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Ilya A. Strebulaev

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. Paul Gompers & Will Gornall & Steven N. Kaplan & Ilya A. Strebulaev, 2020. "Venture Capitalists and COVID-19," NBER Working Papers 27824, National Bureau of Economic Research, Inc.

    Cited by:

    1. Andrea Bellucci & Alexander Borisov & Gianluca Gucciardi & Alberto Zazzaro, 2020. "The Reallocation Effects of COVID-19: Evidence from Venture Capital Investments around the World," Mo.Fi.R. Working Papers 167, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    2. Gompers, Paul A. & Kaplan, Steven N. & Mukharlyamov, Vladimir, 2022. "Private equity and Covid-19," Journal of Financial Intermediation, Elsevier, vol. 51(C).
    3. Matteo Aquilina & Giulio Cornelli & Marina Sanchez del Villar, 2024. "Regulation, information asymmetries and the funding of new ventures," BIS Working Papers 1162, Bank for International Settlements.
    4. Andrea Bellucci & Gianluca Gucciardi, 2023. "A Turning Point for Banking: Unravelling the Changing Landscape of Banking Activity in Europe since the COVID-19 pandemic," Mo.Fi.R. Working Papers 183, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    5. Pontus Braunerhjelm, 2022. "Rethinking stabilization policies; Including supply-side measures and entrepreneurial processes," Small Business Economics, Springer, vol. 58(2), pages 963-983, February.
    6. Sorgner, Alina, 2023. "Covid-19 and Entrepreneurship," GLO Discussion Paper Series 1287, Global Labor Organization (GLO).
    7. Shai Bernstein & Richard R. Townsend & Ting Xu, 2020. "Flight to Safety: How Economic Downturns Affect Talent Flows to Startups," NBER Working Papers 27907, National Bureau of Economic Research, Inc.
    8. Alekseeva, Liudmila & Fontana, Silvia Dalla & Genc, Caroline & Ranjbar, Hedieh Rashidi, 2022. "From in-person to online: the new shape of the VC industry," SocArXiv 3pc4z, Center for Open Science.
    9. TAKAHASHI Hidenori & YAMAKAWA Yasuhiro, 2022. "The Effect of Uncertainty on Entrepreneurial Activity," Discussion papers 22064, Research Institute of Economy, Trade and Industry (RIETI).
    10. Zhao, Jing & Cao, June & Huang, Jingchang, 2023. "CEO/board medical background and stock returns during the COVID-19 pandemic," Economic Modelling, Elsevier, vol. 127(C).

  2. William Gornall & Ilya A. Strebulaev, 2017. "Squaring Venture Capital Valuations with Reality," NBER Working Papers 23895, National Bureau of Economic Research, Inc.

    Cited by:

    1. Dong, Ming & Hirshleifer, David & Teoh, Siew Hong, 2021. "Misvaluation and Corporate Inventiveness," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 56(8), pages 2605-2633, December.
    2. Lin William Cong & Charles M. C. Lee & Yuanyu Qu & Tao Shen, 2021. "Financing Entrepreneurship and Innovation in China," Papers 2108.10982, arXiv.org.
    3. Malyy, Maksim & Tekic, Zeljko & Podladchikova, Tatiana, 2021. "The value of big data for analyzing growth dynamics of technology-based new ventures," Technological Forecasting and Social Change, Elsevier, vol. 169(C).
    4. Shumiao Ouyang & Jiaheng Yu & Ravi Jagannathan, 2020. "Return to Venture Capital in the Aggregate," NBER Working Papers 27690, National Bureau of Economic Research, Inc.
    5. Sergey Chernenko & Josh Lerner & Yao Zeng, 2021. "Mutual Funds as Venture Capitalists? Evidence from Unicorns [The role of boards of directors in corporate governance: a conceptual framework and survey]," The Review of Financial Studies, Society for Financial Studies, vol. 34(5), pages 2362-2410.

  3. Paul Gompers & William Gornall & Steven N. Kaplan & Ilya A. Strebulaev, 2016. "How Do Venture Capitalists Make Decisions?," NBER Working Papers 22587, National Bureau of Economic Research, Inc.

    Cited by:

