliese, 2009. "Investment Timing, Liquidity, and Agency Costs of Debt," Finance Research Group Working Papers F-2009-04, University of Aarhus, Aarhus School of Business, Department of Business Studies.
    59. Arnold, Marc & Wagner, Alexander F. & Westermann, Ramona, 2013. "Growth options, macroeconomic conditions, and the cross section of credit risk," Journal of Financial Economics, Elsevier, vol. 107(2), pages 350-385.
    60. Marc Arnold & Dirk Hackbarth & Tatjana Xenia Puhan, 2018. "Financing Asset Sales and Business Cycles [Does industry-wide distress affect defaulted firms? Evidence from creditor recoveries]," Review of Finance, European Finance Association, vol. 22(1), pages 243-277.
    61. Yang, Bo & Gan, Liu & Wen, Chunhui, 2021. "Moral hazard, debt overhang and capital structure," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    62. Mona Yaghoubi & Michael O’Connor Keefe, 2018. "The Influence of Investment Volatility on Capital Structure and Cash Holdings," Working Papers in Economics 18/20, University of Canterbury, Department of Economics and Finance.
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    6. Li, Lifang & Galvani, Valentina, 2018. "Market states, sentiment, and momentum in the corporate bond market," Journal of Banking & Finance, Elsevier, vol. 89(C), pages 249-265.
    7. Wang, Hailong & Hu, Duni, 2021. "Heterogeneous beliefs with herding behaviors and asset pricing in two goods world," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
    8. Elias Albagli & Christian Hellwig & Aleh Tsyvinski, 2014. "Dynamic Dispersed Information and the Credit Spread Puzzle," NBER Working Papers 19788, National Bureau of Economic Research, Inc.
    9. Andrea Buraschi & Fabio Trojani & Andrea Vedolin, 2014. "Economic Uncertainty, Disagreement, and Credit Markets," Management Science, INFORMS, vol. 60(5), pages 1281-1296, May.
    10. Paul Mizen & Serafeim Tsoukas, 2012. "The response of the external finance premium in Asian corporate bond markets to financial characteristics, financial constraints and two financial crises," Working Papers 2012_08, Business School - Economics, University of Glasgow.
    11. Guo, Liang, 2013. "Determinants of credit spreads: The role of ambiguity and information uncertainty," The North American Journal of Economics and Finance, Elsevier, vol. 24(C), pages 279-297.
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    37. Xiaoting Wei & Viet Do, 2022. "Equity analysts' recommendation revisions and corporate bond price reactions," International Review of Finance, International Review of Finance Ltd., vol. 22(4), pages 669-687, December.
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    41. Chia-Hsien Tang & Yen-Hsien Lee & Tsung-Hsien Lu, 2020. "Can Firm Characteristics diminish CEO Optimism effect: the U.S. Securities Market Evidence," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 10(4), pages 1-11.
    42. Balasubramnian, Bhanu & Cyree, Ken B., 2011. "Market discipline of banks: Why are yield spreads on bank-issued subordinated notes and debentures not sensitive to bank risks?," Journal of Banking & Finance, Elsevier, vol. 35(1), pages 21-35, January.
    43. Narjess Boubakri & Sadok El Ghoul & Omrane Guedhami & Anis Samet, "undated". "The Effects of Analyst Forecast Properties on the Cost of Debt: International Evidence," Finance Working Papers 15-12/2013, School of Business Administration, American University of Sharjah.
    44. Chen, Tao & Xie, Lingmin & Zhang, Yuanyuan, 2017. "How does analysts' forecast quality relate to corporate investment efficiency?," Journal of Corporate Finance, Elsevier, vol. 43(C), pages 217-240.
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    46. Kaviani, Mahsa S. & Kryzanowski, Lawrence & Maleki, Hosein & Savor, Pavel, 2020. "Policy uncertainty and corporate credit spreads," Journal of Financial Economics, Elsevier, vol. 138(3), pages 838-865.
    47. Alvis K. Lo, 2014. "Do Declines in Bank Health Affect Borrowers’ Voluntary Disclosures? Evidence from International Propagation of Banking Shocks," Journal of Accounting Research, Wiley Blackwell, vol. 52(2), pages 541-581, May.
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    Cited by:

    1. Wong, Kit Pong, 2015. "A regret theory of capital structure," Finance Research Letters, Elsevier, vol. 12(C), pages 48-57.
    2. Ulrike Malmendier & Vincenzo Pezone & Hui Zheng, 2023. "Managerial Duties and Managerial Biases," Management Science, INFORMS, vol. 69(6), pages 3174-3201, June.
    3. Ezzeddine Ben Mohamed & Baccar Ame & Abdelfatteh Bouri, 2013. "Investment Cash Flow Sensitivity and Managerial Optimism: A Literature Review via the Classification Scheme Technique," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 5(1), pages 007-026, June.
    4. Pascal Seppecher & Isabelle Salle, 2015. "Deleveraging crises and deep recessions: a behavioural approach," Applied Economics, Taylor & Francis Journals, vol. 47(34-35), pages 3771-3790, July.
    5. Salima TAKTAK & Mohamed Ali AZOUZI & Mohamed TRIKI, 2013. "Why Entrepreneur Overconfidence Affect Its Project Financial Capability: Evidence From Tunisia Using The Bayesian Network Method," Business Excellence and Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 3(2), pages 61-84, June.
