A5063255967- Banking stability, regulation, efficiency
- Corporate Finance and Governance
- Fiscal Policies and Political Economy
- Credit Risk and Financial Regulations
- Housing Market and Economics
- Fiscal Policy and Economic Growth
- Working Capital and Financial Performance
- Firm Innovation and Growth
- Financial Reporting and Valuation Research
- Land Use and Ecosystem Services
- Conservation, Biodiversity, and Resource Management
- Corporate Taxation and Avoidance
- Private Equity and Venture Capital
- Ecology and Vegetation Dynamics Studies
- Corruption and Economic Development
- Rabies epidemiology and control
- Water Quality and Pollution Assessment
- Economic Theory and Policy
- Economic and Environmental Valuation
- Financial Markets and Investment Strategies
- Auction Theory and Applications
- Agricultural and Food Sciences
- Herpesvirus Infections and Treatments
- Economic Policies and Impacts
- Toxoplasma gondii Research Studies
National Institute for Space Research
2023-2024
University of Kentucky
2010-2023
Universidade Federal de Minas Gerais
2023
Universidade Federal do Rio de Janeiro
2023
Universidade Nova de Lisboa
2013-2014
University of Illinois Urbana-Champaign
2011-2013
Cornell University
2013
Fisher College
2013
National Bureau of Economic Research
2013
ABSTRACT We show that sovereign debt impairments can have a significant effect on financial markets and real economies through credit ratings channel. Specifically, we find firms reduce their investment reliance due to rising cost of capital following rating downgrade. identify these effects by exploiting exogenous variation in corporate agencies' ceiling policies, which require firms' remain at or below the country domicile.
Ensuring that a firm has sufficient liquidity to finance valuable projects occur in the future is at heart of practice financial management. However, although discussion these issues goes back least Keynes (1936) , substantial literature on ways which firms manage developed only recently. We argue many key management can be understood through lens framework face constraints and wish ensure efficient investment future. present such model use it survey empirical findings In addition, we...
We show that municipalities' financial constraints can have a significant impact on local employment and growth. identify these effects by exploiting exogenous upgrades in U.S. municipal bond ratings caused Moody's recalibration of its scale 2010. find governments increase expenditures because their debt capacity expands following rating upgrade. These an estimated income multiplier 1.9 cost per job $20,000 year. Our findings suggest debt-financed increases government spending improve...
Abstract We exploit variation in demand induced by demographics to provide causal evidence of the precautionary motive cash holdings. show that firms significantly increase their levels response exogenous increases investment opportunities. also novel dynamics accumulation and use cash. Financially constrained build reserves using internal sources. Consequently, they start saving earlier keep high longer. Unconstrained rely on external financing both invest reserves, requiring them save less...
Ensuring that a firm has sufficient liquidity to finance valuable projects occur in the future is at heart of practice financial management. Yet, while discussion these issues goes back least Keynes (1936), substantial literature on ways which firms manage developed only recently. We argue many key management can be understood through lens framework face constraints and wish ensure efficient investment future. present such model use it survey empirical findings
We show that sovereign debt impairments can have a significant impact on financial markets and real economies through credit ratings channel. Specifically, we find firms reduce their investment reliance due to rising cost of capital following rating downgrade. identify these effects by exploiting exogenous variation corporate agencies' ceiling policies require firms' remain at or below the country domicile.
In a recent paper, George and Hwang (2009) assert that endogenous debt choice in cross-section of diverse firms can imply negative relation between leverage or distress risk expected stock returns.
Ensuring that a firm has sufficient liquidity to finance valuable projects occur in the future is at heart of practice financial management.Yet, while discussion these issues goes back least Keynes (1936), substantial literature on ways which firms manage developed only recently.We argue many key management can be understood through lens framework face constraints and wish ensure efficient investment future.We present such model use it survey empirical findings management.Much variation...
