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Paul Povel

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Working papers

  1. Ormazabal, Gaizka & Ferrés, Daniel & Sertsios, Giorgio & Povel, Paul, 2017. "Capital Structure Under Collusion," CEPR Discussion Papers 12151, C.E.P.R. Discussion Papers.

    Cited by:

    1. Paseda, Oluseun & Obademi, Olalekan, 2020. "Macroeconomic variables and their effects on the capital structure of quoted Nigerian firms," MPRA Paper 117060, University Library of Munich, Germany, revised 31 Jan 2020.
    2. Ferrés, Daniel & Marcet, Francisco, 2021. "Corporate social responsibility and corporate misconduct," Journal of Banking & Finance, Elsevier, vol. 127(C).
    3. Amore, Mario Daniele & Marzano, Riccardo, 2019. "Family Ownership and Antitrust Violations," CEPR Discussion Papers 14018, C.E.P.R. Discussion Papers.

  2. Rajdeep Singh & Paul Povel, 2004. "Optimal Common Value Auctions with Asymmetric Bidders," Econometric Society 2004 North American Winter Meetings 51, Econometric Society.

    Cited by:

    1. Dasgupta, Sudipto & Tsui, Kevin, 2003. "A "matching auction" for targets with heterogeneous bidders," Journal of Financial Intermediation, Elsevier, vol. 12(4), pages 331-364, October.

  3. Povel, Paul E M & Raith, Michael & Cleary, Sean, 2004. "The U-Shaped Investment Curve: Theory and Evidence," CEPR Discussion Papers 4206, C.E.P.R. Discussion Papers.

    Cited by:

    1. Sevcan Yesiltas, 2009. "Financing Constraints and Investment: The Case of Turkish Manufacturing Firms," 2009 Meeting Papers 874, Society for Economic Dynamics.
    2. Alex Coad, 2007. "Neoclassical vs Evolutionary Theories of Financial Constraints : Critique and Prospectus," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00144415, HAL.
    3. Hartarska, Valentina M. & Nadolnyak, Denis A., 2012. "Financing Constraints and Access to Credit in Post Crisis Environment: Evidence from New Farmers in Alabama," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124882, Agricultural and Applied Economics Association.
    4. Mundaca, Gabriela, 2008. "“Corporate investment, cash flow level and market imperfections”," MPRA Paper 20502, University Library of Munich, Germany, revised 16 Aug 2009.
    5. Nam Hoai Tran & Chi Dat Le, 2017. "Financial conditions and corporate investment: evidence from Vietnam," Pacific Accounting Review, Emerald Group Publishing Limited, vol. 29(2), pages 183-203, April.
    6. Hartarska, Valentina M. & Nadolnyak, Denis A., 2012. "Financing Constraints and Access to Credit in Post Crisis Environment: Evidence from New Farmers in Alabama," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 44(4), pages 1-15, November.
    7. Brown, James R. & Petersen, Bruce C., 2009. "Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments," Journal of Banking & Finance, Elsevier, vol. 33(5), pages 971-984, May.
    8. Yu, Ziliang & Tong, Jiadong, 2020. "Financing benefit from exporting: An indirect identification approach," Journal of Multinational Financial Management, Elsevier, vol. 57.
    9. Shen, Chung-Hua & Luo, Fuyan & Huang, Dengshi, 2015. "Analysis of earnings management influence on the investment efficiency of listed Chinese companies," Journal of Empirical Finance, Elsevier, vol. 34(C), pages 60-78.
    10. Liu, Jia & Riyanto, Yohanes E., 2019. "Liquidation policy and credit history in financial contracting: An experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 158(C), pages 526-542.
    11. E. Agliardi & N. Koussis, 2014. "Debt Maturity Choices, Multi-stage Investments and Financing Constraints," Working Papers wp980, Dipartimento Scienze Economiche, Universita' di Bologna.
    12. Xavier Boutin & Giacinta Cestone & Chiara Fumagalli & Giovanni Pica & Nicolas Serrano-Velarde, 2009. "The Deep-Pocket Effect of Internal Capital Markets," Working Papers 2009.108, Fondazione Eni Enrico Mattei.
    13. Musson, Anne & Rousselière, Damien, 2020. "Identifying the impact of crisis on cooperative capital constraint. A short note on French craftsmen cooperatives," Finance Research Letters, Elsevier, vol. 35(C).
    14. Lyandres, Evgeny, 2007. "Costly external financing, investment timing, and investment-cash flow sensitivity," Journal of Corporate Finance, Elsevier, vol. 13(5), pages 959-980, December.
    15. Yasir Mehmood & Syed Amjad Farid Hasnu, "undated". "Investment-Cash Flow Sensitivity And Financing Constraints: A Study Of Pakistani Business Group Firms," Review of Socio - Economic Perspectives 202052, Reviewsep.
    16. Alessandra Guariglia, 2007. "Internal financial constraints, external financial constraints, and investment choice: Evidence from a panel of UK firms," Discussion Papers 07/03, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
    17. Segol, Matthieu & Kolev, Atanas & Maurin, Laurent, 2021. "The impact of bank loan terms on intangible investment in Europe," EIB Working Papers 2021/05, European Investment Bank (EIB).
    18. Michi Nishihara & Takashi Sshibata, 2011. "Investment timing with fixed and proportional costs of external financing," Discussion Papers in Economics and Business 11-29, Osaka University, Graduate School of Economics.
    19. Paul Mizen & Cihan Yalcin, 2006. "Monetary Policy, Corporate Financial Composition and Real Activity," Working Papers 0601, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    20. Filipe Silva & Carlos Carreira, 2012. "Measuring Firms’ Financial Constraints: A Rough Guide," Notas Económicas, Faculty of Economics, University of Coimbra, issue 36, pages 23-46, December.
    21. Kirch, Guilherme & Procianoy, Jairo Laser & Terra, Paulo Renato Soares, 2014. "Restrições Financeiras e a Decisão de Investimento das Firmas Brasileiras," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 68(1), April.
    22. Firth, Michael & Malatesta, Paul H. & Xin, Qingquan & Xu, Liping, 2012. "Corporate investment, government control, and financing channels: Evidence from China's Listed Companies," Journal of Corporate Finance, Elsevier, vol. 18(3), pages 433-450.
    23. Michelle L. Barnes & N. Aaron Pancost, 2010. "Internal sources of finance and the Great Recession," Working Papers 10-15, Federal Reserve Bank of Boston.
    24. Fatou Cisse, 2017. "Do Firms Learn by Exporting or Learn to Export? Evidence from Senegalese Manufacturing Firms," Journal of African Development, African Finance and Economic Association (AFEA), vol. 19(1), pages 133-160.
    25. Andrén, Niclas & Jankensgård, Håkan, 2015. "Wall of cash: The investment-cash flow sensitivity when capital becomes abundant," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 204-213.
    26. Nicolae BIBU & Ariana Lavinia MOS, 2012. "Leadership Style in the Romanian Public Institutions – the Case of City Halls," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 13(1), pages 66-80, March.
    27. Sprenger, Carsten & Lazareva, Olga, 2022. "Corporate governance and investment-cash flow sensitivity: Evidence from Russian unlisted firms," Journal of Comparative Economics, Elsevier, vol. 50(1), pages 71-100.
    28. Michael O'Connor Keefe & James Tate & Henk Berkman, 2013. "Is the relationship between investment and conditional cash flow volatility ambiguous, asymmetric or both?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 53(4), pages 913-947, December.
    29. Wößner, Nicole & Stiebale, Joel, 2017. "M&As, Investment and Financing Constraints," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168064, Verein für Socialpolitik / German Economic Association.
    30. Harshana Kasseeah, 2012. "Financial Constraints and Leverage Decisions in Small and Medium-Sized Firms," Journal of Economics and Behavioral Studies, AMH International, vol. 4(1), pages 55-65.
    31. André Albuquerque de Sant’Anna & Antônio Marcos Hoelz Pinto Ambrozio & Filipe Lage de Sousa & João Paulo Martin Faleiros, "undated". "Credit Scarcity in Developing Countries: an Empirical Investigation using Brazilian Firm-Level Data," Development Working Papers 372, Centro Studi Luca d'Agliano, University of Milano.
    32. Nufazil Altaf & Farooq Ahmad Shah, 2018. "Investment and financial constraints in Indian firms: Does working capital smoothen fixed investment?," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 45(1), pages 43-58, March.
    33. Greenaway, David & Guariglia, Alessandra & Kneller, Richard, 2007. "Financial factors and exporting decisions," Journal of International Economics, Elsevier, vol. 73(2), pages 377-395, November.
    34. Tsai, Ying-Ju & Chen, Yi-Pei & Lin, Chi-Ling & Hung, Jung-Hua, 2014. "The effect of banking system reform on investment–cash flow sensitivity: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 46(C), pages 166-176.
    35. Letenah Ejigu Wale, 2014. "Investment Cash Flow Sensitivity as a Measure of Financing Constraints: Evidence from Selected African Countries," Journal of Economics and Behavioral Studies, AMH International, vol. 6(8), pages 647-657.
    36. Hirth, Stefan & Uhrig-Homburg, Marliese, 2009. "Investment Timing, Liquidity, and Agency Costs of Debt," Finance Research Group Working Papers F-2009-04, University of Aarhus, Aarhus School of Business, Department of Business Studies.
    37. Frederick Murdoch Quaye & Valentina Hartarska, 2016. "Investment Impact of Microfinance Credit in Ghana," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(3), pages 137-150, March.
    38. Michi NISHIHARA & Takashi SHIBATA, 2012. "The effects of external financing costs on investment timing and sizing decisions," Discussion Papers in Economics and Business 12-07, Osaka University, Graduate School of Economics.
    39. Alfonsina Iona & Leone Leonida, 2018. "Sample separation and the sensitivity of investment to cash flow: Is the monotonicity condition empirically satisfied?," Working Papers 862, Queen Mary University of London, School of Economics and Finance.
    40. Ehouman Williams V. Ahouakan & M'Baye Diene, 2017. "Does School Quality Matter? Primary Schools Characteristics and Child Labour Intensity in Senegal," Journal of African Development, African Finance and Economic Association (AFEA), vol. 19(1), pages 113-131.
    41. Tetsuya Shinkai & Takao Ohkawa & Makoto Okamura & Kozo Harimaya, 2015. "Strategic Delegation of Indebted Firms in a Duopoly with Uncertain Demand," Discussion Paper Series 135, School of Economics, Kwansei Gakuin University, revised Sep 2015.
    42. Vikash Gautam & Rajendra R. Vaidya, 2018. "Evidence on the determinants of investment-cash flow sensitivity," Indian Economic Review, Springer, vol. 53(1), pages 229-244, December.
    43. Cull, Robert & Li, Wei & Sun, Bo & Xu, Lixin Colin, 2015. "Government connections and financial constraints: Evidence from a large representative sample of Chinese firms," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 271-294.
    44. Ferrando, Annalisa & Marchica, Maria-Teresa & Mura, Roberto, 2014. "Financial flexibility across the euro area and the UK," Working Paper Series 1630, European Central Bank.
    45. David Hillier & Julio Pindado & Valdoceu de Queiroz & Chabela de la Torre, 2011. "The impact of country-level corporate governance on research and development," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 42(1), pages 76-98, January.
    46. Šagovac Mislav & Šikić Luka, 2016. "Estimation of the firm‘s balance sheet channel effects during the economic crisis: Case of Croatia," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 2(2), pages 10-29, December.
    47. Najah Attig & Sean Cleary & Sadok Ghoul & Omrane Guedhami, 2014. "Corporate Legitimacy and Investment–Cash Flow Sensitivity," Journal of Business Ethics, Springer, vol. 121(2), pages 297-314, May.
    48. Ramon Moreno & José María Serena Garralda, 2018. "Firms' credit risk and the onshore transmission of the global financial cycle," BIS Working Papers 712, Bank for International Settlements.
    49. Saira Qasim, 2021. "Financial Constraints across Pakistani Listed Firms," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 10(2), pages 57-69, April.
    50. Shibata, Takashi & Nishihara, Michi, 2015. "Investment timing, debt structure, and financing constraints," European Journal of Operational Research, Elsevier, vol. 241(2), pages 513-526.
    51. Bukalska Elżbieta & Skibińska-Fabrowska Ilona, 2023. "Corporate Investment in Bank-Dependent Companies in Crisis Time," Central European Economic Journal, Sciendo, vol. 10(57), pages 1-22, January.
    52. Pryshchepa, Oksana & Aretz, Kevin & Banerjee, Shantanu, 2013. "Can investors restrict managerial behavior in distressed firms?," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 222-239.
    53. Sultana Shahida Abedin, 2015. "Do Firms’ Financial Constraint Can Be Identified By Their Investment-Cash Flow Sensitivity?," International Journal of Empirical Finance, Research Academy of Social Sciences, vol. 4(2), pages 97-115.
    54. Ghulam Hussain Khan Zaigham & Xiangning Wang & Haji Suleman Ali, 2019. "Causal Relation Between Stock Market Performance and Firm Investment in China: Mediating Role of Information Asymmetry," SAGE Open, , vol. 9(4), pages 21582440198, October.
    55. Carsten Sprenger & Olga Lazareva, 2017. "Corporate Governance and Investment: Evidence from Russian Unlisted Firms," HSE Working papers WP BRP 160/EC/2017, National Research University Higher School of Economics.
    56. Moshirian, Fariborz & Nanda, Vikram & Vadilyev, Alexander & Zhang, Bohui, 2017. "What drives investment–cash flow sensitivity around the World? An asset tangibility Perspective," Journal of Banking & Finance, Elsevier, vol. 77(C), pages 1-17.
    57. Tetsuya Shinkai & Takao Ohkawa & Makoto Okamura & Kozo Harimaya, 2012. "Why did the Dutch East India Co. outperform the British East India Co.? —A theoretical explanation based on the objective of the firm and limited liability—," Discussion Paper Series 96, School of Economics, Kwansei Gakuin University, revised Dec 2012.
    58. Thoa, Tu Thi Kim & Uyen, Nguyen Thi Uyen, 2017. "Banking system reform and investment–cash flow relation: Case of a small transition economy," Research in International Business and Finance, Elsevier, vol. 41(C), pages 500-515.
    59. Zulkhibri, 2013. "Corporate Investment Behaviour and Monetary Policy: Evidence from Firm-level Data for Malaysia," Global Economic Review, Taylor & Francis Journals, vol. 42(3), pages 269-290, September.
    60. Gül, Selçuk & Taştan, Hüseyin, 2020. "The impact of monetary policy stance, financial conditions, and the GFC on investment-cash flow sensitivity," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 692-707.
    61. Fabio Bertoni & Annalisa Croce & Massimiliano Guerini, 2015. "Venture Capital and the Investment Curve of Young High-Tech Companies," Post-Print hal-02313325, HAL.
    62. Filipe Silva & Carlos Carreira, 2009. "No Deep Pockets: Some stylized results on firms' financial constraints," GEMF Working Papers 2009-06, GEMF, Faculty of Economics, University of Coimbra.
    63. Mansour, Walid, 2014. "Information asymmetry and financing constraints in GCC," The Journal of Economic Asymmetries, Elsevier, vol. 11(C), pages 19-29.
    64. Maurizio La Rocca & Raffaele Staglianò & Tiziana La Rocca & Alfio Cariola, 2015. "Investment cash flow sensitivity and financial constraint: a cluster analysis approach," Post-Print hal-02011130, HAL.
    65. Hartarska, Valentina & Nadolnyak, Dennis, 2012. "Financing Constraints and Access to Credit in a Postcrisis Environment: Evidence from New Farmers in Alabama," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 44(4), pages 607-621, November.
    66. Alfonsina Iona, 2019. "Modelling the Relation between Managers, Shadow Cost of External Finance and Corporate Investment," Mathematics, MDPI, vol. 7(11), pages 1-10, November.
    67. Shibata, Takashi & Nishihara, Michi, 2012. "Investment timing under debt issuance constraint," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 981-991.
    68. Inoue, Hitoshi & Kani, Masayo & Nakashima, Kiyotaka, 2019. "The Dynamic Effect of Uncertainty on Corporate Investment through Internal and External Financing," MPRA Paper 98533, University Library of Munich, Germany.
    69. Rose Cunningham, 2004. "Finance Constraints and Inventory Investment: Empirical Tests with Panel Data," Macroeconomics 0411015, University Library of Munich, Germany.
    70. Sarah Bridges & Alessandra Guariglia, 2008. "Financial Constraints, Global Engagement, And Firm Survival In The United Kingdom: Evidence From Micro Data," Scottish Journal of Political Economy, Scottish Economic Society, vol. 55(4), pages 444-464, September.