    1. Klingler-Vidra, Robyn & Tran, Ba Linh & Chalmers, Adam William, 2021. "Transnational experience and high-performing entrepreneurs in emerging economies: Evidence from Vietnam," Technology in Society, Elsevier, vol. 66(C).
    2. Ewens, Michael & Malenko, Nadya, 2020. "Board Dynamics over the Startup Life Cycle," SocArXiv t96yq, Center for Open Science.
    3. Block, Joern & Fisch, Christian & Vismara, Silvio & Andres, René, 2019. "Private equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 329-352.
    4. Andrea Bellucci & Alexander Borisov & Gianluca Gucciardi & Alberto Zazzaro, 2020. "The Reallocation Effects of COVID-19: Evidence from Venture Capital Investments around the World," Mo.Fi.R. Working Papers 167, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    5. Huang, Winifred & Vismara, Silvio & Wei, Xingjie, 2022. "Confidence and capital raising," Journal of Corporate Finance, Elsevier, vol. 77(C).
    6. Nanda, Ramana & Samila, Sampsa & Sorenson, Olav, 2020. "The persistent effect of initial success: Evidence from venture capital," Journal of Financial Economics, Elsevier, vol. 137(1), pages 231-248.
    7. Ye Zhang, 2020. "Discrimination in the Venture Capital Industry: Evidence from Field Experiments," Papers 2010.16084, arXiv.org, revised Aug 2022.
    8. Matthew R. Denes & Sabrina T. Howell & Filippo Mezzanotti & Xinxin Wang & Ting Xu, 2020. "Investor Tax Credits and Entrepreneurship: Evidence from U.S. States," NBER Working Papers 27751, National Bureau of Economic Research, Inc.
    9. Gompers, Paul A. & Kaplan, Steven N. & Mukharlyamov, Vladimir, 2022. "Private equity and Covid-19," Journal of Financial Intermediation, Elsevier, vol. 51(C).
    10. Fisch, Christian & Momtaz, Paul P., 2020. "Institutional investors and post-ICO performance: an empirical analysis of investor returns in initial coin offerings (ICOs)," Journal of Corporate Finance, Elsevier, vol. 64(C).
    11. Bian, Bo & Li, Yingxiang & Nigro, Casimiro A., 2022. "Conflicting fiduciary duties and fire sales of VC-backed start-ups," LawFin Working Paper Series 35, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin).
    12. Cristiano Bellavitis & Christian Fisch & Rod B. McNaughton, 2022. "COVID-19 and the global venture capital landscape," Small Business Economics, Springer, vol. 59(3), pages 781-805, October.
    13. Ljungqvist, Alexander & Bircan, Cagatay & Biesinger, Markus, 2020. "Value Creation in Private Equity," CEPR Discussion Papers 14676, C.E.P.R. Discussion Papers.
    14. Andrea Bellucci & Serena Fatica & Aliki Georgakaki & Gianluca Gucciardi & Simon Letout & Francesco Pasimeni, 2023. "Venture Capital Financing and Green Patenting," Industry and Innovation, Taylor & Francis Journals, vol. 30(7), pages 947-983, August.
    15. Michael M. Moedl, 2021. "Two’s a company, three’s a crowd: Deal breaker terms in equity crowdfunding for prospective venture capital," Small Business Economics, Springer, vol. 57(2), pages 927-952, August.
    16. Julian Kaboth & Arnd Lodowicks & Maximilian Schreiter & Bernhard Schwetzler, 2023. "Same same but different: how preferential claims trigger valuation discounts in equity tranches of VC-backed firms," Review of Quantitative Finance and Accounting, Springer, vol. 60(3), pages 877-914, April.
    17. Alexandra Moritz & Walter Diegel & Joern Block & Christian Fisch, 2022. "VC investors’ venture screening: the role of the decision maker’s education and experience," Journal of Business Economics, Springer, vol. 92(1), pages 27-63, January.
    18. Josh Lerner & Ramana Nanda, 2020. "Venture Capital’s Role in Financing Innovation: What We Know and How Much We Still Need to Learn," NBER Working Papers 27492, National Bureau of Economic Research, Inc.
    19. Christos Cabolis & Mian Dai & Konstantinos Serfes, 2023. "Competition and Specialization in the VC Market: A Non-monotonic Relationship," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 62(3), pages 241-269, May.
    20. Ruling Zhang & Zengrui Tian & Killian J. McCarthy & Xiao Wang & Kun Zhang, 2023. "Application of machine learning techniques to predict entrepreneurial firm valuation," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 42(2), pages 402-417, March.
    21. Colonnelli, Emanuele & Lagaras, Spyridon & Ponticelli, Jacopo & Prem, Mounu & Tsoutsoura, Margarita, 2020. "Revealing Corruption: Firm and Worker Level Evidence from Brazil," SocArXiv asrz4, Center for Open Science.
    22. Vazirani, Ashish & Sarkar, Subhro & Bhattacharjee, Titas & Dwivedi, Yogesh K & Jack, Sarah, 2023. "Information signals and bias in investment decisions: A meta-analytic comparison of prediction and actual performance of new ventures," Journal of Business Research, Elsevier, vol. 155(PB).
    23. Martin Meier & Leopold Sögner, 2023. "Hunting for superstars," Mathematics and Financial Economics, Springer, volume 17, number 1, June.
    24. Bhanot, Karan & Kadapakkam, Palani-Rajan, 2022. "Pay for performance, partnership success, and the internal organization of venture capital firms," Journal of Corporate Finance, Elsevier, vol. 75(C).
    25. Basak, Suleyman & Makarov, Dmitry & Shapiro, Alex & Subrahmanyam, Marti, 2020. "Security design with status concerns," Journal of Economic Dynamics and Control, Elsevier, vol. 118(C).
    26. Jaspersen, Stefan, 2021. "Mutual Fund Bets on Market Power," CFR Working Papers 16-07, University of Cologne, Centre for Financial Research (CFR), revised 2021.
    27. Lin William Cong & Charles M. C. Lee & Yuanyu Qu & Tao Shen, 2021. "Financing Entrepreneurship and Innovation in China," Papers 2108.10982, arXiv.org.
    28. Alperovych, Yan & Groh, Alexander & Quas, Anita, 2020. "Bridging the equity gap for young innovative companies: The design of effective government venture capital fund programs," Research Policy, Elsevier, vol. 49(10).
    29. Ashish Vazirani & Titas Bhattacharjee, 2021. "Entrepreneurial Finance in the Twenty-first Century, a Review of Factors Influencing Venture Capitalist’s Decision," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 30(2), pages 306-335, September.
    30. William H. Janeway & Ramana Nanda & Matthew Rhodes-Kropf, 2021. "Venture Capital Booms and Start-Up Financing," Annual Review of Financial Economics, Annual Reviews, vol. 13(1), pages 111-127, November.
    31. Michael Ewens & Alexander S. Gorbenko & Arthur Korteweg, 2019. "Venture Capital Contracts," NBER Working Papers 26115, National Bureau of Economic Research, Inc.
    32. Jeremy Greenwood & Pengfei Han & Juan M Sanchez, 2018. "Financing Ventures," Economie d'Avant Garde Research Reports 29, Economie d'Avant Garde.
    33. Ahmed I. Kato & Chiloane-Phetla E. Germinah, 2022. "Empirical examination of relationship between venture capital financing and profitability of portfolio companies in Uganda," Journal of Innovation and Entrepreneurship, Springer, vol. 11(1), pages 1-18, December.
    34. Ting Yao & Hugh O'Neill, 2022. "Venture capital exit pressure and venture exit: A board perspective," Strategic Management Journal, Wiley Blackwell, vol. 43(13), pages 2829-2848, December.
    35. Ewens, Michael & Townsend, Richard R., 2019. "Are Early Stage Investors Biased Against Women?," SocArXiv x3syb, Center for Open Science.
    36. Cusolito,Ana Paula & Dautovic,Ernest & Mckenzie,David J., 2018. "Can government intervention make firms more investment-ready ? a randomized experiment in the Western Balkans," Policy Research Working Paper Series 8541, The World Bank.
    37. Calder-Wang, Sophie & Gompers, Paul A., 2021. "And the children shall lead: Gender diversity and performance in venture capital," Journal of Financial Economics, Elsevier, vol. 142(1), pages 1-22.
    38. Simone Aresu & Luigi Rombi & Andrea Cardia, 2019. "Management accounting systems in venture capital-backed start-up companies," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2019(3), pages 35-58.
    39. Carolin Bock & Christian Hackober, 2020. "Unicorns—what drives multibillion-dollar valuations?," Business Research, Springer;German Academic Association for Business Research, vol. 13(3), pages 949-984, November.
    40. Cumming, Douglas J. & Nguyen, Giang & Nguyen, My, 2022. "Product market competition, venture capital, and the success of entrepreneurial firms," Journal of Banking & Finance, Elsevier, vol. 144(C).
    41. Roberto Pinheiro, 2016. "Venture Capital and Underpricing: Capacity Constraints and Early Sales," Working Papers (Old Series) 1624, Federal Reserve Bank of Cleveland.
    42. Howell, Sabrina T., 2020. "Reducing information frictions in venture capital: The role of new venture competitions," Journal of Financial Economics, Elsevier, vol. 136(3), pages 676-694.
    43. Cooiman, Franziska, 2022. "Imprinting the economy: The structural power of venture capital," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue OnlineFir, pages 1-1.
    44. Amaya, Diego & Brolley, Michael & Smith, Brian F., 2020. "Diamonds in the rough: The value of scouting for early-stage funding," The North American Journal of Economics and Finance, Elsevier, vol. 52(C).
    45. Max Berre & Benjamin Le Pendeven, 2022. "Business-cycles and Cash-on-Market: Pre-money Startup Valuation in the Macroeconomic Environment," Papers 2211.16151, arXiv.org.
    46. Hong, Suting & Serfes, Konstantinos & Thiele, Veikko, 2018. "Competition in the Venture Capital Market and the Success of Startup Companies: Theory and Evidence," School of Economics Working Paper Series 2018-2, LeBow College of Business, Drexel University, revised 16 Feb 2020.
    47. Hottenrott, Hanna & Berger, Marius, 2021. "Start-Up Subsidies and the Sources of Venture Capital," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242383, Verein für Socialpolitik / German Economic Association.
    48. Paul Gompers & Will Gornall & Steven N. Kaplan & Ilya A. Strebulaev, 2020. "Venture Capitalists and COVID-19," Working Papers 2020-135, Becker Friedman Institute for Research In Economics.
    49. Edmans, Alex & Gosling, Tom & Jenter, Dirk, 2021. "CEO compensation: evidence from the field," LSE Research Online Documents on Economics 118860, London School of Economics and Political Science, LSE Library.
    50. Aghamolla, Cyrus & Thakor, Richard T., 2022. "IPO peer effects," Journal of Financial Economics, Elsevier, vol. 144(1), pages 206-226.
    51. Prado, Tiago S. & Bauer, Johannes M., 2022. "Big Tech platform acquisitions of start-ups and venture capital funding for innovation," Information Economics and Policy, Elsevier, vol. 59(C).
    52. Anil Arya & Brian Mittendorf & Thomas Pfeiffer, 2021. "Incentive Provision in Light of Expertise and Operational Involvement of Angel Investors," Production and Operations Management, Production and Operations Management Society, vol. 30(9), pages 2890-2909, September.
    53. Elena Yu. Makushina, 2022. "Disclosure by Venture Capital Funds Formed Under Investment Partnership Agreement," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 113-129, April.
    54. Antonio Dávila & Martí Guasch, 2022. "Managers’ Body Expansiveness, Investor Perceptions, and Firm Forecast Errors and Valuation," Journal of Accounting Research, Wiley Blackwell, vol. 60(2), pages 517-563, May.
    55. Max Berre & Benjamin Le Pendeven, 2023. "What do we know about startup-valuation drivers? A systematic literature review 1," Post-Print hal-04232855, HAL.
    56. Dohyeon Kim & Su Yong Lee, 2022. "When venture capitalists are attracted by the experienced," Journal of Innovation and Entrepreneurship, Springer, vol. 11(1), pages 1-18, December.
    57. Kourosh Shafi, 2021. "Investors’ evaluation criteria in equity crowdfunding," Small Business Economics, Springer, vol. 56(1), pages 3-37, January.
    58. Lele Cao & Gustaf Halvardsson & Andrew McCornack & Vilhelm von Ehrenheim & Pawel Herman, 2023. "Sourcing Investment Targets for Venture and Growth Capital Using Multivariate Time Series Transformer," Papers 2309.16888, arXiv.org.
    59. Li, Xuelin & Liu, Tong & Taylor, Lucian A., 2023. "Common ownership and innovation efficiency," Journal of Financial Economics, Elsevier, vol. 147(3), pages 475-497.
    60. Steven Poelhekke & Benjamin Wache, 2023. "The Impact of Venture Capital on Economic Growth," Tinbergen Institute Discussion Papers 23-050/VIII, Tinbergen Institute.
    61. Block, Joern H. & Hirschmann, Mirko & Fisch, Christian, 2021. "Which criteria matter when impact investors screen social enterprises?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    62. Egan, Edward J., 2022. "A framework for assessing municipal high-growth high-technology entrepreneurship policy," Research Policy, Elsevier, vol. 51(9).
    63. Ruijun Zhang & Xiaotong Yang & Nian Li & Muhammad Asif Khan, 2021. "Herd Behavior in Venture Capital Market: Evidence from China," Mathematics, MDPI, vol. 9(13), pages 1-18, June.
    64. Lavanchy, Maude & Reichert, Patrick & Joshi, Amit, 2022. "Blood in the water: An abductive approach to startup valuation on ABC's Shark Tank," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    65. Guenther, Christina & Özcan, Serden & Sassmannshausen, Dirk, 2022. "Referrals among VCs and the length of due diligence: The effect of relational embeddedness," Journal of Business Venturing, Elsevier, vol. 37(5).
    66. Fabien Guimtrandy & Thierry Burger-Helmchen, 2022. "The Pitch: Some Face-to-Face Minutes to Build Trust," Administrative Sciences, MDPI, vol. 12(2), pages 1-14, April.
    67. Jan Schulz & Daniel M. Mayerhoffer, 2021. "Equal chances, unequal outcomes? Network-based evolutionary learning and the industrial dynamics of superstar firms," Journal of Business Economics, Springer, vol. 91(9), pages 1357-1385, November.
    68. Colombo, Massimo G. & Guerini, Massimiliano & Hoisl, Karin & Zeiner, Nico M., 2023. "The dark side of signals: Patents protecting radical inventions and venture capital investments," Research Policy, Elsevier, vol. 52(5).
    69. Christian Catalini & Jorge Guzman & Scott Stern, 2019. "Hidden in Plain Sight: Venture Growth with or without Venture Capital," NBER Working Papers 26521, National Bureau of Economic Research, Inc.
    70. Rizzo, Emanuele, 2018. "Essays on corporate governance and the impact of regulation on financial markets," Other publications TiSEM b5158260-ea13-4763-b992-6, Tilburg University, School of Economics and Management.
    71. Jonathan Labbé, 2020. "Venture capital risk, start-ups and innovation: the syndication of venture capital investments recipe [Capital-risque, start-ups et innovation : la recette du financement par syndication]," Post-Print hal-03000103, HAL.
    72. Bibo Liu & Xuan Tian, 2022. "Do Venture Capital Investors Learn from Public Markets?," Management Science, INFORMS, vol. 68(10), pages 7274-7297, October.
    73. Nikhil Ramkrishna Bandodkar & Renu Singh, 2022. "Small and Startup IT Firms, Information Chasms, and the Market for Acquisitions," Businesses, MDPI, vol. 2(3), pages 1-21, September.
    74. Prado, Tiago S., 2021. "Kill Zones? Effects of Big Tech Start-up Acquisitions on Innovation," 23rd ITS Biennial Conference, Online Conference / Gothenburg 2021. Digital societies and industrial transformations: Policies, markets, and technologies in a post-Covid world 238049, International Telecommunications Society (ITS).
    75. Mauricio Medeiros Jr & Bernardus Van Doornik, 2021. "Human Capital and Startup Financing," Working Papers Series 546, Central Bank of Brazil, Research Department.
    76. Anagnostopoulou, Seraina C. & Gounopoulos, Dimitrios & Malikov, Kamran & Pham, Hang, 2021. "Earnings management by classification shifting and IPO survival," Journal of Corporate Finance, Elsevier, vol. 66(C).
    77. Francesco D’Acunto & Geoffrey Tate & Liu Yang, 2020. "Entrepreneurial Teams: Diversity of Skills and Early-Stage Growth," Working Papers 20-45, Center for Economic Studies, U.S. Census Bureau.
    78. Berger, Marius & Gottschalk, Sandra, 2021. "Financing and advising early stage startups: The effect of angel investor subsidies," ZEW Discussion Papers 21-069, ZEW - Leibniz Centre for European Economic Research.
    79. Raymond C. Niles, 2018. "Entrepreneurial Discovery Capital," Working Papers 2018-03, DePauw University, School of Business and Leadership and Department of Economics and Management.
    80. Azarmsa, Ehsan & Cong, Lin William, 2020. "Persuasion in relationship finance," Journal of Financial Economics, Elsevier, vol. 138(3), pages 818-837.
    81. James J. Choi & Adriana Z. Robertson, 2018. "What Matters to Individual Investors? Evidence from the Horse’s Mouth," NBER Working Papers 25019, National Bureau of Economic Research, Inc.
    82. TAKAHASHI Hidenori & YAMAKAWA Yasuhiro, 2022. "The Effect of Uncertainty on Entrepreneurial Activity," Discussion papers 22064, Research Institute of Economy, Trade and Industry (RIETI).
    83. Brown, Gregory W. & Gredil, Oleg R. & Kaplan, Steven N., 2019. "Do private equity funds manipulate reported returns?," Journal of Financial Economics, Elsevier, vol. 132(2), pages 267-297.
    84. Lei Zhang, 2019. "Founders Matter! Serial Entrepreneurs and Venture Capital Syndicate Formation," Entrepreneurship Theory and Practice, , vol. 43(5), pages 974-998, September.
    85. Max Berre & Benjamin Le Pendeven, 2022. "Business-cycles and Cash-on-Market: Pre-money Startup Valuation in the Macroeconomic Environment," Post-Print hal-03872889, HAL.
    86. Adil El Fakir & Richard Fairchild & Mohamed Tkiouat & Abderrahim Taamouti, 2023. "A bargaining model for PLS entrepreneurial financing: A game theoretic model using agent‐based simulation," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(2), pages 1228-1241, April.
    87. Andrey Malenko & Ramana Nanda & Matthew Rhodes-Kropf & Savitar Sundaresan, 2021. "Catching Outliers: Committee Voting and the Limits of Consensus when Financing Innovation," Harvard Business School Working Papers 21-131, Harvard Business School, revised Nov 2023.
    88. Adi Hoorvitch Lavi & Eyal Yaniv, 2023. "The Effect of Entrepreneur Attributes on Investment Evaluations in Pitch Competitions," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 32(1), pages 39-74, March.
    89. Geczy, Christopher & Jeffers, Jessica S. & Musto, David K. & Tucker, Anne M., 2021. "Contracts with (Social) benefits: The implementation of impact investing," Journal of Financial Economics, Elsevier, vol. 142(2), pages 697-718.
    90. Veer, Theresa & Yang, Philip & Riepe, Jan, 2022. "Ventures' conscious knowledge transfer to close partners, and beyond: A framework of performance, complementarity, knowledge disclosure, and knowledge broadcasting," Journal of Business Venturing, Elsevier, vol. 37(3).
    91. Cohen, Susan & Fehder, Daniel C. & Hochberg, Yael V. & Murray, Fiona, 2019. "The design of startup accelerators," Research Policy, Elsevier, vol. 48(7), pages 1781-1797.
    92. Lohwasser, Todor S., 2020. "Meta-analyzing the relative performance of venture capital-backed firms," Discussion Papers of the Institute for Organisational Economics 4/2020, University of Münster, Institute for Organisational Economics.
    93. Huang, Qiuping & Zhao, Xiande & Yeung, KwanHo & Ma, Lijun & Yeung, Jeff Hoi-yan, 2021. "Effects of information-processing mechanisms on Internet-based purchase order financing," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 146(C).
    94. Klingler-Vidra, Robyn & Tran, Ba Linh & Chalmers, Adam William, 2021. "Transnational experience and high-performing entrepreneurs in emerging economies: evidence from Vietnam," LSE Research Online Documents on Economics 110756, London School of Economics and Political Science, LSE Library.
    95. Sabrina T. Howell, 2017. "Reducing Information Frictions in Venture Capital: The Role of New Venture Competitions," NBER Working Papers 23874, National Bureau of Economic Research, Inc.
    96. Kang, Jun-Koo & Li, Yingxiang & Oh, Seungjoon, 2022. "Venture Capital Coordination in Syndicates, Corporate Monitoring, and Firm Performance," Journal of Financial Intermediation, Elsevier, vol. 50(C).
    97. Niculaescu, Corina-Elena & Sangiorgi, Ivan & Bell, Adrian R., 2023. "Venture capital financing in the eSports industry," Research in International Business and Finance, Elsevier, vol. 65(C).
    98. Laure-Anne Parpaleix & Kevin Levillain & Blanche Segrestin, 2018. "Financing innovation: two models of private equity investment," Post-Print hal-01768986, HAL.

  4. Christopher A. Hennessy & Ilya A. Strebulaev, 2015. "Beyond Random Assignment: Credible Inference of Causal Effects in Dynamic Economies," NBER Working Papers 20978, National Bureau of Economic Research, Inc.

    Cited by:

    1. Christopher A. Hennessy & Ilya A. Strebulaev, 2020. "Beyond Random Assignment: Credible Inference and Extrapolation in Dynamic Economies," Journal of Finance, American Finance Association, vol. 75(2), pages 825-866, April.
    2. Alexander Ljungqvist & Liandong Zhang & Luo Zuo, 2017. "Sharing Risk with the Government: How Taxes Affect Corporate Risk Taking," Journal of Accounting Research, Wiley Blackwell, vol. 55(3), pages 669-707, June.
    3. Xavier Giroud & Joshua Rauh, 2015. "State Taxation and the Reallocation of Business Activity: Evidence from Establishment-Level Data," NBER Working Papers 21534, National Bureau of Economic Research, Inc.
    4. Abhiroop Mukherjee & Alminas Zaldokas, 2017. "Do Corporate Taxes Hinder Innovation?," HKUST IEMS Thought Leadership Brief Series 2017-16, HKUST Institute for Emerging Market Studies, revised Jul 2017.

  5. Francis A. Longstaff & Ilya A. Strebulaev, 2014. "Corporate Taxes and Capital Structure: A Long-Term Historical Perspective," NBER Working Papers 20372, National Bureau of Economic Research, Inc.

    Cited by:

    1. Fischer, Marcel & Jensen, Bjarne Astrup, 2017. "The debt tax shield, economic growth and inequality," arqus Discussion Papers in Quantitative Tax Research 219, arqus - Arbeitskreis Quantitative Steuerlehre.
    2. Zijian Cheng & Grant Fleming & Zhangxin (Frank) Liu, 2017. "Financial constraints and investment thirst in Chinese reverse merger companies," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(5), pages 1315-1347, December.
    3. Joan Farre-Mensa & Alexander Ljungqvist, 2016. "Do Measures of Financial Constraints Measure Financial Constraints?," The Review of Financial Studies, Society for Financial Studies, vol. 29(2), pages 271-308.
    4. Bofinger, Peter & Schnabel, Isabel & Feld, Lars P. & Schmidt, Christoph M. & Wieland, Volker, 2015. "Zukunftsfähigkeit in den Mittelpunkt. Jahresgutachten 2015/16 [Focus on Future Viability. Annual Report 2015/16]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201516.
    5. Schauer, Catharina & Elsas, Ralf & Breitkopf, Nikolas, 2019. "A new measure of financial constraints applicable to private and public firms," Journal of Banking & Finance, Elsevier, vol. 101(C), pages 270-295.

