Financial market frictions and diversification
Sign Up to like & getrecommendations! Published in 2018 at "Journal of Financial Economics"
DOI: 10.1016/j.jfineco.2017.09.006
Abstract: We find new facts that relate the evolution of firm scope to the changing frictions in external capital markets over the last three decades. We find that large, diversified publicly traded firms increase their scope… read more here.
Keywords: external capital; frictions diversification; market frictions; market ... See more keywords
Credit market frictions and trade liberalizations
Sign Up to like & getrecommendations! Published in 2020 at "Journal of Monetary Economics"
DOI: 10.1016/j.jmoneco.2019.01.013
Abstract: Abstract Are credit frictions a barrier to gains from trade liberalization? We find that the answer to this depends on whether or not the debt limits are endogenous and respond to profit opportunities. If so,… read more here.
Keywords: frictions trade; trade liberalizations; credit market; market frictions ... See more keywords
Robust SME investment and financing under market frictions
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DOI: 10.1080/14697688.2025.2519842
Abstract: This paper develops a real option model of robust SME investment to investigate the SMEs' heterogeneous investment and financing strategies under market frictions. When financing its project using the innovative credit guarantee scheme (Equity-for-guarantee swap,… read more here.
Keywords: market; investment financing; robust sme; sme investment ... See more keywords
Credit Market Frictions and the Linkage Between Dispersion and Macro Uncertainty
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DOI: 10.1287/mnsc.2022.00166
Abstract: Cross-sectional dispersion and macro uncertainty (volatility of aggregate economic variables) are conceptually distinct. However, empirically, they both comove and are countercyclical. This paper builds a general equilibrium model and demonstrates that credit market frictions allow… read more here.
Keywords: macro uncertainty; dispersion macro; market frictions; dispersion ... See more keywords