    71. Imen Derouiche & Majdi Hassan & Sarra Amdouni, 2018. "Ownership structure and investment-cash flow sensitivity," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(1), pages 31-54, March.
    72. Gautam, Vikash, 2011. "Evidence on the dynamics of investment-cash flow sensitivity," MPRA Paper 35431, University Library of Munich, Germany, revised Dec 2011.
    73. Serin Choi & Seoki Lee & Kyuwan Choi & Kyung-A Sun, 2018. "Investment–cash flow sensitivities of restaurant firms," Tourism Economics, , vol. 24(5), pages 560-575, August.
    74. Hartarska, Valentina M. & Nadolnyak, Denis A., 2012. "Financing Constraints and Access to Credit in Post Crisis Environment: Evidence from New Farmers in Alabama," 2012 Annual Meeting, February 4-7, 2012, Birmingham, Alabama 119799, Southern Agricultural Economics Association.
    75. Quader, Manzur & Taylor, Karl, 2014. "Corporate Efficiency, Credit Status and Investment," IZA Discussion Papers 8285, Institute of Labor Economics (IZA).
    76. Giacomo Rodano & Emanuele Tarantino & Nicolas Serrano-Velarde, 2012. "Bankruptcy Law and the Cost of Banking Finance," Working Papers 1218, Oxford University Centre for Business Taxation.
    77. Gaurav Gupta & Jitendra Mahakud, 2019. "Alternative measure of financial development and investment-cash flow sensitivity: evidence from an emerging economy," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 5(1), pages 1-28, December.
    78. Qi, Jianhong & Zhang, Zhaoyong & Liu, Hui, 2018. "Credit constraints and firm market entry decision: Firm-level evidence from internationalizing Chinese multinationals," The North American Journal of Economics and Finance, Elsevier, vol. 46(C), pages 272-285.
    79. Povel, Paul & Raith, Michael, 2004. "Financial constraints and product market competition: ex ante vs. ex post incentives," International Journal of Industrial Organization, Elsevier, vol. 22(7), pages 917-949, September.
    80. Mohamed Belhaj & Nataliya Klimenko, 2012. "On the Role of External Financing Costs in Optimal Investment Decisions," Working Papers halshs-00793688, HAL.
    81. Sun, Jianjun & Yamori, Nobuyoshi, 2009. "Regional disparities and investment-cash flow sensitivity: Evidence from Chinese listed firms," MPRA Paper 14858, University Library of Munich, Germany.
    82. Hartarska, Valentina & Nadolnyak, Denis, 2008. "An Impact Analysis of Microfinance in Bosnia and Herzegovina," World Development, Elsevier, vol. 36(12), pages 2605-2619, December.
    83. Cingano, Federico & Leonardi, Marco & Messina, Julián & Pica, Giovanni, 2009. "The Effect of Employment Protection Legislation and Financial Market Imperfections on Investment: Evidence from a Firm-Level Panel of EU Countries," IZA Discussion Papers 4158, Institute of Labor Economics (IZA).
    84. Nozawa, Wataru & Managi, Shunsuke, 2019. "Financial constraints of firms and bank characteristics," Economic Analysis and Policy, Elsevier, vol. 64(C), pages 302-316.
    85. Gaurav Gupta & Jitendra Mahakud & Vivek Verma, 2020. "CEO's education and investment–cash flow sensitivity: an empirical investigation," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 17(4), pages 589-618, December.
    86. Chowdhury, Jaideep & Kumar, Raman & Shome, Dilip, 2016. "Investment–cash flow sensitivity under changing information asymmetry," Journal of Banking & Finance, Elsevier, vol. 62(C), pages 28-40.
    87. Giorgio Calcagnini & Germana Giombini & Enrico Saltari, 2009. "Firms? Investment in the Presence of Labor and Financial Market Imperfections," Working Papers 0901, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2009.
    88. Hirth, Stefan & Viswanatha, Marc, 2011. "Financing constraints, cash-flow risk, and corporate investment," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1496-1509.
    89. Mr. Vadim Khramov, 2012. "Asymmetric Effects of the Financial Crisis: Collateral-Based Investment-Cash Flow Sensitivity Analysis," IMF Working Papers 2012/097, International Monetary Fund.
    90. Alessandra Guariglia & Paul Mizen, 2012. "Investment and Asset Growth of Asian Firms: Evidence for Financial Resilience in the Recent Financial Crisis," Working Papers 322012, Hong Kong Institute for Monetary Research.
    91. Aldrighi, Dante Mendes & Bisinha, Rafael, 2010. "Brazilian Listed Companies' Financial Constraints," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 64(1), March.
    92. Jun Du & Bach Nguyen, 2022. "Cognitive financial constraints and firm growth," Small Business Economics, Springer, vol. 58(4), pages 2109-2137, April.
    93. Whited, Toni M., 2006. "External finance constraints and the intertemporal pattern of intermittent investment," Journal of Financial Economics, Elsevier, vol. 81(3), pages 467-502, September.
    94. Shobha Tewari & Bibek Bhattacharya, 2023. "Financial resources, corporate social responsibility, and ownership type: Evidence from India," Asia Pacific Journal of Management, Springer, vol. 40(3), pages 1093-1132, September.
    95. Najah Attig & Sean Cleary, 2014. "Organizational Capital and Investment-Cash Flow Sensitivity: The Effect of Management Quality Practices," Financial Management, Financial Management Association International, vol. 43(3), pages 473-504, September.
    96. Carlos Carreira & Filipe Silva, 2013. "Do Size, Age and Dividend Policy Provide Useful Measures of Financing Constraints? New Evidence from a Panel of Portuguese Firms," GEMF Working Papers 2013-26, GEMF, Faculty of Economics, University of Coimbra.
    97. Drobetz, Wolfgang & Haller, Rebekka & Meier, Iwan & Tarhan, Vefa, 2017. "The impact of liquidity crises on cash flow sensitivities," The Quarterly Review of Economics and Finance, Elsevier, vol. 66(C), pages 225-239.
    98. Beladi, Hamid & Deng, Jie & Hu, May, 2021. "Cash flow uncertainty, financial constraints and R&D investment," International Review of Financial Analysis, Elsevier, vol. 76(C).
    99. Bassetto, Camila F. & Kalatzis, Aquiles E.G., 2011. "Financial distress, financial constraint and investment decision: Evidence from Brazil," Economic Modelling, Elsevier, vol. 28(1), pages 264-271.
    100. Jan Bena, 2008. "The Effect of Credit Rationing on the Shape of the Competition-Innovation Relationship," CERGE-EI Working Papers wp377, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    101. Mundaca, B. Gabriela, 2007. "Corporate investment, cash flow level and market imperfections: The case of Norway," Memorandum 03/2007, Oslo University, Department of Economics, revised 23 Feb 2009.
    102. Benlu Hai & Ximing Yin & Jie Xiong & Jin Chen, 2022. "Could more innovation output bring better financial performance? The role of financial constraints," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-26, December.
    103. Molinari, Massimo, 2013. "Joint analysis of the non-linear debt–growth nexus and cash-flow sensitivity: New evidence from Italy," Structural Change and Economic Dynamics, Elsevier, vol. 24(C), pages 34-44.
    104. Borri, Karine T. & Martins-Filho, Carlos & Kalatzis, Aquiles E.G., 2022. "Exploring nonlinearities between investment and internal funds: Evidence of the U-shaped investment curve," Economics Letters, Elsevier, vol. 218(C).
    105. Kasahara, Tetsuya, 2008. "Severity of financing constraints and firms' investments," Review of Financial Economics, Elsevier, vol. 17(2), pages 112-129.
    106. Ricardo Correa, 2008. "Bank integration and financial constraints: evidence from U.S. firms," International Finance Discussion Papers 925, Board of Governors of the Federal Reserve System (U.S.).
    107. Kim, Jounghyeon & McCullough, Jeffrey S. & Lee, Jinhyung, 2022. "Do liquidity constraints affect the investment decisions of California hospitals?," Economic Modelling, Elsevier, vol. 113(C).
    108. Chacko Jacob & Jijo Lukose P.J., 2019. "Institutional ownership and the investment-cash flow sensitivity Evidence from India," Working papers 329, Indian Institute of Management Kozhikode.
    109. Heejung Choi & Jungwon Suh, 2017. "Investment financing: evidence from Korea," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57, pages 147-184, April.
    110. Shibata, Takashi & Nishihara, Michi, 2018. "Investment timing, reversibility, and financing constraints," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 771-796.
    111. Mioduchowska-Jaroszewicz Edyta, 2020. "An Analysis of Entrepreneurship in Family-Owned Stock Companies," Folia Oeconomica Stetinensia, Sciendo, vol. 20(1), pages 266-285, June.
    112. Alaali, Fatema, 2020. "The effect of oil and stock price volatility on firm level investment: The case of UK firms," Energy Economics, Elsevier, vol. 87(C).
    113. Georgopoulos, George & Hejazi, Walid, 2009. "Financial structure and the heterogeneous impact of monetary policy across industries," Journal of Economics and Business, Elsevier, vol. 61(1), pages 1-33.
    114. Schauer, Catharina & Elsas, Ralf & Breitkopf, Nikolas, 2019. "A new measure of financial constraints applicable to private and public firms," Journal of Banking & Finance, Elsevier, vol. 101(C), pages 270-295.
    115. Bhagat, Sanjai & Moyen, Nathalie & Suh, Inchul, 2005. "Investment and internal funds of distressed firms," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 449-472, June.
    116. Valentina Hartarska & Denis Nadolnyak, 2007. "An Impact Analysis of Microfinance in Bosnia and Herzegovina," William Davidson Institute Working Papers Series wp915, William Davidson Institute at the University of Michigan.
    117. Álvarez, Roberto & Bertin, Mauricio Jara, 2016. "Banking competition and firm-level financial constraints in Latin America," Emerging Markets Review, Elsevier, vol. 28(C), pages 89-104.
    118. Tsapin Andriy & Tsapin Oleksandr, 2014. "Corporate Investment and Financial Crisis: Can Under- and Overinvestment Be Mitigated by Banks in an Emerging Market?," EERC Working Paper Series 14/04e, EERC Research Network, Russia and CIS.
    119. Xiang, Xiaojian & Liu, Chuanjiang & Yang, Mian, 2022. "Who is financing corporate green innovation?," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 321-337.
    120. Calcagnini, Giorgio & Giombini, Germana & Saltari, Enrico, 2009. "Financial and labor market imperfections and investment," Economics Letters, Elsevier, vol. 102(1), pages 22-26, January.
    121. Pindado, Julio & Requejo, Ignacio & de la Torre, Chabela, 2011. "Family control and investment–cash flow sensitivity: Empirical evidence from the Euro zone," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1389-1409.
    122. Ascioglu, Asli & Hegde, Shantaram P. & McDermott, John B., 2008. "Information asymmetry and investment-cash flow sensitivity," Journal of Banking & Finance, Elsevier, vol. 32(6), pages 1036-1048, June.
    123. Robert E. Carpenter & Alessandra Guariglia, 2007. "Investment behavior, observable expectations, and internal funds: a comment on Cummins et al. (AER, 2006)," Discussion Papers 07/11, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
    124. Céline Gainet, 2010. "Exploring the Impact of Legal Systems and Financial Structure on Corporate Responsibility," Journal of Business Ethics, Springer, vol. 95(2), pages 195-222, September.
    125. Chay, J.B. & Park, Soon Hong & Kim, Soojung & Suh, Jungwon, 2015. "Financing hierarchy: Evidence from quantile regression," Journal of Corporate Finance, Elsevier, vol. 33(C), pages 147-163.
    126. Flor, Christian Riis & Hirth, Stefan, 2013. "Asset liquidity, corporate investment, and endogenous financing costs," Journal of Banking & Finance, Elsevier, vol. 37(2), pages 474-489.
    127. Kwanglim Seo & Jungtae Soh & Amit Sharma, 2018. "Do financial constraints affect the sensitivity of investment to cash flow? New evidence from franchised restaurant firms," Tourism Economics, , vol. 24(6), pages 645-661, September.
    128. George, Rejie & Kabir, Rezaul & Qian, Jing, 2011. "Investment-cash flow sensitivity and financing constraints: New evidence from Indian business group firms," Journal of Multinational Financial Management, Elsevier, vol. 21(2), pages 69-88, April.
    129. Gaurav Gupta & Jitendra Mahakud, 2022. "Impact of financial distress on investment-cash flow sensitivity: evidence from emerging economy," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 19(4), pages 713-743, July.
    130. Bach Nguyen & Nguyen Phuc Canh, 2021. "Formal and informal financing decisions of small businesses," Small Business Economics, Springer, vol. 57(3), pages 1545-1567, October.
    131. Dongyang Zhang, 2017. "Is working capital management value-enhancing through alleviating financial constraints? Evidence from Chinese non-listed firms," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 15(4), pages 373-406, October.
    132. Gayané Hovakimian, 2009. "Determinants of Investment Cash Flow Sensitivity," Financial Management, Financial Management Association International, vol. 38(1), pages 161-183, March.
    133. Rozália Pál & Roman Kozhan, 2006. "Firms' investment under financing constraints. An euro area investigation," CERS-IE WORKING PAPERS 0606, Institute of Economics, Centre for Economic and Regional Studies, revised 21 Jul 2006.
    134. Bassetto, Camila F. & Kalatzis, Aquiles E.G., 2011. "Financial distress, financial constraint and investment decision: Evidence from Brazil," Economic Modelling, Elsevier, vol. 28(1-2), pages 264-271, January.
    135. Gianni La Cava, 2005. "Financial Constraints, the User Cost of Capital and Corporate Investment in Australia," RBA Research Discussion Papers rdp2005-12, Reserve Bank of Australia.
    136. Черкасова Виктория Артуровна & Дуняшева Регина Фаритовна, 2016. "Инвестиционные Решения Компаний В Условиях Асимметрии Информации," Higher School of Economics Economic Journal Экономический журнал Высшей школы экономики, CyberLeninka;Федеральное государственное автономное образовательное учреждение высшего образования «Национальный исследовательский университет «Высшая школа экономики», vol. 20(4), pages 655-690.
    137. Attig, Najah & Cleary, Sean & El Ghoul, Sadok & Guedhami, Omrane, 2012. "Institutional investment horizon and investment–cash flow sensitivity," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 1164-1180.
    138. Gökberk Can & Samet Günay & Murat Ocak, 2021. "How does size affect capital expenditures? Evidence from Borsa Istanbul," SN Business & Economics, Springer, vol. 1(1), pages 1-28, January.
    139. Mulier, Klaas & Schoors, Koen & Merlevede, Bruno, 2016. "Investment-cash flow sensitivity and financial constraints: Evidence from unquoted European SMEs," Journal of Banking & Finance, Elsevier, vol. 73(C), pages 182-197.
    140. Syed Manzur Quader & Mohammed Nayeem Abdullah, 2016. "Cash Flow Sensitivity of Cash: A Cross Country Analysis," International Journal of Economics and Financial Issues, Econjournals, vol. 6(2), pages 562-572.
    141. Klaas Mulier & Koen Schoors & Bruno Merlevede, 2014. "Investment-Cash Flow Sensitivity and the Cost of External Finance," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 14/890, Ghent University, Faculty of Economics and Business Administration.