  6. William Gornall & Ilya A. Strebulaev, 2013. "Financing as a Supply Chain: The Capital Structure of Banks and Borrowers," NBER Working Papers 19633, National Bureau of Economic Research, Inc.

    Cited by:

    1. Allen, Jason & Thompson, James R., 2019. "Variable pay: Is it for the worker or the firm?," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 551-566.
    2. Jason Allen & Andrew Usher, 2020. "Investment dealer collateral and leverage procyclicality," Empirical Economics, Springer, vol. 58(2), pages 489-505, February.
    3. Valeriya Dinger & Francesco Vallascas, 2014. "Are Banks Less Likely to Issue Equity When They Are Less Capitalized?," IEER Working Papers 100, Institute of Empirical Economic Research, Osnabrueck University.
    4. De Jonghe, Olivier & Dewachter, Hans & Ongena, Steven, 2020. "Bank capital (requirements) and credit supply: Evidence from pillar 2 decisions," Journal of Corporate Finance, Elsevier, vol. 60(C).
    5. DeAngelo, Harry & Stulz, René M., 2015. "Liquid-claim production, risk management, and bank capital structure: Why high leverage is optimal for banks," Journal of Financial Economics, Elsevier, vol. 116(2), pages 219-236.
    6. Ongena, Steven & Célérier, Claire & Kick, Thomas, 2017. "Changes in the Cost of Bank Equity and the Supply of Bank Credit," CEPR Discussion Papers 12172, C.E.P.R. Discussion Papers.
    7. Sagara Dewasurendra & Pedro Judice & Qiji Zhu, 2019. "The Optimum Leverage Level of the Banking Sector," Risks, MDPI, vol. 7(2), pages 1-30, May.
    8. Atreya, Nikhil & Mjøs, Aksel & Persson, Svein-Arne, 2015. "Making Bank: Why High Bank Leverage is Optimal - for the Bank's Shareholders," Discussion Papers 2015/33, Norwegian School of Economics, Department of Business and Management Science.
    9. PRAO YAO Seraphin & Kamalan Eugène, 2018. "Bank Capital and Credit Supply in Ivory Coast: Evidence from an ARDLBounds Testing Approach," International Journal of Economics and Financial Research, Academic Research Publishing Group, vol. 4(5), pages 99-106, 05-2018.

  7. Kay Giesecke & Francis A. Longstaff & Stephen Schaefer & Ilya Strebulaev, 2012. "Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective," NBER Working Papers 17854, National Bureau of Economic Research, Inc.

    Cited by:

    1. Jarko Fidrmuc & Philipp Schreiber & Martin Siddiqui, 2015. "The Transmission of Bank Funding to Corporate Loans: Deleveraging in Germany," Open Economies Review, Springer, vol. 26(3), pages 581-597, July.
    2. Jarko Fidrmuc & Philipp Schreiber & Martin Siddiqui, 2018. "Intangible Assets and the Determinants of a Single Bank Relation of German SMEs," European Journal of Business Science and Technology, Mendel University in Brno, Faculty of Business and Economics, vol. 4(1), pages 5-30.
    3. O. de Bandt & M. Chahad, 2016. "A DGSE Model to Assess the Post-Crisis Regulation of Universal Banks," Working papers 602, Banque de France.
    4. Tyler Pike & Horacio Sapriza & Tom Zimmermann, 2019. "Bottom-up Leading Macroeconomic Indicators: An Application to Non-Financial Corporate Defaults using Machine Learning," Finance and Economics Discussion Series 2019-070, Board of Governors of the Federal Reserve System (U.S.).
    5. Francis A. Longstaff & Ilya A. Strebulaev, 2014. "Corporate Taxes and Capital Structure: A Long-Term Historical Perspective," NBER Working Papers 20372, National Bureau of Economic Research, Inc.

  8. Ilya A. Strebulaev & Baozhong Yang, 2012. "The Mystery of Zero-Leverage Firms," NBER Working Papers 17946, National Bureau of Economic Research, Inc.

    Cited by:

    1. Admati, Anat R. & DeMarzo, Peter M. & Hellwig, Martin F. & Pfleiderer, Paul, 2013. "The Leverage Ratchet Effect," Research Papers 3029, Stanford University, Graduate School of Business.
    2. Cristina Arellano & Yan Bai & Jing Zhang, 2009. "Firm Dynamics and Financial Development," NBER Working Papers 15193, National Bureau of Economic Research, Inc.
    3. Viral Acharya & Sergei A. Davydenko & Ilya A. Strebulaev, 2012. "Cash Holdings and Credit Risk," The Review of Financial Studies, Society for Financial Studies, vol. 25(12), pages 3572-3609.
    4. Joaquim Ramalho & Jacinto Vidigal da Silva, 2011. "Functional form issues in the regression analysis of financial leverage ratios," CEFAGE-UE Working Papers 2011_28, University of Evora, CEFAGE-UE (Portugal).
    5. Cronqvist, Henrik & Low, Angie & Nilsson, Mattias, 2007. "Does Corporate Culture Matter for Firm Policies?," SIFR Research Report Series 48, Institute for Financial Research.
    6. John Graham & Mark T. Leary & Michael R. Roberts, 2014. "A Century of Capital Structure: The Leveraging of Corporate America," NBER Working Papers 19910, National Bureau of Economic Research, Inc.
    7. Michael R. Roberts, 2014. "The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting," NBER Working Papers 20484, National Bureau of Economic Research, Inc.
    8. Servaes, Henri & Baghai, Ramin & Tamayo, Ane, 2011. "Have Rating Agencies Become More Conservative? Implications for Capital Structure and Debt Pricing," CEPR Discussion Papers 8446, C.E.P.R. Discussion Papers.

  9. Steven Grenadier & Andrey Malenko & Ilya A. Strebulaev, 2012. "Investment Busts, Reputation, and the Temptation to Blend in with the Crowd," NBER Working Papers 17945, National Bureau of Economic Research, Inc.

    Cited by:

    1. Edmans, Alex & Mann, William, 2013. "Financing Through Asset Sales," CEPR Discussion Papers 9720, C.E.P.R. Discussion Papers.

  10. Kristian Rydqvist & Joshua Spizman & Ilya A. Strebulaev, 2011. "Government Policy and Ownership of Financial Assets," NBER Working Papers 17522, National Bureau of Economic Research, Inc.

    Cited by:

    1. Roc Armenter & Viktoria Hnatkovska, 2011. "The macroeconomics of firms' savings," Working Papers 12-1, Federal Reserve Bank of Philadelphia.
    2. Armenter, Roc & Hnatkovska, Viktoria, 2017. "Taxes and capital structure: Understanding firms’ savings," Journal of Monetary Economics, Elsevier, vol. 87(C), pages 13-33.
    3. Edquist, Harald & Henrekson, Magnus, 2013. "Product Market Reforms and Incentives to Innovate in Sweden," Working Paper Series 986, Research Institute of Industrial Economics.

  11. Viral V. Acharya & Sergei A. Davydenko & Ilya A. Strebulaev, 2011. "Cash Holdings and Credit Risk," NBER Working Papers 16995, National Bureau of Economic Research, Inc.

    Cited by:

    1. Deshmukh, Sanjay & Goel, Anand M. & Howe, Keith M., 2021. "Do CEO beliefs affect corporate cash holdings?," Journal of Corporate Finance, Elsevier, vol. 67(C).
    2. 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.
    3. Machokoto, Michael & Chipeta, Chimwemwe & Aftab, Nadeem & Areneke, Geofry, 2021. "The financial conservatism of firms in emerging economies," Research in International Business and Finance, Elsevier, vol. 58(C).
    4. Bernd Schwaab & Siem Jan Koopman & André Lucas, 2017. "Global Credit Risk: World, Country and Industry Factors," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 32(2), pages 296-317, March.
    5. Cui, Weihan & Cuong, Ly Kim & Shimizu, Katsutoshi, 2020. "Cash policy and the bank-firm relationship," Economic Modelling, Elsevier, vol. 91(C), pages 804-818.
    6. Subrahmanyam, Marti G. & Tang, Dragon Yongjun & Wang, Sarah Qian, 2017. "Credit default swaps, exacting creditors and corporate liquidity management," Journal of Financial Economics, Elsevier, vol. 124(2), pages 395-414.
    7. Attig, Najah & Driss, Hamdi & El Ghoul, Sadok, 2021. "Credit ratings quality in uncertain times," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    8. Mateut, Simona & Chevapatrakul, Thanaset, 2018. "Customer financing, bargaining power and trade credit uptake," International Review of Financial Analysis, Elsevier, vol. 59(C), pages 147-162.
    9. Dungey, Mardi & Flavin, Thomas & O'Connor, Thomas & Wosser, Michael, 2022. "Non-financial corporations and systemic risk," Journal of Corporate Finance, Elsevier, vol. 72(C).
    10. Servaes, Henri & Amiraslani, Hami & Lins, Karl & Tamayo, Ane, 2017. "A Matter of Trust? The Bond Market Benefits of Corporate Social Capital during the Financial Crisis," CEPR Discussion Papers 12321, C.E.P.R. Discussion Papers.
    11. Galvez, Julio & Gambacorta, Leonardo & Mayordomo, Sergio & Serena, Jose Maria, 2021. "Dollar borrowing, firm credit risk, and FX-hedged funding opportunities," Journal of Corporate Finance, Elsevier, vol. 68(C).
    12. Podolski, Edward J. & Truong, Cameron & Veeraraghavan, Madhu, 2016. "Cash holdings and bond returns around takeovers," International Review of Financial Analysis, Elsevier, vol. 46(C), pages 1-11.
    13. Wan Adibah Wan Ismail & Khairul Anuar Kamarudin & Namrata Gupta & Iman Harymawan, 2022. "Gender Diversity in the Boardroom and Corporate Cash Holdings: The Moderating Effect of Investor Protection," Risks, MDPI, vol. 10(3), pages 1-18, March.
    14. Gregor Dorfleitner & Johannes Grebler, 2020. "The social and environmental drivers of corporate credit ratings: international evidence," Business Research, Springer;German Academic Association for Business Research, vol. 13(3), pages 1343-1415, November.
    15. Dayani, Arash, 2022. "CEO inside debt and mutual fund investment decisions," Journal of Banking & Finance, Elsevier, vol. 145(C).
    16. Zhang, Xiang & Zhan, Feng & Liu, Bin, 2023. "Institutional development, political uncertainty, and corporate cash holdings: Evidence from China," Finance Research Letters, Elsevier, vol. 53(C).
    17. Kemper, Kristopher J., 2020. "Financial adjustments and credit rating changes," Finance Research Letters, Elsevier, vol. 33(C).
    18. 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.
    19. Zalewska Justyna & Nehrebecka Natalia, 2019. "Liquidity and solvency of a company and the rate of return – an analysis of the Warsaw Stock Exchange," Central European Economic Journal, Sciendo, vol. 6(53), pages 199-220, January.
    20. H. Zhang & S. Boubaker & X. Ni, 2023. "Creditor Rights and Real Earnings Management: Evidence from Quasi-Natural Experiments," Post-Print hal-04435476, HAL.
    21. Daniel Tut, 2022. "Policy uncertainty and cash dynamics," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(2), pages 422-444, June.
    22. Chien, Chih-Chung & Chen, Shikuan & Chang, Ming-Jen, 2023. "Financial constraints on credit ratings and cash-flow sensitivity," International Review of Financial Analysis, Elsevier, vol. 88(C).
    23. Ni, Yensen & Huang, Paoyu & Chiang, Pinhui & Liao, Yulu, 2019. "Cash flow statements and firm value: Evidence from Taiwan," The Quarterly Review of Economics and Finance, Elsevier, vol. 71(C), pages 280-290.
    24. Niklas Amberg & Tor Jacobson & Erik von Schedvin & Robert Townsend, 2016. "Curbing Shocks to Corporate Liquidity: The Role of Trade Credit," NBER Working Papers 22286, National Bureau of Economic Research, Inc.
    25. Chen, Jiun-Lin & Jia, Z. Tingting & Sun, Ping-Wen, 2016. "Real option component of cash holdings, business cycle, and stock returns," International Review of Financial Analysis, Elsevier, vol. 45(C), pages 97-106.
    26. Lu, Chao & Yang, Meng & Xia, Xiaoxue, 2023. "Economic policy uncertainty and default risk: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 821-836.
    27. Muhammad Farhan Basheer* & Waeibrorheem Waemustafa & Aref Abdullah Ahmad, 2018. "The Paradox of Managerial Ownership and Financial Decisions of the Textile Sector: An Asian Market Perspective," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 184-190:4.
    28. Jiao, Feng & Zhang, Chuanqian, 2022. "Lumpy investment and credit risk," Journal of Corporate Finance, Elsevier, vol. 77(C).
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    30. Almaghrabi, Khadija S., 2023. "Non‐operating risk and cash holdings: Evidence from pension risk," Journal of Banking & Finance, Elsevier, vol. 152(C).
    31. Rajesh Narayanan & Cihan Uzmanoglu, 2018. "Credit Insurance, Distress Resolution Costs, and Bond Spreads," Financial Management, Financial Management Association International, vol. 47(4), pages 931-951, December.
    32. Lei, Jin & Qiu, Jiaping & Wan, Chi & Yu, Fan, 2021. "Credit risk spillovers and cash holdings," Journal of Corporate Finance, Elsevier, vol. 68(C).
    33. Sheng Huang & Ruichang Lu & Anand Srinivasan, 2022. "Bank Dependence and Bank Financing in Corporate M&A," Management Science, INFORMS, vol. 68(3), pages 2250-2283, March.
    34. Kang, Sunmin & Hwang, Intae & Song, Sooyoung, 2018. "Cash hoarding: Vice or virtue," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 53(C), pages 94-116.
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    45. Chowdhury, Rajib & Doukas, John A. & Park, Jong Chool, 2021. "Stakeholder orientation and the value of cash holdings: Evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 69(C).
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    50. He, Zhongda & Qiao, Guannan & Zhang, Le & Zhang, Wenrui, 2021. "Regulator supervisory power and bank loan contracting," Journal of Banking & Finance, Elsevier, vol. 126(C).
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    111. Yi, Xing & Bai, Caiquan & Lyu, Siyuan & Dai, Lu, 2021. "The impacts of the COVID-19 pandemic on China's green bond market," Finance Research Letters, Elsevier, vol. 42(C).
    112. Andrea Gamba & Alexander J. Triantis, 2014. "Corporate Risk Management: Integrating Liquidity, Hedging, and Operating Policies," Management Science, INFORMS, vol. 60(1), pages 246-264, January.
    113. Souad Chaieb, 2021. "The Impact of Cash Holding on Debt Cost," International Journal of Economics and Financial Issues, Econjournals, vol. 11(6), pages 75-93.
    114. Galya Taseva, 2020. "Determinants of Short-term Liabilities of Financially Distressed SME-s," Business Management, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 1 Year 20, pages 5-24.
    115. Van Son Lai & Duc Khuong Nguyen & William Sodjahin & Issouf Soumaré, 2018. "Discretionary Idiosyncratic Risk, Firm Cash Holdings and Investment," Working Papers 2018-008, Department of Research, Ipag Business School.
    116. Driss, Hamdi & Drobetz, Wolfgang & El Ghoul, Sadok & Guedhami, Omrane, 2021. "Institutional investment horizons, corporate governance, and credit ratings: International evidence," Journal of Corporate Finance, Elsevier, vol. 67(C).

