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Dynamic Models and Structural Estimation in Corporate Finance

Citations

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Cited by:

  1. Sylvain Catherine & Thomas Chaney & Zongbo Huang & David Sraer & David Thesmar, 2022. "Quantifying Reduced‐Form Evidence on Collateral Constraints," Journal of Finance, American Finance Association, vol. 77(4), pages 2143-2181, August.
  2. Macnamara, Patrick, 2019. "Taxes and financial frictions: Implications for corporate capital structure," Journal of Economic Dynamics and Control, Elsevier, vol. 101(C), pages 82-100.
  3. Ewald, Christian Oliver & Taub, Bart, 2022. "Real options, risk aversion and markets: A corporate finance perspective," Journal of Corporate Finance, Elsevier, vol. 72(C).
  4. Saleem Bahaj & Angus Foulis & Gabor Pinter, 2020. "Home Values and Firm Behavior," American Economic Review, American Economic Association, vol. 110(7), pages 2225-2270, July.
  5. Ivanov, Ivan T. & Pettit, Luke & Whited, Toni, 2021. "Taxes Depress Corporate Borrowing: Evidence from Private Firms," IHS Working Paper Series 32, Institute for Advanced Studies.
  6. 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.
  7. Antill, Samuel & Grenadier, Steven R., 2019. "Optimal capital structure and bankruptcy choice: Dynamic bargaining versus liquidation," Journal of Financial Economics, Elsevier, vol. 133(1), pages 198-224.
  8. DeAngelo, Harry & Concalves, Andrei & Stulz, Rene M., 2016. "Corporate Deleveraging," Working Paper Series 2016-21, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  9. Agarwal, Natasha & Milner, Chris & Riaño, Alejandro, 2014. "Credit constraints and spillovers from foreign firms in China," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 261-275.
  10. Wang, Wenyu, 2018. "Bid anticipation, information revelation, and merger gains," Journal of Financial Economics, Elsevier, vol. 128(2), pages 320-343.
  11. Amiyatosh Purnanandam & Uday Rajan, 2018. "Growth Option Exercise and Capital Structure [Illiquidity and stock returns: cross-section and time series effects]," Review of Finance, European Finance Association, vol. 22(1), pages 177-206.
  12. Heitor Almeida & Murillo Campello & Igor Cunha & Michael S. Weisbach, 2014. "Corporate Liquidity Management: A Conceptual Framework and Survey," Annual Review of Financial Economics, Annual Reviews, vol. 6(1), pages 135-162, December.
  13. Renzi, Antonio & Taragoni, Pietro & Vagnani, Gianluca, 2025. "Dynamic corporate payout smoothing: A structural vector autoregressive model," International Review of Financial Analysis, Elsevier, vol. 107(C).
  14. Myers, Stewart C & Lambrecht, Bart, 2014. "The Dynamics of Investment, Payout and Debt," CEPR Discussion Papers 9926, Centre for Economic Policy Research.
  15. R Kahn & Toni M Whited, 2018. "Identification Is Not Causality, and Vice Versa," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 7(1), pages 1-21.
  16. Décamps, Jean-Paul & Gryglewicz, S. & Morellec, E. & Villeneuve, Stéphane, 2015. "Corporate Policies with Temporary and Permanent Shocks," TSE Working Papers 15-552, Toulouse School of Economics (TSE), revised 15 Jun 2016.
  17. Dávila, Eduardo & Walther, Ansgar, 2020. "Does size matter? Bailouts with large and small banks," Journal of Financial Economics, Elsevier, vol. 136(1), pages 1-22.
  18. Johnson, Travis L. & Swem, Nathan, 2021. "Reputation and investor activism: A structural approach," Journal of Financial Economics, Elsevier, vol. 139(1), pages 29-56.
  19. Donald E. Bowen III & Laurent Frésard & Jérôme P. Taillard, 2017. "What’s Your Identification Strategy? Innovation in Corporate Finance Research," Management Science, INFORMS, vol. 63(8), pages 2529-2548, August.
  20. Bai, Hang, 2021. "Unemployment and credit risk," Journal of Financial Economics, Elsevier, vol. 142(1), pages 127-145.