  4. Paul Povel & Rajdeep Singh & Andrew Winton, 2003. "Booms, Busts, and Fraud," Finance 0312007, University Library of Munich, Germany.

    Cited by:

    1. Pagano, Marco & Immordino, Giovanni, 2008. "Corporate Fraud, Governance and Auditing," CEPR Discussion Papers 7104, C.E.P.R. Discussion Papers.
    2. Chi, Jianxin (Daniel) & Gupta, Manu, 2009. "Overvaluation and earnings management," Journal of Banking & Finance, Elsevier, vol. 33(9), pages 1652-1663, September.
    3. Muhammad Ilyas, Ihtesham Khan, Saima Urooge, 2019. "Earnings Manipulation and the Cost of Capital: Empirical Investigation of Non-Financial Listed Firms of Pakistan," Journal of Management Sciences, Geist Science, Iqra University, Faculty of Business Administration, vol. 6(1), pages 96-104, March.
    4. Yung, Chris, 2019. "Entrepreneurial manipulation with staged financing," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 273-282.
    5. E. Agliardi & R. Andergassen, 2006. "Last Resort Gambles, Risky Debt and Liquidation Policy," Working Papers 577, Dipartimento Scienze Economiche, Universita' di Bologna.
    6. Hu, Yunzhi, 2022. "A dynamic theory of bank lending, firm entry, and investment fluctuations," Journal of Economic Theory, Elsevier, vol. 204(C).
    7. Nakamura, Leonard I. & Roszbach, Kasper, 2018. "Credit ratings, private information, and bank monitoring ability," Journal of Financial Intermediation, Elsevier, vol. 36(C), pages 58-73.
    8. Nakamura, L.I. & Roszbach, K., 2010. "Credit Ratings and Bank Monitoring Ability," Discussion Paper 2010-37S, Tilburg University, Center for Economic Research.
    9. Reurink, Arjan, 2016. "Financial fraud: A literature review," MPIfG Discussion Paper 16/5, Max Planck Institute for the Study of Societies.
    10. Friebel, Guido & Guriev, Sergei, 2005. "Earnings Manipulation and Incentives in Firms," CEPR Discussion Papers 4861, C.E.P.R. Discussion Papers.
    11. Beatty, Anne & Liao, Scott & Yu, Jeff Jiewei, 2013. "The spillover effect of fraudulent financial reporting on peer firms' investments," Journal of Accounting and Economics, Elsevier, vol. 55(2), pages 183-205.
    12. Miguel Cantillo, 2023. "Imperfect bank competition, borrower adverse selection, and the transmission of monetary policy," Working Papers 202301, Universidad de Costa Rica, revised Mar 2023.
    13. Chernobai, Anna & Yasuda, Yukihiro, 2013. "Disclosures of material weaknesses by Japanese firms after the passage of the 2006 Financial Instruments and Exchange Law," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1524-1542.
    14. Vakkur, Nicholas V. & McAfee, R. Preston & Kipperman, Fred, 2010. "The unintended effects of the Sarbanes–Oxley Act of 2002," Research in Accounting Regulation, Elsevier, vol. 22(1), pages 18-28.
    15. Marcus Box & Karl Gratzer & Xiang Lin, 2020. "Destructive entrepreneurship in the small business sector: bankruptcy fraud in Sweden, 1830–2010," Small Business Economics, Springer, vol. 54(2), pages 437-457, February.
    16. Griffin, John M. & Kruger, Samuel & Maturana, Gonzalo, 2019. "Do labor markets discipline? Evidence from RMBS bankers," Journal of Financial Economics, Elsevier, vol. 133(3), pages 726-750.
    17. Hoberg, Gerard & Lewis, Craig, 2017. "Do fraudulent firms produce abnormal disclosure?," Journal of Corporate Finance, Elsevier, vol. 43(C), pages 58-85.
    18. Tomasz Piskorski & Amit Seru & James Witkin, 2013. "Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market," NBER Working Papers 18843, National Bureau of Economic Research, Inc.
    19. Abdul Ghafoor & Rozaimah Zainudin & Nurul Shahnaz Mahdzan, 2019. "Factors Eliciting Corporate Fraud in Emerging Markets: Case of Firms Subject to Enforcement Actions in Malaysia," Journal of Business Ethics, Springer, vol. 160(2), pages 587-608, December.
    20. Nicolas Figueroa & CARLOS RAMIREZ & Oksana Leukhina, 2019. "Imperfect Information Transmission from Banks to Investors: Macroeconomic Implications," 2019 Meeting Papers 1105, Society for Economic Dynamics.
    21. Hu, May & Chao, Chi-Chur & Malone, Chris & Young, Martin, 2017. "Real determinants of stock split announcements," International Review of Economics & Finance, Elsevier, vol. 51(C), pages 574-598.
    22. Wang, Tracy Yue & Winton, Andrew, 2021. "Industry informational interactions and corporate fraud," Journal of Corporate Finance, Elsevier, vol. 69(C).
    23. Tim Lohse & Christian Thomann, 2014. "Are Bad Times Good News for the Securities and Exchange Commission?," Working Papers tax-mpg-rps-2014-11, Max Planck Institute for Tax Law and Public Finance.
    24. Dan Amiram & Zahn Bozanic & James D. Cox & Quentin Dupont & Jonathan M. Karpoff & Richard Sloan, 2018. "Financial reporting fraud and other forms of misconduct: a multidisciplinary review of the literature," Review of Accounting Studies, Springer, vol. 23(2), pages 732-783, June.
    25. Lennox, Clive & Li, Bing, 2014. "Accounting misstatements following lawsuits against auditors," Journal of Accounting and Economics, Elsevier, vol. 57(1), pages 58-75.
    26. Cope, Eric W. & Piche, Mark T. & Walter, John S., 2012. "Macroenvironmental determinants of operational loss severity," Journal of Banking & Finance, Elsevier, vol. 36(5), pages 1362-1380.
    27. Huang, Yichu & Liu, Frank Hong & Qiu, Buhui, 2023. "Credit market development and corporate earnings management: Evidence from banking and branching deregulations," Journal of Financial Stability, Elsevier, vol. 67(C).
    28. Hendrik Hakenes & Friederike Schlegel, 2014. "I Spy with my Little Eye... a Banking Crisis - Early Warnings and Incentive Schemes in Banks," CESifo Working Paper Series 5140, CESifo.
    29. Ratnovski, Lev, 2013. "Liquidity and transparency in bank risk management," Journal of Financial Intermediation, Elsevier, vol. 22(3), pages 422-439.
    30. Krebbers, Arthur & Marshall, Andrew & McColgan, Patrick & Neupane, Biwesh, 2021. "Bookrunner syndicate geography and the quality of service: The benefits of a local team," Journal of International Money and Finance, Elsevier, vol. 119(C).
    31. Jiong Gong & Preston McAfee & Michael A Williams, 2011. "Fraud Cycles," Levine's Working Paper Archive 661465000000001154, David K. Levine.
    32. Wang, Kun Tracy & Liu, Simeng & Wu, Yue, 2021. "Corporate social activities and stock price crash risk in the banking industry: International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    33. Anup Agrawal & Tommy Cooper, 2017. "Corporate Governance Consequences of Accounting Scandals: Evidence from Top Management, CFO and Auditor Turnover," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 7(01), pages 1-41, March.
    34. John M. Griffin & Amin Shams, 2020. "Is Bitcoin Really Untethered?," Journal of Finance, American Finance Association, vol. 75(4), pages 1913-1964, August.
    35. Jeffrey Pittman & Yuping Zhao, 2020. "Debt Covenant Restriction, Financial Misreporting, and Auditor Monitoring," Contemporary Accounting Research, John Wiley & Sons, vol. 37(4), pages 2145-2185, December.
    36. Zhe An & Zhe Cao & Zhian Chen & Donghui Li, 2020. "Does individualistic culture impact operational risk?," European Financial Management, European Financial Management Association, vol. 26(3), pages 808-838, June.
    37. Ben-Nasr, Hamdi & Ghouma, Hatem, 2018. "Employee welfare and stock price crash risk," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 700-725.
    38. Kluger, Brian D. & Slezak, Steve L., 2018. "Signal jamming models of fraudulent misreporting and economic prospects: An experimental investigation," Journal of Economic Behavior & Organization, Elsevier, vol. 151(C), pages 254-283.
    39. Haipeng Xing & Ying Chen, 2018. "Dependence of Structural Breaks in Rating Transition Dynamics on Economic and Market Variations," Review of Economics & Finance, Better Advances Press, Canada, vol. 11, pages 1-18, February.
    40. Anand, Anita & Green, Andrew, 2018. "Securities settlements as examples of crisis-driven regulation," International Review of Law and Economics, Elsevier, vol. 55(C), pages 41-57.
    41. Shapiro, Joel & Bar-Isaac, Heski, 2010. "Ratings Quality over the Business Cycle," CEPR Discussion Papers 8156, C.E.P.R. Discussion Papers.
    42. Shivdasani, Anil & Song, Wei-Ling, 2011. "Breaking down the barriers: Competition, syndicate structure, and underwriting incentives," Journal of Financial Economics, Elsevier, vol. 99(3), pages 581-600, March.
    43. Giannetti, Mariassunta & Wang, Tracy Yue, 2014. "Corporate Scandals and Household Stock Market Participation," CEPR Discussion Papers 9834, C.E.P.R. Discussion Papers.
    44. Cai, Wenjing & Jiang, Fuxiu & Ma, Jia, 2023. "The peer effect of penalty against firm leaders," Finance Research Letters, Elsevier, vol. 52(C).
    45. Roc'io Paredes & Marco Vega, 2020. "An internal fraud model for operational losses in retail banking," Papers 2002.03235, arXiv.org.
    46. João Paulo Vieito & António Cerqueira & Elísio Brandão & Walayet A. Khan, 2009. "Executive Compensation: the Finance Perspective," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 0(1), pages 3-32.
    47. Andergassen, Rainer, 2016. "Managerial compensation, product market competition and fraud," International Review of Economics & Finance, Elsevier, vol. 45(C), pages 1-15.
    48. Choi, Daewoung & Gam, Yong Kyu & Shin, Hojong, 2020. "Corporate fraud under pyramidal ownership structure: Evidence from a regulatory reform," Emerging Markets Review, Elsevier, vol. 45(C).
    49. Lin, Hsien-Ping & Walker, M. Mark & Wang, Yung-Jang, 2020. "Shareholder wealth effects of corporate fraud: Evidence from Taiwan’s securities investor and futures trader protection act," International Review of Economics & Finance, Elsevier, vol. 65(C), pages 222-243.
    50. Mary L. Z. Ma & Victor Song, 2016. "Discretionary Loan Loss Provisions and Systemic Risk in the Banking Industry," Accounting Perspectives, John Wiley & Sons, vol. 15(2), pages 89-130, June.
    51. Kang, Seongill, 2017. "The optimal stringency of accounting regulation to alleviate time inconsistency problems," International Review of Economics & Finance, Elsevier, vol. 49(C), pages 190-210.
    52. Keval Amin & John Daniel Eshleman & Peng Guo, 2021. "Investor Sentiment, Misstatements, and Auditor Behavior," Contemporary Accounting Research, John Wiley & Sons, vol. 38(1), pages 483-517, March.
    53. Xuan Tam & Eric Young & bo sun, 2014. "Regulatory Intensity, Crash Risk, and the Business Cycle," 2014 Meeting Papers 416, Society for Economic Dynamics.
    54. Rainer Andergassen, 2015. "Product market competition and fraud in a model of price competition with horizontally differentiated products," Economics Bulletin, AccessEcon, vol. 35(3), pages 1669-1674.
    55. Nuno Fernandes & José Guedes, 2010. "Keeping Up with the Joneses: A Model and a Test of Collective Accounting Fraud," European Financial Management, European Financial Management Association, vol. 16(1), pages 72-93, January.
    56. Goldman, Eitan & Slezak, Steve L., 2006. "An equilibrium model of incentive contracts in the presence of information manipulation," Journal of Financial Economics, Elsevier, vol. 80(3), pages 603-626, June.
    57. Pham, Man Duy (Marty), 2022. "Management connection and firm performance: Evidence from Global Financial Crisis," Journal of Behavioral and Experimental Finance, Elsevier, vol. 34(C).
    58. Shantaram Hegde & Tingyu Zhou, 2019. "Predicting Accounting Misconduct: The Role of Firm-Level Investor Optimism," Journal of Business Ethics, Springer, vol. 160(2), pages 535-562, December.
    59. Shivdasani, Anil & Song, Wei-Ling, 2010. "Breaking Down the Barriers: Competition, Syndicate Structure, and Underwriting Incentives," Working Papers 10-25, University of Pennsylvania, Wharton School, Weiss Center.
    60. LAWAL Adedoyin Isola & AMOGU Ezinne Olufadesola & ADEOTI Johnson Olabode & IJAIYA Muftau Adeniyi, 2017. "Fraud And Business Cycle: Empirical Evidence From Fraudsters And Fraud Managers In Nigeria," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 12(1), pages 110-128, April.
    61. Ru Gao & Baljit K. Sidhu, 2018. "Convergence of accounting standards and financial reporting externality: evidence from mandatory IFRS adoption," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(3), pages 817-848, September.