  12. Kay Giesecke & Francis A. Longstaff & Stephen Schaefer & Ilya Strebulaev, 2010. "Corporate Bond Default Risk: A 150-Year Perspective," NBER Working Papers 15848, National Bureau of Economic Research, Inc.

    Cited by:

    1. Matthias Fleckenstein & Francis A. Longstaff & Hanno Lustig, 2010. "Why Does the Treasury Issue Tips? The Tips-Treasury Bond Puzzle," NBER Working Papers 16358, National Bureau of Economic Research, Inc.
    2. Gehrig, Thomas & Füss, Roland & Rindler, Philipp B, 2011. "Scattered Trust - Did the 2007-08 financial crisis change risk perceptions?," CEPR Discussion Papers 8714, C.E.P.R. Discussion Papers.
    3. Dionne, Georges & Gauthier, Geneviève & Hammami, Khemais & Maurice, Mathieu & Simonato, Jean-Guy, 2007. "A reduced form model of default spreads with Markov switching macroeconomic factors," Working Papers 07-8, HEC Montreal, Canada Research Chair in Risk Management.
    4. 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.
    5. Omer L. Gebizlioglu & Serap Yörübulut, 2016. "A Pseudo-Pareto Distribution and Concomitants of Its Order Statistics," Methodology and Computing in Applied Probability, Springer, vol. 18(4), pages 1043-1064, December.
    6. Timothy J. Riddiough & Howard E. Thompson, 2012. "Deja vu All Over Again: Agency, Uncertainty, Leverage and the Panic of 1857," Working Papers 102012, Hong Kong Institute for Monetary Research.
    7. Warren Bailey & Lin Zheng & Yinggang Zhou, 2012. "What Makes the VIX Tick?," Working Papers 222012, Hong Kong Institute for Monetary Research.
    8. Siakoulis, Vasilios, 2015. "Modeling bank default intensity in the USA using autoregressive duration models," MPRA Paper 64526, University Library of Munich, Germany.
    9. Morton Lane, 2024. "The ILS loss experience: natural catastrophe issues 2001–2020," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 49(1), pages 97-137, January.
    10. Marti G. Subrahmanyam & Dragon Yongjun Tang & Sarah Qian Wang, 2012. "Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk," Working Papers 292012, Hong Kong Institute for Monetary Research.
    11. Priyank Gandhi & Hanno Lustig, 2010. "Size Anomalies in U.S. Bank Stock Returns: A Fiscal Explanation," NBER Working Papers 16553, National Bureau of Economic Research, Inc.
    12. Emmanuel Mamatzakis & Panos Remoundos, 2012. "What are the Driving Factors Behind the Rise of Spreads and CDS of Eurozone Sovereign Bonds? A Panel VAR Analysis," Global Credit Review (GCR), World Scientific Publishing Co. Pte. Ltd., vol. 2(01), pages 79-94.
    13. Matthias Fleckenstein & Francis A. Longstaff & Hanno Lustig, 2013. "Deflation Risk," NBER Working Papers 19238, National Bureau of Economic Research, Inc.
    14. Kay Giesecke & Francis A. Longstaff & Stephen Schaefer & Ilya Strebulaev, 2012. "Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective," NBER Working Papers 17854, National Bureau of Economic Research, Inc.
    15. Francis A. Longstaff & Ilya A. Strebulaev, 2014. "Corporate Taxes and Capital Structure: A Long-Term Historical Perspective," NBER Working Papers 20372, National Bureau of Economic Research, Inc.

  13. Rydqvist, Kristian & Spizman, Joshua & Strebulaev, Ilya, 2009. "The Evolution of Aggregate Stock Ownership - A Unified Explanation," SIFR Research Report Series 68, Institute for Financial Research.

    Cited by:

    1. Henrekson, Magnus & Sanandaji, Tino, 2008. "Entrepreneurship and the Theory of Taxation," Working Paper Series 732, Research Institute of Industrial Economics, revised 01 Sep 2009.
    2. David Thesmar, 2009. "Stock Price Fragility," Post-Print hal-00496062, HAL.
    3. Henrekson, Magnus & Stenkula, Mikael, 2009. "Entrepreneurship and Public Policy," Working Paper Series 804, Research Institute of Industrial Economics.
    4. Magnus Henrekson & Dan Johansson & Mikael Stenkula, 2010. "Taxation, Labor Market Policy and High-Impact Entrepreneurship," Journal of Industry, Competition and Trade, Springer, vol. 10(3), pages 275-296, September.
    5. Stepanchuk, Serhiy & Tsyrennikov, Viktor, 2015. "Portfolio and welfare consequences of debt market dominance," Journal of Monetary Economics, Elsevier, vol. 74(C), pages 89-101.

  14. Kjell G. Nyborg & Ulrich Bindseil & Ilya A. Strebulaev, 2005. "Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations," Working Papers 2005.92, Fondazione Eni Enrico Mattei.

    Cited by:

    1. Nuno Cassola & Christian Ewerhart & Claudio Morana, 2006. "Structural Econometric Approach to Bidding in the Main refinancing Operations of the Eurosystem," ICER Working Papers 26-2006, ICER - International Centre for Economic Research.
    2. Christian Ewerhart & Nuno Cassola & Steen EJjerksov & Natacha Valla, 2006. "Manipulation in Money Markets," Swiss Finance Institute Research Paper Series 06-29, Swiss Finance Institute.
    3. Vives, Xavier, 2008. "Strategic supply function competition with private information," IESE Research Papers D/774, IESE Business School.
    4. Nyborg, Kjell G., 2017. "Reprint of: Central bank collateral frameworks," Journal of Banking & Finance, Elsevier, vol. 83(C), pages 232-248.
    5. Ulrike Neyer, 2009. "Interest on Reserves and the Flexibility of Monetary Policy in the Euro Area," Scandinavian Journal of Economics, Wiley Blackwell, vol. 111(2), pages 417-438, June.
    6. Nyborg, Kjell & Fecht, Falko & Rocholl, Jörg, 2010. "The Price of Liquidity: Bank Characteristics and Market Conditions," CEPR Discussion Papers 7794, C.E.P.R. Discussion Papers.
    7. Xavier Vives, 2010. "Asset Auctions, Information, and Liquidity," Journal of the European Economic Association, MIT Press, vol. 8(2-3), pages 467-477, 04-05.
    8. Rafael Romeu & Lawrence Ausubel, 2005. "Bidder Participation and Information in Currency Auctions," IMF Working Papers 2005/157, International Monetary Fund.
    9. Linzert, Tobias & Schmidt, Sandra, 2007. "What Explains the Spread Between the Euro Overnight Rate and the ECB's Policy Rate?," ZEW Discussion Papers 07-076, ZEW - Leibniz Centre for European Economic Research.
    10. Ewerhart, Christian, 2002. "A model of the Eurosystem's operational framework for monetary policy implementation," Working Paper Series 197, European Central Bank.
    11. Christian Ewerhart & Nuno Cassola & Natacha Valla, 2007. "Declining Valuations And Equilibrium Bidding In Central Bank Refinancing Operations," Swiss Finance Institute Research Paper Series 07-22, Swiss Finance Institute.
    12. Sebastián Becerra & Gregory Claeys & Juan Francisco Martínez, 2015. "A New Liquidity Risk Measure for the Chilean Banking Sector," Working Papers Central Bank of Chile 746, Central Bank of Chile.
    13. Affinito, Massimiliano, 2013. "Central bank refinancing, interbank markets and the hypothesis of liquidity hoarding: evidence from a euro-area banking system," Working Paper Series 1607, European Central Bank.
    14. Nuno Cassola & Ali Hortacsu & Jakub Kastl, 2009. "The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds," NBER Working Papers 15158, National Bureau of Economic Research, Inc.
    15. Orly Sade & Charles Schnitzlein & Jaime Zender, 2006. "Competition and cooperation in divisible good auctions: An experimental examination," Artefactual Field Experiments 00105, The Field Experiments Website.
    16. Ben R. Craig & Falko Fecht, 2006. "The Eurosystem money market auctions: a banking perspective," Working Papers (Old Series) 0506, Federal Reserve Bank of Cleveland.
    17. Nyborg, Kjell, 2015. "Central Bank Collateral Frameworks," CEPR Discussion Papers 10663, C.E.P.R. Discussion Papers.
    18. Acharya, Viral & Merrouche, Ouarda, 2012. "Precautionary hoarding of liquidity and inter-bank markets: Evidence from the sub-prime crisis," CEPR Discussion Papers 8859, C.E.P.R. Discussion Papers.
    19. Ulrich Bindseil & Kjell G. Nyborg & Ilya A. Strebulaev, 2009. "Repo Auctions and the Market for Liquidity," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(7), pages 1391-1421, October.
    20. Vives, Xavier, 2011. "A large-market rational expectations equilibrium model," IESE Research Papers D/924, IESE Business School.
    21. tuomas välimäki, 2004. "Variable rate liquidity tenders," Macroeconomics 0405010, University Library of Munich, Germany.
    22. Pasquariello, Paolo & Vega, Clara, 2009. "The on-the-run liquidity phenomenon," Journal of Financial Economics, Elsevier, vol. 92(1), pages 1-24, April.
    23. Nyborg, Kjell & Fecht, Falko & Rocholl, Jörg & Woschitz, Jiri, 2016. "Collateral, Central Bank Repos, and Systemic Arbitrage," CEPR Discussion Papers 11663, C.E.P.R. Discussion Papers.
    24. Vergote, Olivier & Sugo, Tomohiro, 2020. "Who takes the ECB’s targeted funding?," Working Paper Series 2439, European Central Bank.
    25. Sînziana Kroon & Clemens Bonner & Iman van Lelyveld & Jan Wrampelmeyer, 2021. "The ‘new normal’ during normal times – liquidity regulation and conventional monetary policy," Working Papers 703, DNB.
    26. Ollikka, Kimmo & Tukiainen, Janne, 2013. "Central bank liquidity auction mechanism design and the interbank market," Bank of Finland Research Discussion Papers 21/2013, Bank of Finland.
    27. Q. Farooq Akram & Casper Christophersen, 2015. "Pricing in the Norwegian interbank market – the effects of liquidity and implicit government support," Working Paper 2016/2, Norges Bank.
    28. Wiemers, Jürgen & Neyer, Ulrike, 2003. "Why do we have an interbank money market?," IWH Discussion Papers 182/2003, Halle Institute for Economic Research (IWH).
    29. Beirne, John, 2012. "The EONIA spread before and during the crisis of 2007–2009: The role of liquidity and credit risk," Journal of International Money and Finance, Elsevier, vol. 31(3), pages 534-551.
    30. Fecht, Falko & Nyborg, Kjell G. & Rocholl, Jörg, 2008. "Liquidity management and overnight rate calendar effects: Evidence from German banks," The North American Journal of Economics and Finance, Elsevier, vol. 19(1), pages 7-21, March.
    31. Jakob Korbinian Eberl, 2016. "The Collateral Framework of the Eurosystem and Its Fiscal Implications," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 69.
    32. Massimiliano Affinito, 2019. "What do almost 20 years of micro data and two crises say about the relationship between central bank and interbank market liquidity? Evidence from Italy," Temi di discussione (Economic working papers) 1238, Bank of Italy, Economic Research and International Relations Area.
    33. Fecht, Falko & Nyborg, Kjell G. & Rocholl, Jörg, 2011. "The price of liquidity: The effects of market conditions and bank characteristics," Journal of Financial Economics, Elsevier, vol. 102(2), pages 344-362.
    34. Cassola, Nuno & Ejerskov, Steen & Ewerhart, Christian & Valla, Natacha, 2003. "Optimal allotment policy in the Eurosystem's main refinancing operations," Working Paper Series 295, European Central Bank.
    35. Giuseppe Bruno & Ernesto Maurizio Ordine & Antonio Scalia, 2005. "Banks� participation in the Eurosystem auctions and money market integration," Temi di discussione (Economic working papers) 562, Bank of Italy, Economic Research and International Relations Area.
    36. Nyborg, Kjell G., 2015. "Bank Supervision after the Financial Crisis: Signals from the Market for Liquidity," Discussion Papers 2015/14, Norwegian School of Economics, Department of Business and Management Science.
    37. Gianfranco A. Vento, 2004. "The Eurosystem operational framework, use of colleteral and liquidity distribution in the euro area: towards a single interbank market?," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 57(228), pages 71-100.
    38. Gianfranco A. Vento, 2004. "The Eurosystem operational framework, use of colleteral and liquidity distribution in the euro area: towards a single interbank market?," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 57(228), pages 71-100.
    39. Ulrike Neyer & Jürgen Wiemers, 2004. "The Influence of a Heterogeneous Banking Sector on the Interbank Market Rate in the Euro Area," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 140(III), pages 395-428, September.
    40. Q. Farooq Akram & Casper Christophersen, 2010. "Interbank overnight interest rates - gains from systemic importance," Working Paper 2010/11, Norges Bank.
    41. Linzert, Tobias & Schmidt, Sandra, 2008. "What explains the spread between the euro overnight rate and the ECB's policy rate?," Working Paper Series 983, European Central Bank.

