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On the measurement of Portuguese firms’ fixed operating costs

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  • Sónia Félix
  • Pedro Dias Moreira
  • Nuno Silva

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  • Sónia Félix & Pedro Dias Moreira & Nuno Silva, 2021. "On the measurement of Portuguese firms’ fixed operating costs," Economic Bulletin and Financial Stability Report Articles and Banco de Portugal Economic Studies, Banco de Portugal, Economics and Research Department.
    • Handle: RePEc:ptu:bdpart:re202102
    as

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    File URL: https://www.bportugal.pt/sites/default/files/anexos/papers/re202102_en_0.pdf
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    References listed on IDEAS

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    1. Jack Favilukis & Xiaoji Lin & Xiaofei Zhao, 2020. "The Elephant in the Room: The Impact of Labor Obligations on Credit Markets," American Economic Review, American Economic Association, vol. 110(6), pages 1673-1712, June.
    2. Goldstein, Robert & Ju, Nengjiu & Leland, Hayne, 2001. "An EBIT-Based Model of Dynamic Capital Structure," The Journal of Business, University of Chicago Press, vol. 74(4), pages 483-512, October.
    3. Paulo Guimarães & Pedro Portugal, 2010. "A simple feasible procedure to fit models with high-dimensional fixed effects," Stata Journal, StataCorp LLC, vol. 10(4), pages 628-649, December.
    4. Luis García‐Feijóo & Randy D. Jorgensen, 2010. "Can Operating Leverage Be the Cause of the Value Premium?," Financial Management, Financial Management Association International, vol. 39(3), pages 1127-1154, September.
    5. Mark C. Anderson & Rajiv D. Banker & Surya N. Janakiraman, 2003. "Are Selling, General, and Administrative Costs “Sticky”?," Journal of Accounting Research, Wiley Blackwell, vol. 41(1), pages 47-63, March.
    6. Donangelo, Andres & Gourio, François & Kehrig, Matthias & Palacios, Miguel, 2019. "The cross-section of labor leverage and equity returns," Journal of Financial Economics, Elsevier, vol. 132(2), pages 497-518.
    7. Lifeng Gu & Dirk Hackbarth & Tim Johnson, 2018. "Inflexibility and Stock Returns," The Review of Financial Studies, Society for Financial Studies, vol. 31(1), pages 278-321.
    8. Ferri, Michael G & Jones, Wesley H, 1979. "Determinants of Financial Structure: A New Methodological Approach," Journal of Finance, American Finance Association, vol. 34(3), pages 631-644, June.
    9. Chen, Huafeng Jason & Kacperczyk, Marcin & Ortiz-Molina, Hernán, 2011. "Labor Unions, Operating Flexibility, and the Cost of Equity," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(1), pages 25-58, February.
    10. Sebastian J. Reinartz & Thomas Schmid, 2016. "Production Flexibility, Product Markets, and Capital Structure Decisions," The Review of Financial Studies, Society for Financial Studies, vol. 29(6), pages 1501-1548.
    11. Ana Sequeira & Cristina Manteu & Nuno Monteiro, 2020. "The short-term impact of the COVID-19 pandemic on Portuguese companies," Working Papers o202003, Banco de Portugal, Economics and Research Department.
    12. Chen, Zhiyao & Harford, Jarrad & Kamara, Avraham, 2019. "Operating Leverage, Profitability, and Capital Structure," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 54(1), pages 369-392, February.
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