| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19204 |
| 来源ID | Working Paper 19204 |
| Measuring the Financial Soundness of U.S. Firms, 1926-2012 | |
| Andrew G. Atkeson; Andrea L. Eisfeldt; Pierre-Olivier Weill | |
| 发表日期 | 2013-07-11 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Building on the Merton (1974) and Leland (1994) structural models of credit risk, we develop a simple, transparent, and robust method for measuring the financial soundness of individual firms using data on their equity volatility. We use this method to retrace quantitatively the history of firms' financial soundness during U.S. business cycles over most of the last century. We highlight three main findings. First, the three worst recessions between 1926 and 2012 coincided with insolvency crises, but other recessions did not. Second, fluctuations in asset volatility appear to drive variation in firms' financial soundness. Finally, the financial soundness of financial firms largely resembles that of nonfinancial firms. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w19204 |
| 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/576877 |
| 推荐引用方式 GB/T 7714 | Andrew G. Atkeson,Andrea L. Eisfeldt,Pierre-Olivier Weill. Measuring the Financial Soundness of U.S. Firms, 1926-2012. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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