  15. Ilya Strebulaev, 2004. "Do tests of capital structure mean what they say?," 2004 Meeting Papers 592c, Society for Economic Dynamics.

    Cited by:

    1. Saumitra, Bhaduri, 2012. "Why do firms issue equity? Some evidence from an emerging economy, India," MPRA Paper 38043, University Library of Munich, Germany.
    2. Anderson, Ronald W. & Carverhill, Andrew, 2006. "Liquidity and capital structure," LSE Research Online Documents on Economics 24632, London School of Economics and Political Science, LSE Library.
    3. Norman Schürhoff, 2005. "Capital Gains Taxes, Irreversible Investment, and Capital Structure," FAME Research Paper Series rp131, International Center for Financial Asset Management and Engineering.
    4. Anderson, Ronald & Carverhill, Andrew, 2007. "Liquidity and Capital Structure," CEPR Discussion Papers 6044, C.E.P.R. Discussion Papers.
    5. Yildirim, Ramazan & Masih, Mansur & Bacha, Obiyathulla, 2017. "Determinants of capital structure - Evidence from Shari'ah compliant and non-compliant firms," MPRA Paper 90280, University Library of Munich, Germany, revised 26 May 2018.
    6. Erica X. N. Li & Dmitry Livdan & Lu Zhang, 2006. "Optimal Market Timing," NBER Working Papers 12014, National Bureau of Economic Research, Inc.
    7. Kayhan, Ayla & Titman, Sheridan, 2007. "Firms' histories and their capital structures," Journal of Financial Economics, Elsevier, vol. 83(1), pages 1-32, January.
    8. Müller, Elisabeth, 2007. "How does owners' exposure to idiosyncratic risk influence the capital structure of private companies?," ZEW Discussion Papers 05-14 [rev.2], ZEW - Leibniz Centre for European Economic Research.
    9. Viet Anh Dang, 2005. "Testing the Trade-off and Pecking Order Theory: Some UK Evidence," Money Macro and Finance (MMF) Research Group Conference 2005 28, Money Macro and Finance Research Group.
    10. Sheen X. Liu & Howard Qi & Chunchi Wu, 2006. "Personal Taxes, Endogenous Default, and Corporate Bond Yield Spreads," Management Science, INFORMS, vol. 52(6), pages 939-954, June.
    11. Haitham A. Al-Zoubi & Aktham I. Maghyereh, 2007. "The Relative Risk Performance Of Islamic Finance: A New Guide To Less Risky Investments," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 10(02), pages 235-249.

  16. Ilya A. Strebulaev, 2004. "Do Tests of Capital Structure Theory Mean What They Say?," Econometric Society 2004 North American Summer Meetings 646, Econometric Society.

    Cited by:

    1. Ippolito, Filippo & Ozdagli, Ali K. & Perez-Orive, Ander, 2018. "The transmission of monetary policy through bank lending: The floating rate channel," Journal of Monetary Economics, Elsevier, vol. 95(C), pages 49-71.
    2. Gao, Huasheng & Harford, Jarrad & Li, Kai, 2013. "Determinants of corporate cash policy: Insights from private firms," Journal of Financial Economics, Elsevier, vol. 109(3), pages 623-639.
    3. Marco Botta & Luca Colombo, 2016. "Macroeconomic and Institutional Determinants of Capital Structure Decisions," DISCE - Working Papers del Dipartimento di Economia e Finanza def038, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    4. Frederico Belo & Chen Xue & Lu Zhang, 2010. "Cross-sectional Tobin's Q," NBER Working Papers 16336, National Bureau of Economic Research, Inc.
    5. Frank, Murray Z. & Shen, Tao, 2019. "Corporate capital structure actions," Journal of Banking & Finance, Elsevier, vol. 106(C), pages 384-402.
    6. Saumitra, Bhaduri, 2012. "Why do firms issue equity? Some evidence from an emerging economy, India," MPRA Paper 38043, University Library of Munich, Germany.
    7. Hang, Markus & Geyer-Klingeberg, Jerome & Rathgeber, Andreas W. & Stöckl, Stefan, 2018. "Measurement matters—A meta-study of the determinants of corporate capital structure," The Quarterly Review of Economics and Finance, Elsevier, vol. 68(C), pages 211-225.
    8. Mona Yaghoubi & Reza Yaghoubi & Graeme Guthrie, 2018. "How Do Firms Make Capital Structure Decisions When Facing Big Events? The Case of Hospital Corporation of America (HCA)," Working Papers in Economics 18/21, University of Canterbury, Department of Economics and Finance.
    9. Çolak, Gönül & Gungoraydinoglu, Ali & Öztekin, Özde, 2018. "Global leverage adjustments, uncertainty, and country institutional strength," Journal of Financial Intermediation, Elsevier, vol. 35(PA), pages 41-56.
    10. 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.
    11. Arnt Ove Hopland & Petro Lisowsky & Mohammed Mardan & Dirk Schindler, 2014. "Income Shifting under Losses," CESifo Working Paper Series 5130, CESifo.
    12. Lyandres, Evgeny & Zhdanov, Alexei, 2013. "Investment opportunities and bankruptcy prediction," Journal of Financial Markets, Elsevier, vol. 16(3), pages 439-476.
    13. 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.
    14. Joseph Ooi & Seow-Eng Ong & Lin Li, 2010. "An Analysis of the Financing Decisions of REITs: The Role of Market Timing and Target Leverage," The Journal of Real Estate Finance and Economics, Springer, vol. 40(2), pages 130-160, February.
    15. Rainer Baule, 2019. "The cost of debt capital revisited," Business Research, Springer;German Academic Association for Business Research, vol. 12(2), pages 721-753, December.
    16. Suresh Sundaresan & Neng Wang & Jinqiang Yang, 2015. "Dynamic Investment, Capital Structure, and Debt Overhang," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 4(1), pages 1-42.
    17. Nguyen, Thao & Bai, Min & Hou, Greg & Vu, Manh-Chien, 2020. "State ownership and adjustment speed toward target leverage: Evidence from a transitional economy," Research in International Business and Finance, Elsevier, vol. 53(C).
    18. Machokoto, Michael & Chipeta, Chimwemwe & Aftab, Nadeem & Areneke, Geofry, 2021. "The financial conservatism of firms in emerging economies," Research in International Business and Finance, Elsevier, vol. 58(C).
    19. Fier, Stephen G. & McCullough, Kathleen A. & Carson, James M., 2013. "Internal capital markets and the partial adjustment of leverage," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 1029-1039.
    20. Diana Bonfim & Paula Antão, 2012. "The dynamics of capital structure decisions," Working Papers w201206, Banco de Portugal, Economics and Research Department.
    21. Elena Valentina IVASCU & Nicoleta BARBUTA-MISU, 2017. "Influences of the Capital Structure and the Cost of Capital on Financial Performance. Case Study on ENGIE Group," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 304-320.
    22. Bhamra, Harjoat Singh & Kuehn, Lars-Alexander & Strebulaev, Ilya, 2018. "The Levered Equity Risk Premium and Credit Spreads: A Unified Framework," CEPR Discussion Papers 12827, C.E.P.R. Discussion Papers.
    23. Fliers, Philip T., 2019. "What is the relation between financial flexibility and dividend smoothing?," Journal of International Money and Finance, Elsevier, vol. 92(C), pages 98-111.
    24. Elena Alexandra Nenu & Georgeta Vintilă & Ştefan Cristian Gherghina, 2018. "The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies," IJFS, MDPI, vol. 6(2), pages 1-29, April.
    25. Armen Hovakimian & Ayla Kayhan & Sheridan Titman, 2011. "Are Corporate Default Probabilities Consistent with the Static Tradeoff Theory?," NBER Working Papers 17290, National Bureau of Economic Research, Inc.
    26. Aflatooni, Abbas & Ghaderi, Kaveh & Mansouri, Kefsan, 2022. "Sanctions against Iran, political connections and speed of adjustment," Emerging Markets Review, Elsevier, vol. 51(PB).
    27. Christensen, Peter Ove & Flor, Christian Riis & Lando, David & Miltersen, Kristian R., 2014. "Dynamic capital structure with callable debt and debt renegotiations," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 644-661.
    28. Nigel Driffield & Sarmistha Pal, 2010. "Evolution of capital structure in east Asia—corporate inertia or endeavours?," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 173(1), pages 1-29, January.
    29. Beck, Thorsten & Peltonen, Tuomas & Perotti, Enrico & Sánchez Serrano, Antonio & Suarez, Javier, 2023. "Corporate credit and leverage in the EU: recent evolution, main drivers and financial stability implications," Report of the Advisory Scientific Committee 14, European Systemic Risk Board.
    30. Miglo, Anton, 2010. "The Pecking Order, Trade-off, Signaling, and Market-Timing Theories of Capital Structure: a Review," MPRA Paper 46691, University Library of Munich, Germany, revised 2013.
    31. Qizhi Tao & Zohaib Zahid & Azhar Mughal & Farrukh Shahzad, 2022. "Does operating leverage increase firm's profitability and bankruptcy risk? Evidence from China's entry into WTO," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(4), pages 4705-4721, October.
    32. Ruud A. De Mooij & Michael Keen, 2016. "Debt, Taxes, and Banks," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(1), pages 5-33, February.
    33. Halling, Michael & Yu, Jin & Zechner, Josef, 2016. "Leverage dynamics over the business cycle," Journal of Financial Economics, Elsevier, vol. 122(1), pages 21-41.
    34. 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.
    35. Márcio Telles Portal & Luís Laureano, 2015. "Rebound Effect of Allowance for Corporate Equity on Debt Bias," Working Papers Series 2 15-06, ISCTE-IUL, Business Research Unit (BRU-IUL).
    36. Barclay, Michael J. & Fu, Fangjian & Smith, Clifford W., 2021. "Seasoned equity offerings and corporate financial management," Journal of Corporate Finance, Elsevier, vol. 66(C).
    37. Pablo Moya-Martínez & Raúl Del Pozo-Rubio, 2021. "The financing of SMEs in the Spanish tourism sector at the onset of the 2008 financial crisis: Lessons to learn?," Tourism Economics, , vol. 27(7), pages 1323-1336, November.
    38. Álvaro Chamizo & Alexandre Fonollosa & Alfonso Novales, 2019. "Forward-looking asset correlations in the estimation of economic capital," Documentos de Trabajo del ICAE 2019-25, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    39. Gungoraydinoglu, Ali & Çolak, Gönül & Öztekin, Özde, 2017. "Political environment, financial intermediation costs, and financing patterns," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 167-192.
    40. Hennessy, Christopher A. & Kasahara, Akitada & Strebulaev, Ilya A., 2020. "Empirical analysis of corporate tax reforms: What is the null and where did it come from?," Journal of Financial Economics, Elsevier, vol. 135(3), pages 555-576.
    41. Morellec, Erwan & Zhdanov, Alexei, 2008. "Financing and takeovers," Journal of Financial Economics, Elsevier, vol. 87(3), pages 556-581, March.
    42. Colla, Paolo & Ippolito, Filippo & Wagner, Hannes F., 2012. "Leverage and pricing of debt in LBOs," Journal of Corporate Finance, Elsevier, vol. 18(1), pages 124-137.
    43. Hovakimian, Armen & Li, Guangzhong, 2011. "In search of conclusive evidence: How to test for adjustment to target capital structure," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 33-44, February.
    44. Josiah Aduda & Morgan Ongoro, 2020. "Working Capital and Earnings Management among Manufacturing Firms: A Review of Literature," Journal of Finance and Investment Analysis, SCIENPRESS Ltd, vol. 9(3), pages 1-5.
    45. Viet Anh Dang, 2013. "Testing capital structure theories using error correction models: evidence from the UK, France and Germany," Applied Economics, Taylor & Francis Journals, vol. 45(2), pages 171-190, January.
    46. Qian Wang & Duowen Wu & Lina Yan, 2021. "Effect of positive tone in MD&A disclosure on capital structure adjustment speed: evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(4), pages 5809-5845, December.
    47. Feldhütter, Peter & Schaefer, Stephen, 2023. "Debt dynamics and credit risk," Journal of Financial Economics, Elsevier, vol. 149(3), pages 497-535.
    48. Ferrés, Daniel & Ormazabal, Gaizka & Povel, Paul & Sertsios, Giorgo, 2021. "Capital structure under collusion," Journal of Financial Intermediation, Elsevier, vol. 45(C).
    49. Danis, András & Rettl, Daniel A. & Whited, Toni M., 2014. "Refinancing, profitability, and capital structure," Journal of Financial Economics, Elsevier, vol. 114(3), pages 424-443.
    50. Nicola Comincioli & Paolo M. Panteghini & Sergio Vergalli, 2021. "Welfare effects of business taxation under default risk," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 28(6), pages 1412-1429, December.
    51. Hui Chen & Yu Xu & Jun Yang, 2012. "Systematic Risk, Debt Maturity and the Term Structure of Credit Spreads," Staff Working Papers 12-27, Bank of Canada.
    52. Lotfaliei, Babak, 2018. "Zero leverage and the value in waiting to have debt," Journal of Banking & Finance, Elsevier, vol. 97(C), pages 335-349.
    53. Chen, Zhiyao & Hackbarth, Dirk & Strebulaev, Ilya A., 2022. "A unified model of distress risk puzzles," Journal of Financial Economics, Elsevier, vol. 146(2), pages 357-384.
    54. Devos, Erik & Rahman, Shofiqur & Tsang, Desmond, 2017. "Debt covenants and the speed of capital structure adjustment," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 1-18.
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    211. Frantz, Pascal & Instefjord, Norvald, 2019. "Debt overhang and non-distressed debt restructuring," LSE Research Online Documents on Economics 90212, London School of Economics and Political Science, LSE Library.
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    214. Vivake Anand & Kamran Ahmed Soomro & Suneel Kumar Solanki, 2016. "Determinants of Credit Rating and Optimal Capital Structure among Pakistani Banks," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 19(60), pages 169-182, June.
    215. Ban, Mingyuan & Chen, Chang-Chih, 2019. "Ambiguity and capital structure adjustments," International Review of Economics & Finance, Elsevier, vol. 64(C), pages 242-270.
    216. Karin Jõeveer, 2013. "What do we know about the capital structure of small firms?," Small Business Economics, Springer, vol. 41(2), pages 479-501, August.
    217. Andrea L. Eisfeldt & Tyler Muir, 2014. "Aggregate External Financing and Savings Waves," NBER Working Papers 20442, National Bureau of Economic Research, Inc.
    218. Bajaj, Yukti & Kashiramka, Smita & Singh, Shveta, 2021. "Economic policy uncertainty and leverage dynamics: Evidence from an emerging economy," International Review of Financial Analysis, Elsevier, vol. 77(C).
    219. Tsyplakov, Sergey, 2008. "Investment frictions and leverage dynamics," Journal of Financial Economics, Elsevier, vol. 89(3), pages 423-443, September.
    220. Ertugrul, Mine & Hegde, Shantaram, 2008. "Board compensation practices and agency costs of debt," Journal of Corporate Finance, Elsevier, vol. 14(5), pages 512-531, December.
    221. Ovtchinnikov, Alexei V., 2010. "Capital structure decisions: Evidence from deregulated industries," Journal of Financial Economics, Elsevier, vol. 95(2), pages 249-274, February.
    222. Amini, Shahram & Elmore, Ryan & Öztekin, Özde & Strauss, Jack, 2021. "Can machines learn capital structure dynamics?," Journal of Corporate Finance, Elsevier, vol. 70(C).
    223. Patrick Bolton & Hui Chen & Neng Wang, 2014. "Debt, Taxes, and Liquidity," NBER Working Papers 20009, National Bureau of Economic Research, Inc.
    224. Haitham A. Al-Zoubi & Aktham I. Maghyereh, 2007. "The Relative Risk Performance Of Islamic Finance: A New Guide To Less Risky Investments," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 10(02), pages 235-249.
    225. Mykola Pinchuk, 2023. "Zero-Leverage Puzzle," Papers 2302.00761, arXiv.org.
    226. Ralf Elsas & Mark J. Flannery & Jon A. Garfinkel, 2014. "Financing Major Investments: Information about Capital Structure Decisions," Review of Finance, European Finance Association, vol. 18(4), pages 1341-1386.
    227. Leandro Medina, 2012. "Spring Forward or Fall Back? The Post-Crisis Recovery of Firms," IMF Working Papers 2012/292, International Monetary Fund.
    228. Hackbarth, Dirk & Rivera, Alejandro & Wong, Tak-Yuen, 2018. "Optimal Short-Termism," CEPR Discussion Papers 12588, C.E.P.R. Discussion Papers.
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    230. Filippo Ippolito & Alessandro Villa, 2022. "Levered Returns and Capital Structure Imbalances," Working Paper Series WP 2022-42, Federal Reserve Bank of Chicago.
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    239. Brian Clark, 2022. "Valuing the speed of adjustment of capital structure," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(4), pages 855-879, December.
    240. Sardo, Filipe & Serrasqueiro, Zélia & Félix, Elisabete G.S., 2020. "Does Venture Capital affect capital structure rebalancing? The case of small knowledge-intensive service firms," Structural Change and Economic Dynamics, Elsevier, vol. 53(C), pages 170-179.
    241. Zhaoxia Xu, 2007. "Do Firms Adjust Toward a Target Leverage Level?," Staff Working Papers 07-50, Bank of Canada.
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    243. Tak-Yuen Wong & Jin Yu, 2022. "Credit Default Swaps and Debt Overhang," Management Science, INFORMS, vol. 68(3), pages 2069-2097, March.
    244. Albanez, Tatiana & Schiozer, Rafael, 2022. "The signaling role of covenants and the speed of capital structure adjustment under poor creditor rights: Evidence from domestically and cross-listed firms in Brazil," Journal of Multinational Financial Management, Elsevier, vol. 63(C).
    245. Hisashi Nakamura, 2012. "A Continuous-Time Analysis of Optimal Restructuring of Contracts with Costly Information Disclosure," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 19(2), pages 119-147, May.
    246. Arnold, Marc & Westermann, Ramona, 2015. "The Value of Creditor Governance: Debt Renegotiations In and Outside Distress," Working Papers on Finance 1514, University of St. Gallen, School of Finance, revised Jul 2016.
    247. Attaoui, Sami & Cao, Wenbin & Duan, Xiaoman & Liu, Hening, 2021. "Optimal capital structure, ambiguity aversion, and leverage puzzles," Journal of Economic Dynamics and Control, Elsevier, vol. 129(C).
    248. Kelvin Ho & Cho-Hoi Hui & Ka-Fai Li & Jim Wong, 2015. "Capital Management and Leverage of Foreign Bank Subsidiaries in a Host Country: A Case in Hong Kong," Working Papers 032015, Hong Kong Institute for Monetary Research.
    249. Dang, Viet Anh & Kim, Minjoo & Shin, Yongcheol, 2012. "Asymmetric capital structure adjustments: New evidence from dynamic panel threshold models," Journal of Empirical Finance, Elsevier, vol. 19(4), pages 465-482.
    250. Frantz, Pascal & Instefjord, Norvald, 2019. "Debt overhang and non-distressed debt restructuring," Journal of Financial Intermediation, Elsevier, vol. 37(C), pages 75-88.
    251. Mai, Nhat Chi, 2012. "Market timing, taxes and capital structure: evidence from Vietnam," OSF Preprints t3mvs, Center for Open Science.
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    253. Ruwani Fernando, Jayasuriya Mahapatabendige & Li, Leon & Hou, Greg, 2021. "Heterogeneity in capital structure adjustment revisited: Default versus non-default firms and short versus long time horizon," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 185-204.
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    256. Stefan Stöckl, 2017. "Measurement matters - A meta-Study of the determinants of corporate capital structure," Post-Print hal-01772346, HAL.
    257. Freund, Steven & Kovacs, Tunde & Nguyen, Nam H. & Phan, Hieu V., 2023. "CEO personality traits and debt contracting: Evidence from pilot CEOs," International Review of Financial Analysis, Elsevier, vol. 85(C).
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    272. Haitham A. Al-Zoubi & Jennifer A. O’Sullivan & Abdulaziz M. Alwathnani, 2018. "Business cycles, financial cycles and capital structure," Annals of Finance, Springer, vol. 14(1), pages 105-123, February.
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  17. Kjell G. Nyborg & Ilya A. Strebulaev, 2003. "Multiple Unit Auctions and Short Squeezes," Working Papers 2003.27, Fondazione Eni Enrico Mattei.

