The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
The Cyclical Behavior of Debt and Equity Finance
Abstract
Debt and equity issuance are procyclical for most size-sorted firm categories of listed US firms and the procyclicality of equity issuance decreases monotonically with firm size. At the aggregate level, however, the results for equity issuance are not conclusive due to different behavior of the largest firms, especially those in the top one percent. During a deterioration in economic conditions, firms limit the impact of the reduction in external financing on investment by shedding financial assets. This is true for a worsening in aggregate as well as firm-specific conditions. (JEL E32, G32, L11, L25)
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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
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
Hsu, P.-H., Li, K., & Tsou, C.-Y. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3578215 · Cited by 665
Dynamic Models and Structural Estimation in Corporate Finance
Strebulaev, I. A. (2011) · Foundations and Trends® in Finance · doi:10.1561/0500000035 · Cited by 259
Metadata
- Authors
- Covas, F., & Haan, W. J. D.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2011-04-01
- Volume
- 101
- Issue
- 2
- Pages
- 877-899
- ISSN
- 0002-8282 (ISSN-L)
- 1944-7981
- OpenAlex
- W2142241680
- Cited by
- 283
- References
- 3
- FWCI
- 69.79
- Type
- journal article
- Language
- en
- Open access
- closed
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