| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23066 |
| 来源ID | Working Paper 23066 |
| Flexible Prices and Leverage | |
| Francesco D’Acunto; Ryan Liu; Carolin Pflueger; Michael Weber | |
| 发表日期 | 2017-01-23 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The frequency with which firms adjust output prices helps explain persistent differences in capital structure across firms. Unconditionally, the most flexible-price firms have a 19% higher long-term leverage ratio than the most sticky-price firms, controlling for known determinants of capital structure. Sticky-price firms increased leverage more than flexible-price firms following the staggered implementation of the Interstate Banking and Branching Efficiency Act across states and over time, which we use in a difference-in-differences strategy. Firms' frequency of price adjustment did not change around the deregulation. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w23066 |
| 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/580740 |
| 推荐引用方式 GB/T 7714 | Francesco D’Acunto,Ryan Liu,Carolin Pflueger,et al. Flexible Prices and Leverage. 2017. |
| 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 | ||
| w23066.pdf（593KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
