🦜 Corporate Finance
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Corporate Finance
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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…
Tilting the Balance Towards Equity: Capital Controls and the Structure of External Liabilities
https://d.repec.org/n?u=RePEc:imf:imfwpa:2026/037&r=&r=cfn
Published: February 27, 2026 00:00
Capital flow restrictions have long been debated as a tool to manage external financial vulnerabilities, as volatile international capital flows and high external debt can contribute to financial crises. However, empirical evidence on whether capital flow…