  21. Dimopoulos, Theodosios & Sacchetto, Stefano, 2017. "Merger activity in industry equilibrium," Journal of Financial Economics, Elsevier, vol. 126(1), pages 200-226.
  22. Alex Backwell & Thomas A. McWalter & Peter H. Ritchken, 2022. "On buybacks, dilutions, dividends, and the pricing of stock‐based claims," Mathematical Finance, Wiley Blackwell, vol. 32(1), pages 273-308, January.
  23. Guillaume Vuillemey, 2019. "Bank Interest Rate Risk Management," Management Science, INFORMS, vol. 65(12), pages 5933-5956, December.
  24. Adam Hal Spencer, 2022. "Policy Effects of International Taxation on Firm Dynamics and Capital Structure," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(4), pages 2149-2200.
  25. Fulghieri, Paolo & Hackbarth, Dirk & Garcia, Diego, 2015. "Asymmetric information, security design, and the pecking (dis)order," CEPR Discussion Papers 10660, Centre for Economic Policy Research.
  26. repec:spo:wpecon:info:hdl:2441/5e3g19l1fn9thpq7ldd8kqr3vu is not listed on IDEAS
  27. Redouane Elkamhi & Daniel Kim & Marco Salerno, 2024. "How Large are Predefault Costs of Financial Distress? Estimates from a Dynamic Model," Management Science, INFORMS, vol. 70(11), pages 7373-7396, November.
  28. Lambrecht, Bart M., 2017. "Real options in finance," Journal of Banking & Finance, Elsevier, vol. 81(C), pages 166-171.
  29. Wang, Yong & Xiang, Erwei & Cheung, Adrian (Wai Kong) & Ruan, Wenjuan & Hu, Wei, 2017. "International oil price uncertainty and corporate investment: Evidence from China's emerging and transition economy," Energy Economics, Elsevier, vol. 61(C), pages 330-339.
  30. Marco Brianti, 2021. "Financial Shocks, Uncertainty Shocks, and Monetary Policy Trade-Offs," Working Papers 2021-05, University of Alberta, Department of Economics.
  31. Bhanot, Karan & François, Pascal & Kadapakkam, Palani-Rajan, 2025. "How does the structure of an interest expense cap change the tax benefits of debt?," Journal of Corporate Finance, Elsevier, vol. 91(C).
  32. Amilcar A. Menichini, 2025. "Risk-free vs risky components of debt," Review of Quantitative Finance and Accounting, Springer, vol. 65(4), pages 1539-1570, November.
  33. Manso, Gustavo & Rivera, Alejandro & Wang, Hui (Grace) & Xia, Han, 2025. "Household debt overhang and human capital investment," Journal of Financial Economics, Elsevier, vol. 172(C).
  34. Stephane Verani, 2018. "Aggregate Consequences of Dynamic Credit Relationships," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 29, pages 44-67, July.
  35. Schandlbauer, Alexander, 2017. "How do financial institutions react to a tax increase?," Journal of Financial Intermediation, Elsevier, vol. 30(C), pages 86-106.
  36. Deng, Zhengxing & Hao, Yu, 2024. "Energy price uncertainty, environmental policy, and firm investment: A dynamic modeling approach," Energy Economics, Elsevier, vol. 130(C).
  37. Haque, Sharjil & Varghese, Richard, 2023. "Firms’ rollover risk, capital structure and unequal exposure to aggregate shocks," Journal of Corporate Finance, Elsevier, vol. 80(C).
  38. Marios Karabarbounis & Patrick Macnamara, 2019. "Misallocation and Credit Market Constraints: the Role of Long-Term Financing," Working Paper 19-1, Federal Reserve Bank of Richmond.
  39. Gregor Matvos, 2013. "Estimating the Benefits of Contractual Completeness," The Review of Financial Studies, Society for Financial Studies, vol. 26(11), pages 2798-2844.
  40. Rodrigues, Artur, 2025. "Investment and leverage decisions under caps and floors," International Review of Financial Analysis, Elsevier, vol. 97(C).
  41. Davide Melcangi, 2018. "The Marginal Propensity to Hire," 2018 Meeting Papers 807, Society for Economic Dynamics.
  42. Page, T. Beau, 2018. "CEO attributes, compensation, and firm value: Evidence from a structural estimation," Journal of Financial Economics, Elsevier, vol. 128(2), pages 378-401.
