RSS Parrot

What Does Venture Capital Actually Finance ? Scale and Structure around the World

https://d.repec.org/n?u=RePEc:wbk:wbrwps:11438&r=&r=cfn

Published: August 31, 2026 00:00

Venture capital is widely viewed as financing knowledge-intensive, R&D-driven startups, but owing to data constraints, this view has been based largely on high-income economies. By taking a global perspective, this paper documents that what venture capital…

Revisiting the Risk-Return Relationship in Venture Capital: Market Cycles, Investor Heterogeneity and Regional Environments

https://d.repec.org/n?u=RePEc:dar:wpaper:161940&r=&r=cfn

Published: August 27, 2026 00:00

Venture capital (VC) plays a central role in financing entrepreneurial ventures. Despite its importance, the relationship between risk and return remains difficult to explain by standard financial theory. Standard asset pricing theory conceptualizes risk…

Hidden Leverage in Nonfinancial Corporations

https://d.repec.org/n?u=RePEc:fip:fedgif:103561&r=&r=cfn

Published: July 16, 2026 00:00

A substantial portion of corporate debt remains hidden from balance sheets. I document two forms of off-balance-sheet leverage in nonfinancial corporations: operating leases (pre-2019) and intraperiod borrowing—short-term debt issued and repaid within…

Alternative data information on climate risk and corporate cash holdings

https://d.repec.org/n?u=RePEc:ehl:lserod:138697&r=&r=cfn

Published: June 17, 2026 00:00

This study investigates the association between firm-level climate risk exposure and corporate cash holdings, drawing on transcript-based climate measures constructed from earnings conference calls. These measures track the relative frequency of…

Zombies, Insolvency Reform, and Misallocation of Capital

https://d.repec.org/n?u=RePEc:ris:adbewp:022616&r=&r=cfn

Published: June 2, 2026 00:00

Distressed and zombie firms are widespread in economies with weak insolvency regimes. This study investigates whether reforming insolvency laws can reduce capital misallocation. We introduce a framework for decomposing financial misallocation and derive…

Effect of corporate risk management on dividend policy: Evidence from US oil and gas firms

https://d.repec.org/n?u=RePEc:ris:crcrmw:022517&r=&r=cfn

Published: May 16, 2026 00:00

This paper tests the real effect of corporate risk management on dividend policy within a signaling theory framework. According to this theory, in the presence of information asymmetry, managers use dividends as a costly signal to convey private…

Bank Loans, Trade Credit and Export Prices: Evidence from Exchange Rate Shocks in China

https://d.repec.org/n?u=RePEc:imf:imfwpa:2026/084&r=&r=cfn

Published: April 24, 2026 00:00

This paper examines the impact of trade credit and bank loans on firms’ exchange rate passthrough. Using a comprehensive dataset combining customs transaction records and balance sheet data for Chinese exporters during 2000–2011, we document that firms…

The bank leverage response to tax shield changes

https://d.repec.org/n?u=RePEc:tin:wpaper:20260016&r=&r=cfn

Published: April 2, 2026 00:00

Does the preferential tax treatment of debt over equity cause banks to increase their leverage? We construct a novel dataset tracing the evolution of the debt tax shield for banks in advanced economies from 1870 to 2020. Exploiting variation from nearly…

Do State SME Programs Work ? Evidence from Loan Subsidies and Credit Guarantees in Kazakhstan

https://d.repec.org/n?u=RePEc:wbk:wbrwps:11344&r=&r=cfn

Published: March 23, 2026 00:00

This paper evaluates the employment and sales effects of two widely used financial support instruments for small and medium-sized enterprises, interest rate subsidies and credit guarantees, using administrative program data from Kazakhstan matched to the…