  5. Povel, Paul E M & Raith, Michael, 2000. "Liquidity Constraints, Production Costs And Output Decisions," CEPR Discussion Papers 2458, C.E.P.R. Discussion Papers.

    Cited by:

    1. Murat Usman, 2004. "Optimal Debt Contracts with Renegotiation," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 13(4), pages 755-776, December.
    2. Khanna, Naveen & Schroder, Mark, 2010. "Optimal debt contracts and product market competition with exit and entry," Journal of Economic Theory, Elsevier, vol. 145(1), pages 156-188, January.
    3. Faure-Grimaud, Antoine, 2000. "Product market competition and optimal debt contracts: The limited liability effect revisited," European Economic Review, Elsevier, vol. 44(10), pages 1823-1840, December.

Articles

  1. Ferrés, Daniel & Ormazabal, Gaizka & Povel, Paul & Sertsios, Giorgo, 2021. "Capital structure under collusion," Journal of Financial Intermediation, Elsevier, vol. 45(C).
    See citations under working paper version above.
  2. Marinovic, Iván & Povel, Paul, 2017. "Competition for talent under performance manipulation," Journal of Accounting and Economics, Elsevier, vol. 64(1), pages 1-14.

    Cited by:

    1. Yun Chen & Zeyang Lei & Chongsen Ma, 2022. "Research on the Evolution of the Competition Culture of Highway Construction Companies Based on Text Mining," Sustainability, MDPI, vol. 14(19), pages 1-16, September.
    2. Wang, Wei & Zhang, Yue-Jun, 2022. "Does China's carbon emissions trading scheme affect the market power of high-carbon enterprises?," Energy Economics, Elsevier, vol. 108(C).
    3. Josef Schroth, 2018. "Managerial Compensation and Stock Price Manipulation," Journal of Accounting Research, Wiley Blackwell, vol. 56(5), pages 1335-1381, December.
    4. Ying Bao & Mengze Shi & Ajay Kalra, 2022. "Designing Product Development Contracts in the Presence of Managerial Lobbying," Management Science, INFORMS, vol. 68(9), pages 6797-6818, September.
    5. Xiong, Yan & Jiang, Xu, 2022. "Economic consequences of managerial compensation contract disclosure," Journal of Accounting and Economics, Elsevier, vol. 73(2).

  3. Pablo Hernández-Lagos & Paul Povel & Giorgo Sertsios, 2017. "An Experimental Analysis of Risk-Shifting Behavior," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 6(1), pages 68-101.

    Cited by:

    1. Kling, Luisa & König-Kersting, Christian & Trautmann, Stefan T., 2023. "Investment preferences and risk perception: Financial agents versus clients," Journal of Banking & Finance, Elsevier, vol. 154(C).

  4. Paul Povel & Giorgo Sertsios & Renáta Kosová & Praveen Kumar, 2016. "Boom and Gloom," Journal of Finance, American Finance Association, vol. 71(5), pages 2287-2332, October.

    Cited by:

    1. Benigno, Gianluca & Alberola, Enrique, 2017. "Revisiting the Commodity Curse: A Financial Perspective," CEPR Discussion Papers 11832, C.E.P.R. Discussion Papers.
    2. Vegard Høghaug Larsen, 2021. "Components Of Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 62(2), pages 769-788, May.
    3. Nguyen, Thang & Cox, Joe & Rich, Judy, 2019. "Invest or regret? An empirical investigation into funding dynamics during the final days of equity crowdfunding campaigns," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 784-803.
    4. Sertsios, Giorgo, 2020. "Corporate finance, industrial organization, and organizational economics," Journal of Corporate Finance, Elsevier, vol. 64(C).
    5. John Griffith & Mohammad Najand & Jiancheng Shen, 2020. "Emotions in the Stock Market," Journal of Behavioral Finance, Taylor & Francis Journals, vol. 21(1), pages 42-56, January.

  5. Povel, Paul & Sertsios, Giorgo, 2014. "Getting to know each other: The role of toeholds in acquisitions," Journal of Corporate Finance, Elsevier, vol. 26(C), pages 201-224.

    Cited by:

    1. Otsubo, Minoru, 2021. "How do partial acquisitions affect the wealth of acquiring firms? The case of Japanese firms," Research in International Business and Finance, Elsevier, vol. 58(C).
    2. Lacerda, José & Pereira, Paulo J. & Rodrigues, Artur, 2021. "Toehold acquisitions as option games," Economics Letters, Elsevier, vol. 209(C).
    3. Gino Loyola & Yolanda Portilla, 2016. "A Bargaining Model of Friendly and Hostile Takeovers," International Review of Finance, International Review of Finance Ltd., vol. 16(2), pages 291-306, June.
    4. Shekhar, Shiva & Wey, Christian, 2017. "Uncertain merger synergies, passive partial ownership, and merger control," DICE Discussion Papers 260, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    5. Aintablian, Sebouh & Khoury, Wissam El, 2017. "A simulation on the presence of competing bidders in mergers and acquisitions," Finance Research Letters, Elsevier, vol. 22(C), pages 233-243.
    6. Stimmelmayr, Michael & Liberini, Federica & Russo, Antonio, 2015. "The Role of Toeholds and Capital Gain Taxes for Corporate Acquisition Strategies," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112926, Verein für Socialpolitik / German Economic Association.
    7. Perafán-Peña, Héctor Fabio & Gill-de-Albornoz, Belén & Giner, Begoña, 2022. "Earnings management of target firms and deal premiums: The role of industry relatedness," The British Accounting Review, Elsevier, vol. 54(2).
    8. Sertsios, Giorgo, 2020. "Corporate finance, industrial organization, and organizational economics," Journal of Corporate Finance, Elsevier, vol. 64(C).
    9. Brooks, Chris & Chen, Zhong & Zeng, Yeqin, 2018. "Institutional cross-ownership and corporate strategy: The case of mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 187-216.
    10. Vansteenkiste, Cara, 2018. "Essays on corporate takeovers," Other publications TiSEM 57ddfd7c-d14f-4ca0-b921-7, Tilburg University, School of Economics and Management.

  6. Paul Povel & Rajdeep Singh, 2010. "Stapled Finance," Journal of Finance, American Finance Association, vol. 65(3), pages 927-953, June.

