| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13531 |
| DP13531 Uncertainty, Access to Debt, and Firm Precautionary Behavior | |
| Giovanni Favara; Janet Gao; Mariassunta Giannetti | |
| 发表日期 | 2019-02-14 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Little is known on whether financial factors influence firms’ vulnerability to uncertainty shocks. We show that access to debt markets mitigates the effects of uncertainty on corporate policies. We use the staggered introduction of anti-recharacterization laws in U.S. states—which strengthened creditors’ rights to repossess collateral pledged through SPVs—to identify firms’ improved access to debt markets. After the passage of the laws, firms that face more uncertainty hoard less cash, and increase leverage and intangible investment. Firms’ vulnerability to uncertainty shocks is reduced by the enhanced ability to issue debt through SPVs. |
| 主题 | Financial Economics |
| 关键词 | Spvs Financial frictions Hedging Anti-recharacterization laws Creditor rights Cash Intangible assets |
| URL | https://cepr.org/publications/dp13531 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542347 |
| 推荐引用方式 GB/T 7714 | Giovanni Favara,Janet Gao,Mariassunta Giannetti. DP13531 Uncertainty, Access to Debt, and Firm Precautionary Behavior. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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