| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12555 |
| 来源ID | Working Paper 12555 |
| Financially Constrained Stock Returns | |
| Dmitry Livdan; Horacio Sapriza; Lu Zhang | |
| 发表日期 | 2006-10-06 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | More financially constrained firms are riskier and earn higher expected returns than less financially constrained firms, although this effect can be subsumed by size and book-to-market. Further, because the stochastic discount factor makes capital investment more procyclical, financial constraints are more binding in economic booms. These insights arise from two dynamic models. In Model 1, firms face dividend nonnegativity constraints without any access to external funds. In Model 2, firms can retain earnings, raise debt and equity, but face collateral constraints on debt capacity. Despite their diverse structures, the two models share largely similar predictions. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance |
| URL | https://www.nber.org/papers/w12555 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570216 |
| 推荐引用方式 GB/T 7714 | Dmitry Livdan,Horacio Sapriza,Lu Zhang. Financially Constrained Stock Returns. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12555.pdf（356KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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