    6. Lartey, Theophilus & Uddin, Moshfique & Danso, Albert & Wood, Geoffrey, 2022. "CEO overconfidence and IRS attention," Journal of Financial Stability, Elsevier, vol. 61(C).
    7. Malmendier, Ulrike & Pezone, Vincenzo & Zheng, Hui, 2023. "Managerial duties and managerial biases," Other publications TiSEM 0a626e3a-92f0-4077-bc4c-6, Tilburg University, School of Economics and Management.
    8. Tian, Yuan, 2016. "Optimal capital structure and investment decisions under time-inconsistent preferences," Journal of Economic Dynamics and Control, Elsevier, vol. 65(C), pages 83-104.
    9. Malmendier, Ulrike M. & Pezone, Vincenzo & Zheng, Hui, 2020. "Managerial Duties and Managerial Biases," CEPR Discussion Papers 14929, C.E.P.R. Discussion Papers.
    10. Weifeng Xu & Qingsong Ruan & Chang Liu, 2019. "Can the Famous University Experience of Top Managers Improve Corporate Performance? Evidence from China," Sustainability, MDPI, vol. 11(24), pages 1-20, December.
    11. Bilgehan TEKİN, 2019. "The Factors Affecting Capital Structure: A Panel Data Analysis in the Context of Behavioural Corporate Finance," Sosyoekonomi Journal, Sosyoekonomi Society, issue 27(42).
    12. Dirk Hackbarth & Jianjun Miao & Erwan Morellec, 2004. "Capital Structure, Credit Risk, and Macroeconomic Conditions," FAME Research Paper Series rp125, International Center for Financial Asset Management and Engineering.
    13. Donia Trabelsi & Baran Siyahhan, 2021. "Startup cash flows and venture capital investments: A real options approach," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(3), pages 737-750, April.
    14. Iyer, Subramanian R. & Sankaran, Harikumar & Nejadmalayeri, Ali, 2017. "CEO overconfidence and agency cost of debt: An empirical analysis of CEO turnover events," The North American Journal of Economics and Finance, Elsevier, vol. 42(C), pages 300-313.
    15. Bouwman, Christa H.S., 2014. "Managerial optimism and earnings smoothing," Journal of Banking & Finance, Elsevier, vol. 41(C), pages 283-303.
    16. Nishihara, Michi & Shibata, Takashi, 2011. "The effects of costly exploration on optimal investment timing," Review of Financial Economics, Elsevier, vol. 20(3), pages 105-112, August.
    17. Ioulianou, Sophocles & Trigeorgis, Lenos & Driouchi, Tarik, 2017. "Multinationality and firm value: The role of real options awareness," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 77-96.
    18. Malcolm Baker & Jeffrey Wurgler, 2011. "Behavioral Corporate Finance: An Updated Survey," NBER Working Papers 17333, National Bureau of Economic Research, Inc.
    19. Kotov, Denis, 2013. "Behavioral Biases and Corporate Decision Making on Investing Abroad," MPRA Paper 49858, University Library of Munich, Germany.
    20. li, Hong & Mu, Congming & Yang, Jinqiang, 2016. "Optimal contract theory with time-inconsistent preferences," Economic Modelling, Elsevier, vol. 52(PB), pages 519-530.
    21. Kallberg, Jarl & Liu, Crocker H. & Villupuram, Sriram, 2013. "Preferred stock: Some insights into capital structure," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 77-86.
    22. Vo, Minh T., 2021. "Capital structure and cost of capital when prices affect real investments," Journal of Economics and Business, Elsevier, vol. 113(C).
    23. Antonczyk, Ron Christian & Salzmann, Astrid Juliane, 2014. "Overconfidence and optimism: The effect of national culture on capital structure," Research in International Business and Finance, Elsevier, vol. 31(C), pages 132-151.
    24. Pedro Gete & Juan-Pedro Gómez, 2018. "Dealing with Overleverage: Restricting Leverage vs. Restricting Variable Compensation," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 8(01), pages 1-29, March.
    25. Joachim Rojahn & Florian Zechser, 2022. "Ownership concentration, ownership identity and seasoned equity offerings probabilities: Evidence from Germany," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(1-2), pages 274-296, January.
    26. Gow, Ian D. & Kaplan, Steven N. & Larcker, David F. & Zakolyukina, Anastasia A., 2016. "CEO Personality and Firm Policies," Research Papers 3444, Stanford University, Graduate School of Business.
    27. Bacha, Sami & Azouzi, Mohamed Ali, 2019. "How gender and emotions bias the credit decision-making in banking firms," Journal of Behavioral and Experimental Finance, Elsevier, vol. 22(C), pages 183-191.
    28. Maurizio Rocca & Neha Neha & Tiziana Rocca, 2020. "Female management, overconfidence and debt maturity: European evidence," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(3), pages 713-747, September.
    29. Aggarwal, Raj & Zhao, Xinlei, 2007. "The leverage-value relationship puzzle: An industry effects resolution," Journal of Economics and Business, Elsevier, vol. 59(4), pages 286-297.
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    See citations under working paper version above.
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