    Cited by:

    1. Vladimirov, Vladimir, 2015. "Financing bidders in takeover contests," Journal of Financial Economics, Elsevier, vol. 117(3), pages 534-557.
    2. Liu, Tingjun, 2016. "Optimal equity auctions with heterogeneous bidders," Journal of Economic Theory, Elsevier, vol. 166(C), pages 94-123.
    3. Povel, Paul & Sertsios, Giorgo, 2014. "Getting to know each other: The role of toeholds in acquisitions," Journal of Corporate Finance, Elsevier, vol. 26(C), pages 201-224.
    4. Skrzypacz, Andrzej, 2013. "Auctions with contingent payments — An overview," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 666-675.
    5. Khansa, Lara, 2015. "M&As and market value creation in the information security industry," Journal of Economics and Business, Elsevier, vol. 82(C), pages 113-134.
    6. Matthew D. Cain & David J. Denis, 2013. "Information Production by Investment Banks: Evidence from Fairness Opinions," Journal of Law and Economics, University of Chicago Press, vol. 56(1), pages 245-280.
    7. Malenko, Andrey & Malenko, Nadya, 2015. "A theory of LBO activity based on repeated debt-equity conflicts," Journal of Financial Economics, Elsevier, vol. 117(3), pages 607-627.
    8. Jandik, Tomas & Lallemand, Justin & McCumber, William, 2017. "The value implications of target debt issuance in withdrawn takeovers: What role do country-specific M&A regulations play?," Journal of Multinational Financial Management, Elsevier, vol. 40(C), pages 14-32.

  7. Cleary, Sean & Povel, Paul & Raith, Michael, 2007. "The U-Shaped Investment Curve: Theory and Evidence," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 42(1), pages 1-39, March.
    See citations under working paper version above.
  8. Paul Povel & Rajdeep Singh & Andrew Winton, 2007. "Booms, Busts, and Fraud," The Review of Financial Studies, Society for Financial Studies, vol. 20(4), pages 1219-1254.
    See citations under working paper version above.
  9. Rajdeep Singh, 2007. "Sale-Backs in Bankruptcy," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 23(3), pages 710-730, October.

    Cited by:

    1. Nishihara, Michi & Shibata, Takashi, 2018. "Dynamic bankruptcy procedure with asymmetric information between insiders and outsiders," Journal of Economic Dynamics and Control, Elsevier, vol. 90(C), pages 118-137.
    2. Seung-Hyun Lee & Yasuhiro Yamakawa, 2012. "Forgiving Features for Failed Entrepreneurs vs. Cost of Financing inBankruptcies," Management International Review, Springer, vol. 52(1), pages 49-79, February.

  10. Paul Povel & Rajdeep Singh, 2006. "Takeover Contests with Asymmetric Bidders," The Review of Financial Studies, Society for Financial Studies, vol. 19(4), pages 1399-1431.

    Cited by:

    1. Audra L. Boone & J. Harold Mulherin, 2009. "Is There One Best Way to Sell a Company? Auctions Versus Negotiations and Controlled Sales1," Journal of Applied Corporate Finance, Morgan Stanley, vol. 21(3), pages 28-37, June.
    2. Gentry, Matthew & Stroup, Caleb, 2018. "Entry and competition in takeover auctions," LSE Research Online Documents on Economics 90604, London School of Economics and Political Science, LSE Library.
    3. Uysal, Vahap B. & Kedia, Simi & Panchapagesan, Venkatesh, 2008. "Geography and acquirer returns," Journal of Financial Intermediation, Elsevier, vol. 17(2), pages 256-275, April.
    4. Baomin Dong & Frank Wang, 2014. "A pre-emption model of mergers," Journal of Economics, Springer, vol. 113(2), pages 187-204, October.
    5. Mufaddal Baxamusa & Saima Javaid & Khadija Harery, 2015. "Network centrality and mergers," Review of Quantitative Finance and Accounting, Springer, vol. 44(3), pages 393-423, April.
    6. Onur A. Koska & Frank Stähler, 2014. "Optimal Acquisition Strategies in Unknown Territories," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 170(3), pages 406-426, September.
    7. Fidrmuc, Jana P. & Roosenboom, Peter & Paap, Richard & Teunissen, Tim, 2012. "One size does not fit all: Selling firms to private equity versus strategic acquirers," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 828-848.
    8. Tingjun Liu & Dan Bernhardt, 2021. "Rent Extraction with Securities Plus Cash," Journal of Finance, American Finance Association, vol. 76(4), pages 1869-1912, August.
    9. Massimo G. Colombo & Benedetta Montanaro & Silvio Vismara, 2023. "What drives the valuation of entrepreneurial ventures? A map to navigate the literature and research directions," Small Business Economics, Springer, vol. 61(1), pages 59-84, June.
    10. Edmund Mantell, 2013. "Rational Reserve Pricing in Sequential Auctions," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 41(2), pages 149-159, June.
    11. Liu, Tingjun, 2016. "Optimal equity auctions with heterogeneous bidders," Journal of Economic Theory, Elsevier, vol. 166(C), pages 94-123.
    12. U. Weitzel & S. Rosenkranz, 2007. "Bargaining in Mergers and Termination Fees," Working Papers 07-06, Utrecht School of Economics.
    13. Bernhardt, Dan & Liu, Tingjun & Sogo, Takeharu, 2020. "Costly auction entry, royalty payments, and the optimality of asymmetric designs," Journal of Economic Theory, Elsevier, vol. 188(C).
    14. Schneck, Colin & Bessler, Wolfgang & Zimmermann, Jan, 2014. "Bidder Contests in International Mergers and Acquisitions: The Impact of Toeholds, Preemptive Bidding, and Termination Fees," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100493, Verein für Socialpolitik / German Economic Association.
    15. Aktas, Nihat & de Bodt, Eric & Roll, Richard, 2009. "Learning, hubris and corporate serial acquisitions," Journal of Corporate Finance, Elsevier, vol. 15(5), pages 543-561, December.
    16. Chang, Xin & Shekhar, Chander & Tam, Lewis H.K. & Yao, Jiaquan, 2016. "The information role of advisors in mergers and acquisitions: Evidence from acquirers hiring targets’ ex-advisors," Journal of Banking & Finance, Elsevier, vol. 70(C), pages 247-264.
    17. Loyola, Gino, 2012. "Optimal and efficient takeover contests with toeholds," Journal of Financial Intermediation, Elsevier, vol. 21(2), pages 203-216.
    18. Gino Loyola, 2021. "Optimal selling mechanisms with crossholdings," Review of Economic Design, Springer;Society for Economic Design, vol. 25(1), pages 1-32, June.
    19. Banal-Estanol, Albert & Heidhues, Paul & Nitsche, Rainer & Seldeslachts, Jo, 2009. "Screening and Merger Activity," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 270, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    20. Kent D Daniel & David Hirshleifer, 2018. "A Theory of Costly Sequential Bidding [Strategic jump bidding in English auctions]," Review of Finance, European Finance Association, vol. 22(5), pages 1631-1665.
    21. Dimopoulos, Theodosios & Sacchetto, Stefano, 2014. "Preemptive bidding, target resistance, and takeover premiums," Journal of Financial Economics, Elsevier, vol. 114(3), pages 444-470.
    22. Arun Upadhyay & Hongchao Zeng, 2017. "Cash holdings and the bargaining power of R&D-intensive targets," Review of Quantitative Finance and Accounting, Springer, vol. 49(4), pages 885-923, November.
    23. Dhaliwal, Dan S. & Lamoreaux, Phillip T. & Litov, Lubomir P. & Neyland, Jordan B., 2013. "Shared Auditors in Mergers and Acquisitions," Working Papers 13-14, University of Pennsylvania, Wharton School, Weiss Center.
    24. Loyola, Gino, 2012. "Auctions vs. negotiations in takeovers with initial stakes," Finance Research Letters, Elsevier, vol. 9(3), pages 111-120.
    25. Suin Lee & Christos Pantzalis & Jung Chul Park, 2024. "Interstate migration‐based social networks and M&A decisions," The Financial Review, Eastern Finance Association, vol. 59(1), pages 113-153, February.
    26. Calcagno, Riccardo & Falconieri, Sonia, 2014. "Competition and dynamics of takeover contests," Journal of Corporate Finance, Elsevier, vol. 26(C), pages 36-56.
    27. Ahern, Kenneth R., 2012. "Bargaining power and industry dependence in mergers," Journal of Financial Economics, Elsevier, vol. 103(3), pages 530-550.
    28. Malenko, Andrey & Malenko, Nadya, 2015. "A theory of LBO activity based on repeated debt-equity conflicts," Journal of Financial Economics, Elsevier, vol. 117(3), pages 607-627.
    29. Petri Hukkanen & Matti Keloharju, 2019. "Initial Offer Precision and M&A Outcomes," Financial Management, Financial Management Association International, vol. 48(1), pages 291-310, March.
    30. Loyola, Gino, 2008. "Optimal takeover contests with toeholds," UC3M Working papers. Economics we083217, Universidad Carlos III de Madrid. Departamento de Economía.
    31. Sridhar Gogineni & Pawan Jain, 2021. "The Role of Target Termination Fees in REIT Mergers," The Journal of Real Estate Finance and Economics, Springer, vol. 63(1), pages 1-39, July.
    32. Boone, Audra L. & Harold Mulherin, J., 2008. "Do auctions induce a winner's curse? New evidence from the corporate takeover market," Journal of Financial Economics, Elsevier, vol. 89(1), pages 1-19, July.
    33. Li, Lin & Tong, Wilson H.S., 2018. "Information uncertainty and target valuation in mergers and acquisitions," Journal of Empirical Finance, Elsevier, vol. 45(C), pages 84-107.
    34. Offenberg, David & Pirinsky, Christo, 2015. "How do acquirers choose between mergers and tender offers?," Journal of Financial Economics, Elsevier, vol. 116(2), pages 331-348.
    35. Bessler, Wolfgang & Schneck, Colin & Zimmermann, Jan, 2015. "Bidder contests in international mergers and acquisitions: The impact of toeholds, preemptive bidding, and termination fees," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 4-23.
    36. Loyola, Gino, 2007. "How to sell to buyers with crossholdings," UC3M Working papers. Economics we075025, Universidad Carlos III de Madrid. Departamento de Economía.
    37. Vansteenkiste, Cara, 2018. "Essays on corporate takeovers," Other publications TiSEM 57ddfd7c-d14f-4ca0-b921-7, Tilburg University, School of Economics and Management.

  11. Povel, Paul & Raith, Michael, 2004. "Financial constraints and product market competition: ex ante vs. ex post incentives," International Journal of Industrial Organization, Elsevier, vol. 22(7), pages 917-949, September.

