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来源类型Working Paper
规范类型报告
DOI10.3386/w23066
来源IDWorking 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
URLhttps://www.nber.org/papers/w23066
来源智库National Bureau of Economic Research (United States)
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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.
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