  43. Ch.-M. CHEVALIER, 2018. "Financial constraints of innovative firms and sectoral growth," Documents de Travail de l'Insee - INSEE Working Papers g2018-05, Institut National de la Statistique et des Etudes Economiques.
  44. Glover, Brent, 2016. "The expected cost of default," Journal of Financial Economics, Elsevier, vol. 119(2), pages 284-299.
  45. Albert Banal Estanol & Paolo Siciliani & Kyoungsoo Yoon, 2022. "Competition, profitability and financial leverage," Bank of England Staff Working Paper series 962, Bank of England.
  46. Mateus Waga & Davi Valladão & Alexandre Street & Thuener Silva, 2022. "Disentangling Shareholder Risk Aversion from Leverage-Dependent Borrowing Cost on Corporate Policies," Computational Economics, Springer;Society for Computational Economics, vol. 60(3), pages 1-24, October.
  47. John Bailey Jones & Sangeeta Pratap, 2020. "An Estimated Structural Model of Entrepreneurial Behavior," American Economic Review, American Economic Association, vol. 110(9), pages 2859-2898, September.
  48. Theodosios Dimopoulos & Stefano Sacchetto, "undated". "Technological Heterogeneity and Corporate Investment," GSIA Working Papers 2012-E48, Carnegie Mellon University, Tepper School of Business.
  49. Erwan Morellec & Philip Valta & Alexei Zhdanov, 2015. "Financing Investment: The Choice Between Bonds and Bank Loans," Management Science, INFORMS, vol. 61(11), pages 2580-2602, November.
  50. Murray Z. Frank & Vidhan K. Goyal, 2015. "The Profits–Leverage Puzzle Revisited," Review of Finance, European Finance Association, vol. 19(4), pages 1415-1453.
  51. Toni M. Whited & Jake Zhao, 2021. "The Misallocation of Finance," Journal of Finance, American Finance Association, vol. 76(5), pages 2359-2407, October.
  52. Roberto Steri & Lukas Schmid, 2013. "Dynamic Corporate Liquidiy," 2013 Meeting Papers 1266, Society for Economic Dynamics.
  53. Hong Chen & Murray Zed Frank, 2022. "Equilibrium Defaultable Corporate Debt and Investment," Papers 2202.05885, arXiv.org.
  54. Peter Ritchken & Qi Wu, 2021. "Capacity Investment, Production Flexibility, and Capital Structure," Production and Operations Management, Production and Operations Management Society, vol. 30(12), pages 4593-4613, December.
  55. Wang, Wenyu & Wu, Yufeng, 2020. "Managerial control benefits and takeover market efficiency," Journal of Financial Economics, Elsevier, vol. 136(3), pages 857-878.
  56. Lin, Xiaoji & Wang, Chong & Wang, Neng & Yang, Jinqiang, 2018. "Investment, Tobin’s q, and interest rates," Journal of Financial Economics, Elsevier, vol. 130(3), pages 620-640.
  57. Oluseun Paseda Ph.D, 2020. "The Mystery of Zero-Leverage Firms: Evidence from Nigerian Quoted Firms," GATR Journals afr187, Global Academy of Training and Research (GATR) Enterprise.
  58. 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).
  59. Zhou, Qing & Faff, Robert & Alpert, Karen, 2014. "Bias correction in the estimation of dynamic panel models in corporate finance," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 494-513.
  60. Dean Corbae & Pablo D’Erasmo, 2021. "Reorganization or Liquidation: Bankruptcy Choice and Firm Dynamics," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(5), pages 2239-2274.
  61. Taylor, Lucian A., 2013. "CEO wage dynamics: Estimates from a learning model," Journal of Financial Economics, Elsevier, vol. 108(1), pages 79-98.
  62. Brent Glover, "undated". "The Expected Cost of Default," GSIA Working Papers 2011-E23, Carnegie Mellon University, Tepper School of Business.
  63. John R. Graham, 2022. "Presidential Address: Corporate Finance and Reality," Journal of Finance, American Finance Association, vol. 77(4), pages 1975-2049, August.
  64. Steve Bond & Kyung Yeon Ham & Giorgia Maffini & Andrea Nobili & Giacomo Ricotti, 2016. "Regulation, tax and capital structure: evidence from administrative data on Italian banks," Questioni di Economia e Finanza (Occasional Papers) 361, Bank of Italy, Economic Research and International Relations Area.