    Cited by:

    1. Pierre M. Picard & Ridwan D. Rusli, 2018. "State-owned firms and private debt," LIDAM Reprints CORE 3030, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    2. Natasha Agarwal & Chris Milner & Alejandro Riaño, 2013. "Credit Constraints and FDI Spillovers in China," CESifo Working Paper Series 4313, CESifo.
    3. Nishihara, Michi & Shibata, Takashi, 2014. "Preemption, leverage, and financing constraints," Review of Financial Economics, Elsevier, vol. 23(2), pages 75-89.
    4. Leach, J. Chris & Moyen, Nathalie & Yang, Jing, 2013. "On the strategic use of debt and capacity in rapidly expanding markets," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 332-344.
    5. Ferrés, Daniel & Ormazabal, Gaizka & Povel, Paul & Sertsios, Giorgo, 2021. "Capital structure under collusion," Journal of Financial Intermediation, Elsevier, vol. 45(C).
    6. Giorgio Calcagnini & Annalisa Ferrando & Germana Giombini, 2013. "Multiple Market Imperfections, Firm Profitability and Investment," Working Papers 1305, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2013.
    7. Alexander Muravyev & Dorothea Schäfer & Oleksandr Talavera, 2007. "Entrepreneurs' Gender and Financial Constraints: Evidence from International Data," Discussion Papers of DIW Berlin 706, DIW Berlin, German Institute for Economic Research.
    8. Jean-Etienne de Bettignies & Anne Duchêne, 2015. "Product Market Competition and the Financing of New Ventures," Management Science, INFORMS, vol. 61(8), pages 1849-1867, August.
    9. Cookson, J. Anthony, 2017. "Leverage and strategic preemption: Lessons from entry plans and incumbent investments," Journal of Financial Economics, Elsevier, vol. 123(2), pages 292-312.
    10. Söhnke M. Bartram, 2017. "Corporate Postretirement Benefit Plans and Real Investment," Management Science, INFORMS, vol. 63(2), pages 355-383, February.
    11. Patrick Legros & Andrew Newman, 2014. "Contracts, Ownership, and Industrial Organization: Past and Future," ULB Institutional Repository 2013/229731, ULB -- Universite Libre de Bruxelles.
    12. Bernard Franck & Nicolas Le Pape, 2020. "The limited liability effect: Implications for anticompetitive horizontal mergers," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 22(6), pages 2082-2102, December.
    13. Tetsuya Shinkai & Takao Ohkawa & Makoto Okamura & Kozo Harimaya, 2015. "Strategic Delegation of Indebted Firms in a Duopoly with Uncertain Demand," Discussion Paper Series 135, School of Economics, Kwansei Gakuin University, revised Sep 2015.
    14. Andrew F. Newman & Patrick Legros, 2011. "Incomplete Contracts and Industrial Organization: A Survey," Boston University - Department of Economics - Working Papers Series WP2011-036, Boston University - Department of Economics.
    15. Angelo Secchi & Federico Tamagni & Chiara Tomasi, 2016. "Export price adjustments under financial constraints," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01297116, HAL.
    16. Baranchuk, Nina & Rebello, Michael J., 2018. "Spillovers from good-news and other bankruptcies: Real effects and price responses," Journal of Financial Economics, Elsevier, vol. 129(2), pages 228-249.
    17. Tetsuya Shinkai & Takao Ohkawa & Makoto Okamura & Kozo Harimaya, 2012. "Why did the Dutch East India Co. outperform the British East India Co.? —A theoretical explanation based on the objective of the firm and limited liability—," Discussion Paper Series 96, School of Economics, Kwansei Gakuin University, revised Dec 2012.
    18. Chang, Chong-Chuo & Tang, Hui-Wen, 2021. "Corporate cash holdings and total factor productivity – A global analysis," The North American Journal of Economics and Finance, Elsevier, vol. 55(C).
    19. Jaideep Chowdhury, 2014. "Impact of financial constraint on incentive compensation and product market behavior," Economics Bulletin, AccessEcon, vol. 34(1), pages 115-124.
    20. Michael L. Katz, 2006. "Observable Contracts as Commitments: Interdependent Contracts and Moral Hazard," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 15(3), pages 685-706, September.
    21. Grupp, Marcel & Rauch, Christian & Umber, Marc P. & Walz, Uwe, 2015. "The influence of leveraged buyouts on target firms' competitors," SAFE Working Paper Series 99, Leibniz Institute for Financial Research SAFE.
    22. Sai Zhao & Lei Fang, 2023. "Debt financing, first‐mover advantage, and vertical product differentiation," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(1), pages 502-514, January.
    23. Ulrich Hege, 2010. "Acquisition Values and Optimal Financial (In)Flexibility," The Review of Financial Studies, Society for Financial Studies, vol. 23(7), pages 2865-2899, July.
    24. Tetsuya Shinkai & Takao Ohkawa & Makoto Okamura & Kozo Harimaya, 2012. "Delegation and Limited Liability in a Modern Capitalistic Economy," Discussion Paper Series 87, School of Economics, Kwansei Gakuin University, revised Apr 2012.
    25. Aghion, Philippe & Dewatripont, Mathias & Legros, Patrick & Zingales, Luigi (ed.), 2016. "The Impact of Incomplete Contracts on Economics," OUP Catalogue, Oxford University Press, number 9780199826216.
    26. Shobha Tewari & Bibek Bhattacharya, 2023. "Financial resources, corporate social responsibility, and ownership type: Evidence from India," Asia Pacific Journal of Management, Springer, vol. 40(3), pages 1093-1132, September.
    27. Gangqiang Yang & Ziyu Ding & Haisen Wang & Lingli Zou, 2023. "Can environmental regulation improve firm total factor productivity? The mediating effects of credit resource allocation," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(7), pages 6799-6827, July.
    28. Sertsios, Giorgo, 2020. "Corporate finance, industrial organization, and organizational economics," Journal of Corporate Finance, Elsevier, vol. 64(C).
    29. Banerjee, Rajabrata & Gupta, Kartick & Mudalige, Priyantha, 2020. "Do environmentally sustainable practices lead to financially less constrained firms? International evidence," International Review of Financial Analysis, Elsevier, vol. 68(C).
    30. PICARD, Pierre & RUSLI, Ridwan D., 2012. "State owned firms: private debt, cost revelation and welfare," LIDAM Discussion Papers CORE 2012047, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    31. Jan Bena, 2008. "The Effect of Credit Rationing on the Shape of the Competition-Innovation Relationship," CERGE-EI Working Papers wp377, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    32. Khanna, Naveen & Schroder, Mark, 2010. "Optimal debt contracts and product market competition with exit and entry," Journal of Economic Theory, Elsevier, vol. 145(1), pages 156-188, January.
    33. Gui, Zhengqing & von Thadden, Ernst-Ludwig & Zhao, Xiaojian, 2019. "Incentive-compatibility, limited liability and costly liquidation in financial contracting," Games and Economic Behavior, Elsevier, vol. 118(C), pages 412-433.
    34. Arping, Stefan & Diaw, Khaled M., 2008. "Sunk costs, entry deterrence, and financial constraints," International Journal of Industrial Organization, Elsevier, vol. 26(2), pages 490-501, March.
    35. Vincent Y. Chang, 2019. "Does reinsurance purchasing enhance insurers’ competitiveness? Evidence from the U.S. property–liability insurance industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 44(4), pages 595-623, October.
    36. Andrew F. Daughety, 2006. "Cournot Competition," Vanderbilt University Department of Economics Working Papers 0620, Vanderbilt University Department of Economics.
    37. Niu, Yuhao & Wang, Sai & Wen, Wen & Li, Sifei, 2023. "Does digital transformation speed up dynamic capital structure adjustment? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).

  12. Povel, Paul & Singh, Rajdeep, 2004. "Using bidder asymmetry to increase seller revenue," Economics Letters, Elsevier, vol. 84(1), pages 17-20, July.

    Cited by:

    1. Dirk Bergemann & Benjamin Brooks & Stephen Morris, 2018. "Countering the Winner's Curse: Optimal Auction Design in a Common Value Model," Cowles Foundation Discussion Papers 2147R, Cowles Foundation for Research in Economics, Yale University, revised Jun 2019.
    2. U. Weitzel & S. Rosenkranz, 2007. "Bargaining in Mergers and Termination Fees," Working Papers 07-06, Utrecht School of Economics.
    3. S. Rosenkranz & U. Weitzel, 2005. "Bargaining in Mergers: The Role of Outside Options and Termination Provisions," Working Papers 05-32, Utrecht School of Economics.
    4. Loyola, Gino, 2008. "Optimal takeover contests with toeholds," UC3M Working papers. Economics we083217, Universidad Carlos III de Madrid. Departamento de Economía.
    5. Loyola, Gino, 2007. "How to sell to buyers with crossholdings," UC3M Working papers. Economics we075025, Universidad Carlos III de Madrid. Departamento de Economía.

  13. Paul Povel & Michael Raith, 2004. "Optimal Debt with Unobservabable Investments," RAND Journal of Economics, The RAND Corporation, vol. 35(3), pages 599-616, Autumn.

    Cited by:

    1. Jaideep Chowdhury & Gokhan Sonaer, 2015. "Investment and Managerial Preferences," Economics Bulletin, AccessEcon, vol. 35(1), pages 392-399.
    2. James Malcomson, 2004. "Principal and Expert Agent," Economics Series Working Papers 193, University of Oxford, Department of Economics.
    3. Boyd, John H. & Hakenes, Hendrik, 2014. "Looting and risk shifting in banking crises," Journal of Economic Theory, Elsevier, vol. 149(C), pages 43-64.
    4. Philipp Meyer-Brauns, 2014. "Financial Contracting with Tax Evaders," Working Papers tax-mpg-rps-2014-01, Max Planck Institute for Tax Law and Public Finance.
    5. Mario Tirelli, 2021. "On the optimal investment finance of small businesses," Small Business Economics, Springer, vol. 56(4), pages 1639-1665, April.
    6. Povel, Paul & Raith, Michael, 2004. "Financial constraints and product market competition: ex ante vs. ex post incentives," International Journal of Industrial Organization, Elsevier, vol. 22(7), pages 917-949, September.
    7. Bolton, Patrick & Oehmke, Martin, 2015. "Should derivatives be privileged in bankruptcy?," LSE Research Online Documents on Economics 84512, London School of Economics and Political Science, LSE Library.
    8. HaiYue Liu & ShiYi Liu & JiaTian Li & Peng Wu, 2021. "An empirical study of Chinese listed firms’ herd behaviour in cross‐border mergers and acquisitions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(5), pages 6295-6331, December.
    9. Marta Troya-Martinez, 2013. "Vertical Relational Contracts and Trade Credit," Economics Series Working Papers 648, University of Oxford, Department of Economics.
    10. Gui, Zhengqing & von Thadden, Ernst-Ludwig & Zhao, Xiaojian, 2019. "Incentive-compatibility, limited liability and costly liquidation in financial contracting," Games and Economic Behavior, Elsevier, vol. 118(C), pages 412-433.
    11. Yinghui Chen & Xiaolin Gong & Chien-Chi Chu & Yang Cao, 2018. "Access to the Internet and Access to Finance: Theory and Evidence," Sustainability, MDPI, vol. 10(7), pages 1-38, July.
    12. Dang, Viet Anh, 2010. "Optimal financial contracts with hidden effort, unobservable profits and endogenous costs of effort," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(1), pages 75-89, February.
    13. Meyer-Brauns, Philipp, 2014. "Financial Contracting with Tax Evaders," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100524, Verein für Socialpolitik / German Economic Association.