    Cited by:

    1. Peyman Khezr & Anne Cumpston, 2022. "A review of multiunit auctions with homogeneous goods," Journal of Economic Surveys, Wiley Blackwell, vol. 36(4), pages 1225-1247, September.
    2. Gresik, Thomas A., 2001. "Rationing rules and European Central Bank auctions," Journal of International Money and Finance, Elsevier, vol. 20(6), pages 793-808, November.
    3. Vogel, Edgar, 2014. "MRO bidding in the presence of LTROs: an empirical analysis of the pre-crisis period," Working Paper Series 1753, European Central Bank.
    4. Alan Mehlenbacher, 2007. "Multiagent System Simulations of Treasury Auctions," Department Discussion Papers 0709, Department of Economics, University of Victoria.
    5. de Frutos, María-Ángeles & Fabra, Natalia, 2012. "How to allocate forward contracts: The case of electricity markets," European Economic Review, Elsevier, vol. 56(3), pages 451-469.
    6. Adam Geršl & Zlatuše Komárková, 2009. "Liquidity Risk and Banks’ Bidding Behavior: Evidence from the Global Financial Crisis," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 59(6), pages 577-592, December.
    7. Anne Vila Wetherilt, 2003. "Money market operations and volatility of UK money market rates," Bank of England working papers 174, Bank of England.
    8. Bindseil, Ulrich & Nyborg, Kjell G. & Strebulaev, Ilya A., 2004. "Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations," University of California at Los Angeles, Anderson Graduate School of Management qt9878h0kn, Anderson Graduate School of Management, UCLA.
    9. Nyborg, Kjell G. & Strebulaev, Ilya A., 2001. "Collateral and short squeezing of liquidity in fixed rate tenders," Journal of International Money and Finance, Elsevier, vol. 20(6), pages 769-792, November.
    10. Nyborg, Kjell & Fecht, Falko & Rocholl, Jörg, 2010. "The Price of Liquidity: Bank Characteristics and Market Conditions," CEPR Discussion Papers 7794, C.E.P.R. Discussion Papers.
    11. Abbassi, Puriya & Nautz, Dieter, 2012. "Monetary transmission right from the start: On the information content of the Eurosystem's main refinancing operations," The North American Journal of Economics and Finance, Elsevier, vol. 23(1), pages 54-69.
    12. Song Han & Dan Li, 2009. "Liquidity, runs, and security design: lessons from the collapse of the auction rate municipal bond market," Proceedings, Federal Reserve Bank of San Francisco, issue Jan.
    13. Hartmann, Philipp & Manna, Michele & Manzanares, Andres, 2001. "The microstructure of the euro money market," Journal of International Money and Finance, Elsevier, vol. 20(6), pages 895-948, November.
    14. Olivier Brossard & Susanna Saroyan, 2016. "Hoarding and short-squeezing in times of crisis: Evidence from the Euro overnight money market," Post-Print hal-01293693, HAL.
    15. Sebastián Becerra & Gregory Claeys & Juan Francisco Martínez, 2015. "A New Liquidity Risk Measure for the Chilean Banking Sector," Working Papers Central Bank of Chile 746, Central Bank of Chile.
    16. Affinito, Massimiliano, 2013. "Central bank refinancing, interbank markets and the hypothesis of liquidity hoarding: evidence from a euro-area banking system," Working Paper Series 1607, European Central Bank.
    17. Eisenschmidt, Jens & Hirsch, Astrid & Linzert, Tobias, 2009. "Bidding behaviour in the ECB's main refinancing operations during the financial crisis," Working Paper Series 1052, European Central Bank.
    18. Bahamin, Payam & Cebula, Richard & Foley, Maggie & Houmes, Robert, 2011. "The Demand for Treasury Securities at Auction," MPRA Paper 52026, University Library of Munich, Germany.
    19. Tchuindjo, Leonard, 2015. "Pre-auction short positions and impacts on primary dealers’ bidding behavior in US Treasury auctions," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 193-201.
    20. Ulrich Bindseil & Kjell G. Nyborg & Ilya A. Strebulaev, 2009. "Repo Auctions and the Market for Liquidity," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(7), pages 1391-1421, October.
    21. Bennouri, Moez & Gimpel, Henner & Robert, Jacques, 2011. "Measuring the impact of information aggregation mechanisms: An experimental investigation," Journal of Economic Behavior & Organization, Elsevier, vol. 78(3), pages 302-318, May.
    22. Corradin, Stefano & Maddaloni, Angela, 2017. "The importance of being special: repo markets during the crisis," Working Paper Series 2065, European Central Bank.
    23. Damianov, Damian S. & Becker, Johannes Gerd, 2010. "Auctions with variable supply: Uniform price versus discriminatory," European Economic Review, Elsevier, vol. 54(4), pages 571-593, May.
    24. Rydqvist, Kristian & Wu, Mark, 2016. "Pre-auction inventory and bidding behavior: Evidence from Canadian Treasury auctions," Journal of Financial Markets, Elsevier, vol. 30(C), pages 78-102.
    25. Rydqvist, Kristian & Wu, Mark, 2014. "Pre-Auction Inventory and Bidding Behavior?An Analysis of Canadian Treasury Auctions," CEPR Discussion Papers 10112, C.E.P.R. Discussion Papers.
    26. Merrick, John Jr & Naik, Narayan Y. & Yadav, Pradeep K., 2005. "Strategic trading behavior and price distortion in a manipulated market: anatomy of a squeeze," Journal of Financial Economics, Elsevier, vol. 77(1), pages 171-218, July.
    27. Abbassi, Puriya & Fecht, Falko & Weber, Patrick, 2013. "How stressed are banks in the interbank market?," Discussion Papers 40/2013, Deutsche Bundesbank.
    28. Pasquariello, Paolo & Vega, Clara, 2009. "The on-the-run liquidity phenomenon," Journal of Financial Economics, Elsevier, vol. 92(1), pages 1-24, April.
    29. Ranaldo, Angelo & Rossi, Enzo, 2016. "Uniform-price Auctions for Swiss Government Bonds: Origin and Evolution," Working Papers on Finance 1609, University of St. Gallen, School of Finance.
    30. Bindseil, Ulrich & Nyborg, Kjell G., 2007. "Monetary policy implementation: A European Perspective," Discussion Papers 2007/10, Norwegian School of Economics, Department of Business and Management Science.
    31. Matti Keloharju & Kjell G. Nyborg & Kristian Rydqvist, 2005. "Strategic Behavior and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions," Journal of Finance, American Finance Association, vol. 60(4), pages 1865-1902, August.
    32. Q. Farooq Akram & Casper Christophersen, 2015. "Pricing in the Norwegian interbank market – the effects of liquidity and implicit government support," Working Paper 2016/2, Norges Bank.
    33. Fecht, Falko & Nyborg, Kjell G. & Rocholl, Jörg, 2011. "The price of liquidity: The effects of market conditions and bank characteristics," Journal of Financial Economics, Elsevier, vol. 102(2), pages 344-362.
    34. Giuseppe Bruno & Ernesto Maurizio Ordine & Antonio Scalia, 2005. "Banks� participation in the Eurosystem auctions and money market integration," Temi di discussione (Economic working papers) 562, Bank of Italy, Economic Research and International Relations Area.
    35. Ali Hortacsu & Samita Sareen, 2005. "Order Flow and the Formation of Dealer Bids: Information Flows and Strategic Behavior in the Government of Canada Securities Auctions," NBER Working Papers 11116, National Bureau of Economic Research, Inc.
    36. Fecht, Falko & Weber, Patrick, 2022. "Private value of central bank liquidity and Banks’ bidding behavior in variable rate tender auctions," Journal of Banking & Finance, Elsevier, vol. 136(C).
    37. Hryckiewicz, Aneta & Kozlowski, Lukasz, 2018. "The consequences of liquidity imbalance: When net lenders leave interbank markets," Journal of Financial Stability, Elsevier, vol. 36(C), pages 82-97.
    38. Nikolaou, Kleopatra & Drehmann, Mathias, 2009. "Funding liquidity risk: definition and measurement," Working Paper Series 1024, European Central Bank.
    39. Jappelli, Ruggero & Pelizzon, Loriana & Subrahmanyam, Marti G., 2023. "Quantitative easing, the repo market, and the term structure of interest rates," SAFE Working Paper Series 395, Leibniz Institute for Financial Research SAFE.
    40. Nikolaou, Kleopatra, 2009. "Liquidity (risk) concepts: definitions and interactions," Working Paper Series 1008, European Central Bank.
    41. Di Xiao & Andreas Krause, 2022. "Bank demand for central bank liquidity and its impact on interbank markets," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 17(3), pages 639-679, July.
    42. Brossard, Olivier & Saroyan, Susanna, 2016. "Hoarding and short-squeezing in times of crisis: Evidence from the Euro overnight money market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 40(C), pages 163-185.
    43. Q. Farooq Akram & Casper Christophersen, 2010. "Interbank overnight interest rates - gains from systemic importance," Working Paper 2010/11, Norges Bank.
    44. Cumpston, Anne & Khezr, Peyman, 2020. "Multi-Unit Auctions: A Survey of Theoretical Literature," MPRA Paper 101336, University Library of Munich, Germany.
    45. Jacob K. Goeree & Jingjing Zhang, 2012. "Inefficient markets," ECON - Working Papers 072, Department of Economics - University of Zurich.
    46. Kolozsi, Pál Péter & Horváth, Gábor, 2020. "Mennyit ér a likviditás?. A magyar bankrendszer likviditáskeresleti függvényének becslése [How much are reserves worth? Estimating interbank liquidity demand in Hungary]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 113-139.