  65. Aida Serjanaj, 2016. "Sociology by Teachers, Senior Students and Professional Master Students for Teaching," European Journal of Multidisciplinary Studies Articles, Revistia Research and Publishing, vol. 1, January -.
  66. Shrestha, Keshab & Philip, Sheena Sara Suresh & Khaw, Karren Lee-Hwei, 2024. "Impact of geopolitical risk on target debt ratio," Finance Research Letters, Elsevier, vol. 60(C).
  67. Babkin, Anton & Glover, Brent & Levine, Oliver, 2017. "Are corporate inversions good for shareholders?," Journal of Financial Economics, Elsevier, vol. 126(2), pages 227-251.
  68. Strauss, Ilan & Yang, Jangho, 2024. "Testing for secular stagnation in investment rates using a Bayesian multilevel model," Structural Change and Economic Dynamics, Elsevier, vol. 70(C), pages 351-364.
  69. repec:spo:wpmain:info:hdl:2441/5e3g19l1fn9thpq7ldd8kqr3vu is not listed on IDEAS
  70. José A. Clemente-Almendros & Francisco Sogorb-Mira, 2016. "The effect of taxes on the debt policy of spanish listed companies," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 7(3), pages 359-391, August.
  71. Matthias Kaldorf & Florian Wicknig, 2021. "Risky Financial Collateral, Firm Heterogeneity, and the Impact of Eligibility Requirements," ECONtribute Discussion Papers Series 123, University of Bonn and University of Cologne, Germany.
  72. Heider, Florian & Ljungqvist, Alexander, 2015. "As certain as debt and taxes: Estimating the tax sensitivity of leverage from state tax changes," Journal of Financial Economics, Elsevier, vol. 118(3), pages 684-712.
  73. Schroth, Enrique & Suarez, Gustavo A. & Taylor, Lucian A., 2014. "Dynamic debt runs and financial fragility: Evidence from the 2007 ABCP crisis," Journal of Financial Economics, Elsevier, vol. 112(2), pages 164-189.
  74. Strauss, Ilan & Yang, Jangho, 2020. "Corporate Secular Stagnation: Empirical Evidence on the Advanced Economy Investment Slowdown," INET Oxford Working Papers 2019-16, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
  75. Cooper, Ian A. & Lambertides, Neophytos, 2018. "Large dividend increases and leverage," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 17-33.
  76. Albertus, James F. & Glover, Brent & Levine, Oliver, 2022. "Foreign investment of US multinationals: The effect of tax policy and agency conflicts," Journal of Financial Economics, Elsevier, vol. 144(1), pages 298-327.
  77. Décamps, Jean Paul & Morellec, Erwan & Villeneuve, Stéphane & Gryglewicz, Sebastian, 2015. "Corporate policies with permanent and temporary shocks," CEPR Discussion Papers 10420, Centre for Economic Policy Research.
  78. Dirk Hackbarth & Alejandro Rivera & Tak-Yuen Wong, 2022. "Optimal Short-Termism," Management Science, INFORMS, vol. 68(9), pages 6477-6505, September.
  79. Thomas Drechsel, 2023. "Earnings-Based Borrowing Constraints and Macroeconomic Fluctuations," American Economic Journal: Macroeconomics, American Economic Association, vol. 15(2), pages 1-34, April.
  80. Anat R. Admati & Peter M. Demarzo & Martin F. Hellwig & Paul Pfleiderer, 2018. "The Leverage Ratchet Effect," Journal of Finance, American Finance Association, vol. 73(1), pages 145-198, February.
  81. Guillaume Vuillemey, 2015. "Derivatives markets : from bank risk management to financial stability [Les marchés de dérivés : gestion des risques bancaires et stabilité financière]," SciencePo Working papers tel-03507099, HAL.
  82. Bhuyan, Md Nazmul Hasan & García-Feijóo, Luis & Rajkovic, Tijana, 2025. "Real options and CEO social connections: The role of financial flexibility," Journal of Corporate Finance, Elsevier, vol. 91(C).