  14. Povel, Paul, 1999. "Optimal "Soft" or "Tough" Bankruptcy Procedures," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 15(3), pages 659-684, October.

    Cited by:

    1. Ariane Lambert-Mogiliansky & Konstantin Sonin & Ekaterina Zhuravskaya, 2007. "Are Russian Commercial Courts Biased? Evidence from a Bankruptcy Law Transplant," Working Papers w0099, Center for Economic and Financial Research (CEFIR).
    2. Koen Schoors & Konstantin Sonin, 2005. "Passive Creditors," William Davidson Institute Working Papers Series wp737, William Davidson Institute at the University of Michigan.
    3. López Gutiérrez, Carlos & García Olalla, Myriam & Torre Olmo, Begoña, 2009. "The influence of bankruptcy law on equity value of financially distressed firms: A European comparative analysis," International Review of Law and Economics, Elsevier, vol. 29(3), pages 229-243, September.
    4. Nicola Gennaioli & Stefano Rossi, 2012. "Contractual Resolutions of Financial Distress," Working Papers 651, Barcelona School of Economics.
    5. Régis Blazy & Bertrand Chopard & Agnès Fimayer & Jean-Daniel Guigou, 2009. "Financial versus Social Efficiency of Corporate Bankruptcy Law: the French Dilemma?," Working Papers of BETA 2009-12, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    6. Aloisio Araujo & Bruno Funcha, 2013. "Bankruptcy law and credit market: a general-equilibrium approach," Fucape Working Papers 39, Fucape Business School.
    7. Arturo Bris & Alan Schwartz & Ivo Welch, 2005. "Who Should Pay for Bankruptcy Costs?," The Journal of Legal Studies, University of Chicago Press, vol. 34(2), pages 295-341, June.
    8. Eisfeldt, Andrea L. & Rampini, Adriano A., 2008. "Managerial incentives, capital reallocation, and the business cycle," Journal of Financial Economics, Elsevier, vol. 87(1), pages 177-199, January.
    9. Claeys, Sophie & Lanine, Gleb & Schoors, Koen, 2005. "Bank supervision Russian style: rules versus enforcement and tacit objectives," BOFIT Discussion Papers 10/2005, Bank of Finland Institute for Emerging Economies (BOFIT).
    10. Régis Blazy & Bertrand Chopard & Nirjhar Nigam, 2013. "Buiding legal indexes to explain recovery rates: An analysis of the French and English bankrupcy codes," Post-Print hal-01514536, HAL.
    11. Stef, Nicolae, 2022. "How does legal design affect the initiation of a firm's bankruptcy?," Economic Modelling, Elsevier, vol. 114(C).
    12. Régis Blazy & Bertrand Chopard, 2004. "Ex post Efficiency of Bankruptcy Procedures : A General Normative Framework," Post-Print hal-00279018, HAL.
    13. Laurent Vilanova, 2002. "Risque juridique et rôle des banques dans le gouvernement des entreprises," Revue Finance Contrôle Stratégie, revues.org, vol. 5(4), pages 137-175, December.
    14. Dinev, Nikolay, 2017. "Voluntary Bankruptcy as Preemptive Persuasion," Economics Series 334, Institute for Advanced Studies.
    15. Ariane Lambert-Mogiliansky & Konstantin Sonin & Ekaterina Zhuravskaya, 2006. "Are Russian commercial courts biased?Evidence from a natural bankruptcy experiment," PSE Working Papers halshs-00590402, HAL.
    16. Closset, Frédéric & Urban, Daniel, 2019. "The balance of power between creditors and the firm: Evidence from German insolvency law," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 454-477.
    17. Ernst-Ludwig VON THADDEN & Erik BERGLÖF & Gérard ROLAND, 2003. "Optimal Debt Design and the Role of Bankruptcy," Cahiers de Recherches Economiques du Département d'économie 03.13, Université de Lausanne, Faculté des HEC, Département d’économie.
    18. Tarantino, Emanuele, 2013. "Bankruptcy law and corporate investment decisions," Journal of Banking & Finance, Elsevier, vol. 37(7), pages 2490-2500.
    19. S. CLAEYS & G. LANINE & K. SCHOORs, 2005. "Bank Supervision Russian Style: Rules vs Enforcement and Tacit Objectives," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 05/307, Ghent University, Faculty of Economics and Business Administration.
    20. Kenneth Ayotte & David Skeel, "undated". "Why Do Distressed Companies Choose Delaware? An Empirical Analysis of Venue Choice in Bankruptcy," Scholarship at Penn Law upenn_wps-1023, University of Pennsylvania Law School.
    21. Tatiana Škerlíková, 2012. "Findings from Literature Review with Focus on the Law Influence on Bankruptcy Initiation [Poznatky ze studia literatury zabývající se vlivem právní úpravy na zahájení insolvenčního řízení]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2012(4), pages 120-131.
    22. Bertrand Chopard & Eric Langlais, 2009. "Défaut de paiement stratégique et loi sur les défaillances d’entreprises," Cahiers du CEREFIGE 0901, CEREFIGE (Centre Europeen de Recherche en Economie Financiere et Gestion des Entreprises), Universite de Lorraine, revised 2009.
    23. Pindado, Julio & Rodrigues, Luis & de la Torre, Chabela, 2008. "How do insolvency codes affect a firm's investment?," International Review of Law and Economics, Elsevier, vol. 28(4), pages 227-238, December.
    24. Régis Blazy & Bertrand Chopard & Agnès Fimayer, 2007. "Bankruptcy Law: a Mechanism of Governance for Financially Distressed Firms," Working Papers of BETA 2007-33, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    25. Fisher, Timothy C.G. & Martel, Jocelyn & Gavious, Ilanit, 2016. "Tax claims, government priority, absolute priority and the resolution of financial distress," International Review of Law and Economics, Elsevier, vol. 48(C), pages 50-58.
    26. Michelle J. White, 2005. "Economic Analysis of Corporate and Personal Bankruptcy Law," NBER Working Papers 11536, National Bureau of Economic Research, Inc.
    27. Gennaioli, Nicola & Rossi, Stefano, 2008. "Optimal Resolutions of Financial Distress by Contract," CEI Working Paper Series 2008-6, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    28. Inderst, Roman, 2006. "Consumer Lending When Lenders are More Sophisticated Than Households," CEPR Discussion Papers 5410, C.E.P.R. Discussion Papers.
    29. Aney, Madhav S. & Banerji, Sanjay, 2022. "Political connections, informational asymmetry, and the efficient resolution of financial distress," Economic Modelling, Elsevier, vol. 114(C).
    30. Alan Schwartz, "undated". "A Normative Theory of Business Bankruptcy," American Law & Economics Association Annual Meetings 1037, American Law & Economics Association.
    31. Chopard, Bertrand & Langlais, Eric, 2007. "Renégociation stratégique de la dette, risque comptable et risque juridique [Strategic Bankruptcy with accountable and judicial risks]," MPRA Paper 4805, University Library of Munich, Germany.
    32. Régis Blazy & Bruno Deffains & Gisele Umbhauer & Laurent Weill, 2013. "Severe or gentle bankruptcy law : Which impact on investing and financing decisions ?," Post-Print hal-01753883, HAL.
    33. Marinč, Matej & Rant, Vasja, 2014. "A cross-country analysis of bank bankruptcy regimes," Journal of Financial Stability, Elsevier, vol. 13(C), pages 134-150.
    34. Acharya, Viral V. & Sundaram, Rangarajan K. & John, Kose, 2011. "Cross-country variations in capital structures: The role of bankruptcy codes," Journal of Financial Intermediation, Elsevier, vol. 20(1), pages 25-54, January.
    35. Friebel, Guido & Raith, Michael, 2006. "Resource Allocation and Firm Scope," IZA Discussion Papers 2249, Institute of Labor Economics (IZA).
    36. Rossi, Stefano, 2015. "What Drives Financial Reform? Economics and Politics of the State-Level Adoption of Municipal Bankruptcy Laws," CEPR Discussion Papers 10984, C.E.P.R. Discussion Papers.
    37. Chopard, Bertrand, 2004. "Enchères, redressement ou liquidation judiciaire," L'Actualité Economique, Société Canadienne de Science Economique, vol. 80(4), pages 655-669, Décembre.
    38. Cordella, Tito & Yeyati, Eduardo Levy, 2003. "Bank bailouts: moral hazard vs. value effect," Journal of Financial Intermediation, Elsevier, vol. 12(4), pages 300-330, October.
    39. Bebchuk, Lucian Arye, 2001. "Ex Ante Costs of Violating Absolute Priority in Bankruptcy," CEPR Discussion Papers 2914, C.E.P.R. Discussion Papers.
    40. Kenneth Ayotte & Hayong Yun, "undated". "Matching Bankruptcy Laws to Legal Environments," American Law & Economics Association Annual Meetings 1018, American Law & Economics Association.
    41. Martin Dòzsa & Karel Janda, 2015. "Corporate asset pricing models and debt contracts," CAMA Working Papers 2015-33, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    42. Nadja König, 2016. "Household Debt and Macrodynamics - How do Income Distribution and Insolvency Regulations interact?," Macroeconomics and Finance Series 201603, University of Hamburg, Department of Socioeconomics.
    43. Ayadi, Mohamed A. & Lazrak, Skander & Welch, Robert, 2017. "Determinants of bankruptcy regime choice for Canadian public firms," Research in International Business and Finance, Elsevier, vol. 42(C), pages 161-172.
    44. Bertrand Chopard, 2005. "« Ex post » vs « Ex ante » : le cas de l’économie du droit de la faillite," Revue d'Économie Financière, Programme National Persée, vol. 81(4), pages 291-303.
    45. Urs W. Birchler & Dominik Egli, 2003. "Ein neues Bankinsolvenzrecht für die Schweiz," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 139(II), pages 125-154, June.

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