أعرض تسجيلة المادة بشكل مبسط

dc.creator Baum, Christopher F.
dc.creator Stephan, Andreas
dc.creator Talavera, Oleksandr
dc.date 2004
dc.date.accessioned 2013-10-16T06:59:23Z
dc.date.available 2013-10-16T06:59:23Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/18295
dc.identifier ppn:396403522
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/18295
dc.description This paper investigates the link between the optimal level of non-financial firms' leverage and macroeconomic uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as macroeconomic uncertainty increases the firm will decrease its optimal level of borrowing. We test this proposition using a panel of non-financial US firms drawn from the COMPUSTAT quarterly database covering the period 1991-2001. The estimates confirm that as macroeconomic uncertainty increases, firms decrease their levels of leverage. Furthermore, we demonstrate that our results are robust with respect to the inclusion of the index of leading indicators.
dc.language eng
dc.publisher Deutsches Institut für Wirtschaftsforschung (DIW) Berlin
dc.relation DIW-Diskussionspapiere 443
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject D8
dc.subject D92
dc.subject G32
dc.subject C23
dc.subject ddc:330
dc.subject leverage
dc.subject uncertainty
dc.subject non-financial firms
dc.subject panel data
dc.title Macroeconomic Uncertainty and Firm Leverage
dc.type doc-type:workingPaper


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أعرض تسجيلة المادة بشكل مبسط