| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25226 |
| 来源ID | Working Paper 25226 |
| Leverage over the Life Cycle and Implications for Firm Growth and Shock Responsiveness | |
| Emin Dinlersoz; Sebnem Kalemli-Ozcan; Henry Hyatt; Veronika Penciakova | |
| 发表日期 | 2018-11-05 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study the leverage of U.S. firms over their life-cycles, and the connection between firm leverage, firm growth, and aggregate shocks. We construct a new dataset that combines private and public firms’ balance sheets with firm-level data from U.S. Census Bureau’s Longitudinal Business Database (LBD) for the period 2005–2012. Public and private firms exhibit different leverage dynamics over their life-cycles. Firm age and size are systematically related to leverage for private firms, but not for public firms. We show that private firms, but not public ones, deleveraged during the Great Recession, and that this deleveraging is associated with a reduction in firm revenue and employment growth. Exploiting sectoral variation, we find that the leverage dynamics of firms is also relevant for aggregate fluctuations. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w25226 |
| 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/582900 |
| 推荐引用方式 GB/T 7714 | Emin Dinlersoz,Sebnem Kalemli-Ozcan,Henry Hyatt,et al. Leverage over the Life Cycle and Implications for Firm Growth and Shock Responsiveness. 2018. |
| 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 | ||
| w25226.pdf（607KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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