The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
The Aggregate Dynamics of Capital Structure and Macroeconomic Risk
Abstract
We study the impact of time-varying macroeconomic conditions on optimal dynamic capital structure for a cross-section of firms. Our structural-equilibrium framework embeds a contingent-claim corporate financing model within a consumption-based asset-pricing model. We investigate the effect of macroeconomic conditions on asset valuation and optimal corporate policies, and of preferences on capital structure. While capital structure is pro-cyclical at dates when firms re-lever, it is counter-cyclical in aggregate dynamics, consistent with empirical evidence. We also find that financially constrained firms choose more pro-cyclical policies and that leverage accounts for most of the macroeconomic risk relevant for predicting defaults, but is a poor measure of how preferences impact capital structure. The Author 2010. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.
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Cites
Financing Constraints and Corporate Investment
Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988) · Brookings Papers on Economic Activity · doi:10.2307/2534426 · Cited by 5,574
By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior
Campbell, J. Y., & Cochrane, J. H. (1999) · Journal of Political Economy · doi:10.1086/250059 · Cited by 5,210
Inside the black box: the credit channel of monetary policy transmission
Bernanke, B. S., & Gertler, M. (1995) · Journal of Economic Perspectives · doi:10.1257/jep.9.4.27 · Cited by 4,211
Monetary policy, business cycles, and the behavior of small manufacturing firms
Gertler, M., & Gilchrist, S. (1994) · The Quarterly Journal of Economics · doi:10.2307/2118465 · Cited by 2,547
Cited by
Institutional determinants of capital structure adjustment speeds
Öztekin, Ö., & Flannery, M. J. (2012) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.08.014 · Cited by 616
A Review of Empirical Capital Structure Research and Directions for the Future
Graham, J. R., & Leary, M. T. (2011) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-102710-144821 · Cited by 547
Dynamic Models and Structural Estimation in Corporate Finance
Strebulaev, I. A. (2011) · Foundations and Trends® in Finance · doi:10.1561/0500000035 · Cited by 259
Self-citationCorporate Governance and Long-Run Risk Premia
Ekponon, A. (2019) · SSRN Electronic Journal · doi:10.2139/ssrn.3440168
Corporate Governance and Long-Run Risk Premia
Ekponon, A. (2025) · SSRN Electronic Journal · doi:10.2139/ssrn.5527788
Metadata
- Authors
- Bhamra, H. S., Kuehn, L.-A., & Strebulaev, I. A.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2010-09-28
- Volume
- 23
- Issue
- 12
- Pages
- 4187-4241
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3121802835
- Cited by
- 271
- References
- 4
- FWCI
- 68.65
- Type
- journal article
- Language
- en
- Open access
- closed
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