  83. Hoang, Edward C. & Hoxha, Indrit, 2016. "Corporate payout smoothing: A variance decomposition approach," Journal of Empirical Finance, Elsevier, vol. 35(C), pages 1-13.
  84. Ryan Michaels & T Beau Page & Toni M Whited, 2019. "Labor and Capital Dynamics under Financing Frictions," Review of Finance, European Finance Association, vol. 23(2), pages 279-323.
  85. Youngwoo Rho & Joel Rodrigue, 2015. "Growing into Export Markets: The Impact of Exporting on Firm-level Investment in Indonesia," Review of International Economics, Wiley Blackwell, vol. 23(1), pages 62-85, February.
  86. Angela C. De Luna Lopez & Walter L. De Luna Butz & Luis Moreno Salas, 2025. "Optimal Leverage of Commercial Real Estate Investments: A Trade Off Option Theoretic Approach," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 16(3), pages 31-62, October.
  87. 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.
  88. Belaounia, Samia & Bouslama, Ghassen, 2025. "International intensity, regional dispersion, and institutional distance: How a multinational configuration shapes capital structure," International Business Review, Elsevier, vol. 34(6).
  89. Sharjil M. Haque, 2023. "Does Private Equity Over-Lever Portfolio Companies?," Finance and Economics Discussion Series 2023-009, Board of Governors of the Federal Reserve System (U.S.).
  90. Matthias Breuer & David Windisch, 2019. "Investment Dynamics and Earnings‐Return Properties: A Structural Approach," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 57(3), pages 639-674, June.
  91. Stephen J. Terry, 2023. "The Macro Impact of Short‐Termism," Econometrica, Econometric Society, vol. 91(5), pages 1881-1912, September.
  92. Jung, Hae Won (Henny) & Subramanian, Ajay, 2017. "CEO talent, CEO compensation, and product market competition," Journal of Financial Economics, Elsevier, vol. 125(1), pages 48-71.
  93. Grau-Vera, David & Rubio, Gonzalo & Sogorb-Mira, Francisco, 2025. "Time-varying risk aversion and capital Structure: An overlooked effect," International Review of Economics & Finance, Elsevier, vol. 102(C).
  94. Du, Kai, 2019. "Investor expectations, earnings management, and asset prices," Journal of Economic Dynamics and Control, Elsevier, vol. 105(C), pages 134-157.
  95. Jung Ho Choi, 2021. "Accrual Accounting and Resource Allocation: A General Equilibrium Analysis," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 59(4), pages 1179-1219, September.
  96. Li, Di & Taylor, Lucian A. & Wang, Wenyu, 2018. "Inefficiencies and externalities from opportunistic acquirers," Journal of Financial Economics, Elsevier, vol. 130(2), pages 265-290.
  97. Davide Melcangi, 2024. "Firms' Precautionary Savings and Employment during a Credit Crisis," American Economic Journal: Macroeconomics, American Economic Association, vol. 16(1), pages 356-386, January.
  98. Guillaume Vuillemey, 2015. "Derivatives markets : from bank risk management to financial stability [Les marchés de dérivés : gestion des risques bancaires et stabilité financière]," Sciences Po Economics Publications (main) tel-03507099, HAL.
  99. Federico Maglione & Maria Elvira Mancino, 2023. "Assessing the Impact of Credit Risk on Equity Options via Information Contents and Compound Options," Risks, MDPI, vol. 11(10), pages 1-25, October.
  100. Shiqi Chen & Bart M. Lambrecht, 2025. "Resolving Tensions Between Heterogeneous Investors in a Startup," Management Science, INFORMS, vol. 71(3), pages 2678-2695, March.
  101. Qian, Zhenjie & Xi, Dan & Xu, Jia & Zhou, Lingrui, 2026. "Deleveraging driven by profitability improvement: Evidence from China’s business tax to value-added tax transition," Journal of Empirical Finance, Elsevier, vol. 85(C).
  102. Xu Tian, 2022. "Uncertainty and the Shadow Banking Crisis: Estimates from a Dynamic Model," Management Science, INFORMS, vol. 68(2), pages 1469-1496, February.
  103. Li, Shengfeng & Hoque, Hafiz & Thijssen, Jacco, 2021. "Firm financial behaviour dynamics and interactions: A structural vector autoregression approach," Journal of Corporate Finance, Elsevier, vol. 69(C).
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