Articles

  1. Harjoat S. Bhamra & Lars-Alexander Kuehn & Ilya A. Strebulaev, 2010. "Long Run Risks, Credit Markets, and Financial Structure," American Economic Review, American Economic Association, vol. 100(2), pages 547-551, May.

    Cited by:

    1. 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.
    2. Jiatu Cai & Xinfu Chen & Min Dai, 2018. "Portfolio Selection with Capital Gains Tax, Recursive Utility, and Regime Switching," Management Science, INFORMS, vol. 64(5), pages 2308-2324, May.
    3. 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.

  2. Harjoat S. Bhamra & Lars-Alexander Kuehn & Ilya A. Strebulaev, 2010. "The Aggregate Dynamics of Capital Structure and Macroeconomic Risk," The Review of Financial Studies, Society for Financial Studies, vol. 23(12), pages 4187-4241, December.

    Cited by:

    1. Barry Harrison & Theodorus Wisnu Widjaja, 2014. "The Determinants of Capital Structure: Comparison between Before and After Financial Crisis," Economic Issues Journal Articles, Economic Issues, vol. 19(2), pages 55-83, September.
    2. Jennie Bai & Pierre Collin-Dufresne & Robert S. Goldstein & Jean Helwege, 2012. "On bounding credit event risk premia," Staff Reports 577, Federal Reserve Bank of New York.
    3. Robin Greenwood & Samuel G. Hanson, 2011. "Issuer Quality and the Credit Cycle," NBER Working Papers 17197, National Bureau of Economic Research, Inc.
    4. Nina Boyarchenko & Tobias Adrian, 2014. "Liquidity Policies and Systemic Risk," 2014 Meeting Papers 720, Society for Economic Dynamics.
    5. Machokoto, Michael & Chipeta, Chimwemwe & Aftab, Nadeem & Areneke, Geofry, 2021. "The financial conservatism of firms in emerging economies," Research in International Business and Finance, Elsevier, vol. 58(C).
    6. Tan, Yingxian & Pan, Zhihao & Wang, Rui & Wen, Chunhui, 2023. "Macroeconomic conditions and investment stimuli," The North American Journal of Economics and Finance, Elsevier, vol. 67(C).
    7. Robin Greenwood & Samuel G. Hanson, 2013. "Issuer Quality and Corporate Bond Returns," The Review of Financial Studies, Society for Financial Studies, vol. 26(6), pages 1483-1525.
    8. François Gourio, 2013. "Credit Risk and Disaster Risk," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(3), pages 1-34, July.
    9. Zechner, Josef & Chaderina, Maria & Weiss, Patrick, 2020. "The Maturity Premium," CEPR Discussion Papers 14570, C.E.P.R. Discussion Papers.
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    13. 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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    17. Danis, András & Rettl, Daniel A. & Whited, Toni M., 2014. "Refinancing, profitability, and capital structure," Journal of Financial Economics, Elsevier, vol. 114(3), pages 424-443.
    18. Lukas Schmid & Andres Schneider & Mikhail Chernov, 2016. "A macrofinance view of US Sovereign CDS premiums," 2016 Meeting Papers 432, Society for Economic Dynamics.
    19. Hui Chen & Yu Xu & Jun Yang, 2012. "Systematic Risk, Debt Maturity and the Term Structure of Credit Spreads," Staff Working Papers 12-27, Bank of Canada.
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    21. Chen, Zhiyao & Hackbarth, Dirk & Strebulaev, Ilya A., 2022. "A unified model of distress risk puzzles," Journal of Financial Economics, Elsevier, vol. 146(2), pages 357-384.
    22. Shi, Zhan, 2019. "Time-varying ambiguity, credit spreads, and the levered equity premium," Journal of Financial Economics, Elsevier, vol. 134(3), pages 617-646.
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    25. Anténor-Habazac, Cassandre & Dionne, Georges & Guesmi, Sahar, 2018. "Cyclical variations in liquidity risk of corporate bonds," Working Papers 18-3, HEC Montreal, Canada Research Chair in Risk Management.
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    34. Georges Dionne & Olfa Maalaoui Chun, 2013. "Presidential Address: Default and liquidity regimes in the bond market during the 2002–2012 period," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 46(4), pages 1160-1195, November.
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    39. Arnold, Marc, 2014. "Managerial cash use, default, and corporate financial policies," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 305-325.
    40. Marc Arnold & Ramona Westermann, 2023. "Debt Renegotiations Outside Distress," Review of Finance, European Finance Association, vol. 27(4), pages 1183-1228.
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    42. 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).
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    45. Hui Chen, 2010. "Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure," Journal of Finance, American Finance Association, vol. 65(6), pages 2171-2212, December.
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  4. Ulrich Bindseil & Kjell G. Nyborg & Ilya A. Strebulaev, 2009. "Repo Auctions and the Market for Liquidity," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(7), pages 1391-1421, October.

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    1. Vogel, Edgar, 2014. "MRO bidding in the presence of LTROs: an empirical analysis of the pre-crisis period," Working Paper Series 1753, European Central Bank.
    2. Weber, Patrick, 2015. "Does the Eurosystem's lender of last resort facility has a structurally di fferent option value across banks?," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113123, Verein für Socialpolitik / German Economic Association.
    3. Nyborg, Kjell G., 2017. "Reprint of: Central bank collateral frameworks," Journal of Banking & Finance, Elsevier, vol. 83(C), pages 232-248.
    4. Peter G. Dunne & Michael J. Fleming & Andrey Zholos, 2013. "ECB monetary operations and the interbank repo market," Staff Reports 654, Federal Reserve Bank of New York.
    5. Nyborg, Kjell & Fecht, Falko & Rocholl, Jörg, 2010. "The Price of Liquidity: Bank Characteristics and Market Conditions," CEPR Discussion Papers 7794, C.E.P.R. Discussion Papers.
    6. Abbassi, Puriya & Nautz, Dieter, 2012. "Monetary transmission right from the start: On the information content of the Eurosystem's main refinancing operations," The North American Journal of Economics and Finance, Elsevier, vol. 23(1), pages 54-69.
    7. Ben R. Craig & Falko Fecht & Gunseli Tumer-Alkan, 2014. "The Role of Interbank Relationships and Liquidity Needs," Working Papers (Old Series) 1421, Federal Reserve Bank of Cleveland.
    8. Olivier Brossard & Susanna Saroyan, 2016. "Hoarding and short-squeezing in times of crisis: Evidence from the Euro overnight money market," Post-Print hal-01293693, HAL.
    9. Giovanni Lombardo & Peter McAdam, 2010. "Incorporating financial frictions into new-generation macro models," Research Bulletin, European Central Bank, vol. 9, pages 13-16.
    10. Azusa Takeyama & Naoshi Tsuchida, 2015. "The Interaction between Funding Liquidity and Market Liquidity: Evidence from Subprime and European Crises," IMES Discussion Paper Series 15-E-14, Institute for Monetary and Economic Studies, Bank of Japan.
    11. Affinito, Massimiliano, 2013. "Central bank refinancing, interbank markets and the hypothesis of liquidity hoarding: evidence from a euro-area banking system," Working Paper Series 1607, European Central Bank.
    12. A. Bernales & M. di Filippo, 2016. "The Information Contained in Money Market Interactions: Unsecured vs. Collateralized Lending," Working papers 598, Banque de France.
    13. Fecht, Falko & Weber, Patrick, 2023. "Who borrows from the Eurosystem’s lender-of-the-last-resort facility?," Journal of Banking & Finance, Elsevier, vol. 150(C).
    14. Florian B¨oser, 2021. "Monetary Policy under Subjective Beliefs of Banks: Optimal Central Bank Collateral Requirements," CER-ETH Economics working paper series 21/357, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    15. Nyborg, Kjell, 2015. "Central Bank Collateral Frameworks," CEPR Discussion Papers 10663, C.E.P.R. Discussion Papers.
    16. Acharya, Viral & Merrouche, Ouarda, 2012. "Precautionary hoarding of liquidity and inter-bank markets: Evidence from the sub-prime crisis," CEPR Discussion Papers 8859, C.E.P.R. Discussion Papers.
    17. Nyborg, Kjell & Östberg, Per, 2010. "Money and Liquidity in Financial Markets," CEPR Discussion Papers 7905, C.E.P.R. Discussion Papers.
    18. Dr. Lucas Marc Fuhrer & Dr. Basil Guggenheim & Dr. Silvio Schumacher, 2015. "Re-use of collateral in the repo market," Working Papers 2015-02, Swiss National Bank.
    19. Thesmar, David & Ors, Evren & Derrien, Francois & Boissel, Charles, 2015. "Systemic Risk in Clearing Houses: Evidence from the European Repo Market," HEC Research Papers Series 1112, HEC Paris.
    20. Abbassi, Puriya & Fecht, Falko & Weber, Patrick, 2013. "How stressed are banks in the interbank market?," Discussion Papers 40/2013, Deutsche Bundesbank.
    21. Dr. Lucas Marc Fuhrer, 2017. "Liquidity in the Repo Market," Working Papers 2017-06, Swiss National Bank.
    22. Guillaume Bazot, 2014. "Local liquidity constraints: What place for central bank regional policy? The French experience during the Belle Époque (1880–1913)," Post-Print hal-04288223, HAL.
    23. Nyborg, Kjell & Fecht, Falko & Rocholl, Jörg & Woschitz, Jiri, 2016. "Collateral, Central Bank Repos, and Systemic Arbitrage," CEPR Discussion Papers 11663, C.E.P.R. Discussion Papers.
    24. Schmidt, Kirsten, 2019. "Does liquidity regulation impede the liquidity profile of collateral?," Working Paper Series 2256, European Central Bank.
    25. Angela Maddaloni & José-Luis Peydró, 2010. "Bank lending standards and the origins and implications of the current banking crisis," Research Bulletin, European Central Bank, vol. 9, pages 6-9.
    26. Fiorella De Fiore & Oreste Tristani, 2010. "Financial conditions and monetary policy," Research Bulletin, European Central Bank, vol. 9, pages 10-12.
    27. Massimiliano Affinito, 2019. "What do almost 20 years of micro data and two crises say about the relationship between central bank and interbank market liquidity? Evidence from Italy," Temi di discussione (Economic working papers) 1238, Bank of Italy, Economic Research and International Relations Area.
    28. Fecht, Falko & Nyborg, Kjell G. & Rocholl, Jörg, 2011. "The price of liquidity: The effects of market conditions and bank characteristics," Journal of Financial Economics, Elsevier, vol. 102(2), pages 344-362.
    29. Cafiso, Gianluca, 2019. "Sovereign bond markets when auctions take place: Evidence from Italy," The North American Journal of Economics and Finance, Elsevier, vol. 47(C), pages 406-430.
    30. Fecht, Falko & Weber, Patrick, 2022. "Private value of central bank liquidity and Banks’ bidding behavior in variable rate tender auctions," Journal of Banking & Finance, Elsevier, vol. 136(C).
    31. Di Xiao & Andreas Krause, 2022. "Bank demand for central bank liquidity and its impact on interbank markets," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 17(3), pages 639-679, July.
    32. Brossard, Olivier & Saroyan, Susanna, 2016. "Hoarding and short-squeezing in times of crisis: Evidence from the Euro overnight money market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 40(C), pages 163-185.
    33. Cornelia Holthausen & Huw Pill, 2010. "The forgotten markets: How understanding money markets helps us to understand the financial crisis," Research Bulletin, European Central Bank, vol. 9, pages 2-5.
    34. Kolozsi, Pál Péter & Horváth, Gábor, 2020. "Mennyit ér a likviditás?. A magyar bankrendszer likviditáskeresleti függvényének becslése [How much are reserves worth? Estimating interbank liquidity demand in Hungary]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 113-139.