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We document a striking decline of about 50% in the maturity newly issued municipal bonds from 1920 to 2020. Changes credit risk and issuance costs cannot account for this decrease. Instead, legislative changes limiting banks' access reducing federal income taxes play more prominent role. analyze shocks financing needs generated by natural disasters find that shorter significantly impairs local government's ability react unexpected expenditure spikes. Critically, shortages during emergencies...
Abstract We show that credit rating agencies can influence political elections. find incumbent parties experience an increase in their vote shares following municipal bond upgrades. The evidence is consistent with affecting elections indirectly by expanding local governments’ debt capacity and directly through impact on voters’ perceptions of the quality politicians. To identify these effects, we examine election outcomes within neighboring counties exploiting exogenous variation ratings due...
Large cash reserves have typically been associated with agency problems and poor investment decisions. I explore the cross sectional variation on sources of holdings (internal vs. external to firm) find that previous evidence overinvestment is mainly driven by firms build their using internal funds. Firms use funds do not engage in empire-building acquisitions destroy shareholder value. also these present higher announcement returns share repurchases response a signal they send market are no...
We show that municipalities’ financial constraints can have a significant impact on local employment and growth. identify these effects by exploiting exogenous upgrades in U.S. municipal bond ratings caused Moody’s recalibration of its scale 2010. find governments increase expenditures because their debt capacity expands following rating upgrade. These an estimated income multiplier 1.9 cost per job $20,000 year. Our findings suggest debt-financed increases government spending improve...
We exploit variation in demand induced by demographics to provide causal evidence of the precautionary motive cash holdings. Specifically, we show that firms significantly increase their levels response exogenous increases investment opportunities. also present dynamics accumulation and use changes forecasted demand. Financially constrained build reserves using internal sources. Consequently, they start saving earlier keep high longer. Unconstrained rely on external financing both invest...
This paper proposes a new approach to study how corporate policies change upon the replacement of CEO. We employ empirical Bayes simultaneous tests on executive fixed effects and find significant heterogeneity in their styles. Furthermore, we implement measure that explores differences styles between exiting CEO incoming comparison reveals before after turnover. Moreover, some changes are not immediate, so estimate fast firm policy converges equilibrium. For most part, our results...
<title>Abstract</title> Deforestation in the Brazilian Amazon has been monitored since 1988 by Satellite Monitoring Program (PRODES Amazonia), and its data pivotal guiding environmental public policies country. While forest formations are officially supported a monitoring program, significant portion of biome (6.6 % or ~280,000 km²) constituted non-forest (NF) phytophysiognomies (e.g., savanna, grasslands, flood lands) still unmonitored. To address this information gap, PRODES NF system was...
We use confidential regulatory data to investigate how banking relationships affect banks' municipal bond holdings and their repercussions for issuers. provide causal evidence that banks favor holding bonds from issuers with whom they share relationships, regardless of the issuer's creditworthiness. These also have crucial implications They enhance issuance characteristics in good times act as a stabilizer during adverse times. Our study provides insights into central role play shaping arm's...
The Brazilian Amazon Satellite Monitoring Program (PRODES Amazonia) tracks forest loss in the but excludes about 6.6% ( ~ 280,000 km²) of non-forest vegetation (NF). Here we developed PRODES NF system to address this gap by adapting well-established methodology Amazonia. Initial findings from show that lost 10.46% 30,000 area, mainly last two decades, with estates Mato Grosso, Roraima, and Amapá being primary hotspots losses. Savannas were most affected (13.3% their extent). strongly...
This report documents observations and analyses from fieldwork conducted between March 20 28, 2023, in the state of Roraima, as a collaboration National Institute for Space Research (INPE) Brazilian Agricultural Agency Roraima (Embrapa Roraima). The study investigated selected features both forested non-forested areas, confirming their anthropization status according to PRODES DETER monitoring programs (INPE). Additionally, it aimed identify land uses covers these areas. covered 2,288 km...