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Macroeconomic Shocks.pdf

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Preview of Macroeconomic Shocks
🔗 Source: stanford.edu
📊 Size: 106 KB
📄 Pages: 10 pages
⬇️ Downloads: 110

Summary

The main mechanism involves a single firm preferring debt due to tax advantage, facing enforcement constraints, and needing intra-period loans, which can lead to default. Financial shocks lower the amount the firm can borrow, reducing dividend payments and employment. Key parameters include tax advantage and adjustment costs. The model is supported by stylized facts from corporate finance, including procyclical dividends, equity repurchases, and equity issuance. Theoretical explanations for procyclical equity issuance include agency problems, where managers can divert earnings and need to hold equity stakes to raise external equity.

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Description

The main mechanism involves a single firm preferring debt due to tax advantage, facing enforcement constraints, and needing intra-period loans, which can lead...

Technical Information

  • File Format: PDF
  • File Size: 106 KB
  • Pages: 10
  • Language: EN
  • Total Downloads: 110
  • Last Updated: 1 week ago

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