  5. Schaefer, Stephen M. & Strebulaev, Ilya A., 2008. "Structural models of credit risk are useful: Evidence from hedge ratios on corporate bonds," Journal of Financial Economics, Elsevier, vol. 90(1), pages 1-19, October.

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    1. Goto, Makoto & Suzuki, Teruyoshi, 2015. "Optimal default and liquidation with tangible assets and debt renegotiation," Review of Financial Economics, Elsevier, vol. 27(C), pages 16-27.
    2. Söhnke M. Bartram & Mark Grinblatt & Yoshio Nozawa, 2020. "Book-to-Market, Mispricing, and the Cross-Section of Corporate Bond Returns," NBER Working Papers 27655, National Bureau of Economic Research, Inc.
    3. Alandejani, Maha & Kutan, Ali M. & Samargandi, Nahla, 2017. "Do Islamic banks fail more than conventional banks?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 50(C), pages 135-155.
    4. Scheicher, Martin & Raunig, Burkhard, 2008. "A value at risk analysis of credit default swaps," Discussion Paper Series 2: Banking and Financial Studies 2008,12, Deutsche Bundesbank.
    5. Max Bruche, 2006. "Estimating Structural Models of Corporate Bond Prices," Working Papers wp2006_0610, CEMFI.
    6. Bhamra, Harjoat Singh & Kuehn, Lars-Alexander & Strebulaev, Ilya, 2018. "The Levered Equity Risk Premium and Credit Spreads: A Unified Framework," CEPR Discussion Papers 12827, C.E.P.R. Discussion Papers.
    7. Ilya A. Strebulaev, 2004. "Do Tests of Capital Structure Theory Mean What They Say?," Econometric Society 2004 North American Summer Meetings 646, Econometric Society.
    8. Attaoui, Sami & Cao, Wenbin & Six, Pierre, 2021. "Capital structure and the optimal payment methods in acquisitions," International Review of Law and Economics, Elsevier, vol. 66(C).
    9. Michael Schwert, 2020. "Does Borrowing from Banks Cost More than Borrowing from the Market?," Journal of Finance, American Finance Association, vol. 75(2), pages 905-947, April.
    10. Chamizo, Álvaro & Novales, Alfonso, 2021. "Evaluation of market risk associated with hedging a credit derivative portfolio," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 411-430.
    11. Zhijian (James) Huang & Yuchen Luo, 2016. "Revisiting Structural Modeling of Credit Risk—Evidence from the Credit Default Swap (CDS) Market," JRFM, MDPI, vol. 9(2), pages 1-20, May.
    12. Andrew Atkeson & Andrea L. Eisfeldt & Pierre-Olivier Weill, 2013. "Measuring the financial soundness of U.S. firms, 1926-2012," Staff Report 484, Federal Reserve Bank of Minneapolis.
    13. Doron Avramov & Tarun Chordia & Gergana Jostova & Alexander Philipov, 2022. "The Distress Anomaly is Deeper than You Think: Evidence from Stocks and Bonds [The prediction of corporate bankruptcy: a discriminant analysis]," Review of Finance, European Finance Association, vol. 26(2), pages 355-405.
    14. van Zundert, Jeroen & Driessen, Joost, 2022. "Stocks versus corporate bonds: A cross-sectional puzzle," Journal of Banking & Finance, Elsevier, vol. 137(C).
    15. Hui Chen & Antoine Didisheim & Simon Scheidegger, 2021. "Deep Structural Estimation:With an Application to Option Pricing," Cahiers de Recherches Economiques du Département d'économie 21.14, Université de Lausanne, Faculté des HEC, Département d’économie.
    16. Cascaldi-Garcia, Danilo & Vukoti, Marija & Zubairy, Sarah, 2023. "Innovation During Challenging Times," The Warwick Economics Research Paper Series (TWERPS) 1475, University of Warwick, Department of Economics.
    17. Simon Gilchrist & Egon Zakrajsek, 2012. "Credit Spreads and Business Cycle Fluctuations," American Economic Review, American Economic Association, vol. 102(4), pages 1692-1720, June.
    18. Christopher L. Culp & Yoshio Nozawa & Pietro Veronesi, 2014. "Option-Based Credit Spreads," NBER Working Papers 20776, National Bureau of Economic Research, Inc.
    19. Bao, Jack & Hou, Kewei & Zhang, Shaojun, 2023. "Systematic Default and Return Predictability in the Stock and Bond Markets," Working Paper Series 2023-13, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    20. Meeks, Roland, 2012. "Do credit market shocks drive output fluctuations? Evidence from corporate spreads and defaults," Journal of Economic Dynamics and Control, Elsevier, vol. 36(4), pages 568-584.
    21. Hett, Florian & Kasinger, Johannes, 2017. "Undermined market discipline: The role of bank rescues and bailout expectations," SAFE Policy Letters 59, Leibniz Institute for Financial Research SAFE.
    22. Xuanjuan Chen & Jing-Zhi Huang & Zhenzhen Sun & Tong Yao & Tong Yu, 2020. "Liquidity Premium in the Eye of the Beholder: An Analysis of the Clientele Effect in the Corporate Bond Market," Management Science, INFORMS, vol. 66(2), pages 932-957, February.
    23. Franke, Benedikt & Müller, Sebastian & Müller, Sonja, 2017. "The q-factors and expected bond returns," Journal of Banking & Finance, Elsevier, vol. 83(C), pages 19-35.
    24. Pasquale De Luca, 2017. "The Company Fundamental Analysis and the Default Risk Ratio," International Journal of Business and Management, Canadian Center of Science and Education, vol. 12(10), pages 1-79, September.
    25. Miriam Marra, 2017. "Explaining co-movements between equity and CDS bid-ask spreads," Review of Quantitative Finance and Accounting, Springer, vol. 49(3), pages 811-853, October.
    26. Lotfaliei, Babak, 2018. "Zero leverage and the value in waiting to have debt," Journal of Banking & Finance, Elsevier, vol. 97(C), pages 335-349.
    27. 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).
    28. Campbell, John Y. & Hilscher, Jens & Szilagyi, Jan, 2005. "In search of distress risk," Discussion Paper Series 1: Economic Studies 2005,27, Deutsche Bundesbank.
    29. Zinna, Gabriele, 2014. "Identifying risks in emerging market sovereign and corporate bond spreads," Emerging Markets Review, Elsevier, vol. 20(C), pages 1-22.
    30. Marcin Jaskowski & Michael McAleer, 2018. "Spurious Cross-Sectional Dependence in Credit Spread Changes," Documentos de Trabajo del ICAE 2018-21, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    31. Tarsalewska, Monika, 2018. "Buyouts under the threat of preemption," Journal of Banking & Finance, Elsevier, vol. 89(C), pages 39-58.
    32. Guha, Rajiv & Sbuelz, Alessandro & Tarelli, Andrea, 2020. "Structural recovery of face value at default," European Journal of Operational Research, Elsevier, vol. 283(3), pages 1148-1171.
    33. William Gornall & Ilya A. Strebulaev, 2013. "Financing as a Supply Chain: The Capital Structure of Banks and Borrowers," NBER Working Papers 19633, National Bureau of Economic Research, Inc.
    34. Simon Gilchrist & Jae W. Sim & Egon Zakrajsek, 2013. "Misallocation and Financial Market Frictions: Some Direct Evidence from the Dispersion in Borrowing Costs," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 16(1), pages 159-176, January.
    35. Massa, Massimo & Zhang, Lei, 2021. "Bank credit tightening, debt market frictions, and corporate yield spreads," Journal of Financial Markets, Elsevier, vol. 55(C).
    36. Galvani, Valentina, 2018. "The Value Premium During Flights," Working Papers 2018-18, University of Alberta, Department of Economics.
    37. Chen, Chang-Chih & Huang, Henry Hongren & Lee, Chun I., 2022. "Supply chain, product pricing, and dynamic capital structure," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 938-952.
    38. Chi-Fai Lo & Cho-Hoi Hui, 2016. "Pricing corporate bonds with interest rates following double square-root process," International Journal of Financial Engineering (IJFE), World Scientific Publishing Co. Pte. Ltd., vol. 3(03), pages 1-31, September.
    39. Zhou, Xinghua & Reesor, R. Mark, 2015. "Misrepresentation and capital structure: Quantifying the impact on corporate debt value," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 293-310.
    40. 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.
    41. Niu, Huawei & Hua, Wei, 2019. "An endogenous structural credit risk model incorporating with moral hazard and rollover risk," Economic Modelling, Elsevier, vol. 78(C), pages 47-59.
    42. Paulo Pereira da Silva, 2016. "Did Investors Seeking Short Exposure Move to the CDS Market after the 2011 Short-Sale Bans in European Financial Stocks?," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 66(4), pages 322-353, August.
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    21. Stefano Colonnello & Matthias Efing & Francesca Zucchi, 2016. "Empty Creditors and Strong Shareholders: The Real Effects of Credit Risk Trading," Swiss Finance Institute Research Paper Series 16-17, Swiss Finance Institute, revised Jun 2016.
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    See citations under working paper version above.
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    Cited by:

    1. Christian Ewerhart & Nuno Cassola & Steen EJjerksov & Natacha Valla, 2006. "Manipulation in Money Markets," Swiss Finance Institute Research Paper Series 06-29, Swiss Finance Institute.
    2. Ewerhart, Christian & Cassola, Nuno & Valla, Natacha, 2012. "Overbidding in fixed rate tenders: The role of exposure risk," Journal of Banking & Finance, Elsevier, vol. 36(2), pages 539-549.
    3. Bindseil, Ulrich & Nyborg, Kjell G. & Strebulaev, Ilya A., 2004. "Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations," University of California at Los Angeles, Anderson Graduate School of Management qt9878h0kn, Anderson Graduate School of Management, UCLA.
    4. Nyborg, Kjell G., 2017. "Reprint of: Central bank collateral frameworks," Journal of Banking & Finance, Elsevier, vol. 83(C), pages 232-248.
    5. Nautz, Dieter & Oechssler, Jörg, 2003. "Overbidding in Fixed Rate Tenders - An Empirical Assessment of Alternative Explanations," Bonn Econ Discussion Papers 10/2003, University of Bonn, Bonn Graduate School of Economics (BGSE).
    6. Jean Barthélémy & Vincent Bignon & Benoît Nguyen, 2017. "Monetary Policy, Illiquid Collateral and Bank Lending during the European Sovereign Debt Crisis," Post-Print hal-03945930, HAL.
    7. Capuano, Christian, 2006. "Strategic noise traders and liquidity pressure with a physically deliverable futures contract," International Review of Economics & Finance, Elsevier, vol. 15(1), pages 1-14.
    8. Francisco Alvarez & Francisco J. André, 2013. "Auctioning vs. Grandfathering in Cap-and-Trade Systems with Market Power and Incomplete Information," Working Papers 2013.98, Fondazione Eni Enrico Mattei.
    9. Bindseil, Ulrich, 2002. "Equilibrium bidding in the Eurosystem's open market operations," Working Paper Series 137, European Central Bank.
    10. Nyborg, Kjell, 2015. "Central Bank Collateral Frameworks," CEPR Discussion Papers 10663, C.E.P.R. Discussion Papers.
    11. Ulrich Bindseil & Kjell G. Nyborg & Ilya A. Strebulaev, 2009. "Repo Auctions and the Market for Liquidity," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(7), pages 1391-1421, October.
    12. Tobias Linzert & Dieter Nautz & Jorg Breitung, 2004. "Bidder behaviour in repo auctions without minimum bid rate: evidence from the Bundesbank," Money Macro and Finance (MMF) Research Group Conference 2003 55, Money Macro and Finance Research Group.
    13. J. Barthélemy & V. Bignon & B. Nguyen, 2017. "Illiquid Collateral and Bank Lending during the European Sovereign Debt Crisis," Working papers 631, Banque de France.
    14. Merrick, John Jr & Naik, Narayan Y. & Yadav, Pradeep K., 2005. "Strategic trading behavior and price distortion in a manipulated market: anatomy of a squeeze," Journal of Financial Economics, Elsevier, vol. 77(1), pages 171-218, July.
    15. J. Barthélemy & V. Bignon & B. Nguyen, 2018. "Monetary Policy and Collateral Constraints since the European Debt Crisis," Working papers 669, Banque de France.
    16. Pasquariello, Paolo & Vega, Clara, 2009. "The on-the-run liquidity phenomenon," Journal of Financial Economics, Elsevier, vol. 92(1), pages 1-24, April.
    17. Bindseil, Ulrich & Nyborg, Kjell G., 2007. "Monetary policy implementation: A European Perspective," Discussion Papers 2007/10, Norwegian School of Economics, Department of Business and Management Science.
    18. Didier Cossin & Zhijiang Huang & Daniel Aunon-Nerin & Fer nando González, 2002. "A Framework for Collateral Risk Control Determination," FAME Research Paper Series rp61, International Center for Financial Asset Management and Engineering.
    19. Jakob Korbinian Eberl, 2016. "The Collateral Framework of the Eurosystem and Its Fiscal Implications," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 69.
    20. Francisco Álvarez & Francisco André, 2015. "Auctioning Versus Grandfathering in Cap-and-Trade Systems with Market Power and Incomplete Information," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 62(4), pages 873-906, December.
    21. Peng, Wei & Xiong, Langyu, 2022. "Managing financing costs and fostering green transition: The role of green financial policy in China," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 820-836.
    22. Linzert, Tobias & Nautz, Dieter & Breitung, Jorg, 2006. "Bidder behavior in central bank repo auctions: Evidence from the Bundesbank," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 16(3), pages 215-230, July.
    23. Roger Walder, 2002. "Dynamic Allocation of Treasury and Corporate Bond Portfolios," FAME Research Paper Series rp64, International Center for Financial Asset Management and Engineering.
    24. Cassola, Nuno & Ewerhart, Christian & Valla, Natacha, 2005. "Equilibrium and inefficiency in fixed rate tenders," Working Paper Series 554, European Central Bank.
    25. Cossin, Didier & González, Fernando & Huang, Zhijiang & Backé, Peter, 2003. "A framework for collateral risk control determination," Working Paper Series 209, European Central Bank.

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