G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
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Uninsurable Investment Risks and Capital Income Taxation
This paper studies the capital accumulation and welfare implications of reducing capital income taxation in a general equilibrium economy with uninsurable investment risks. -
The Impact of Market Timing on Canadian and U.S. Firms' Capital Structure
This paper studies the impact of market timing on Canadian firms' capital structure and makes a comparison with U.S. firms. -
Financial Constraints and the Cash-Holding Behaviour of Canadian Firms
The proportion of assets held by the average Canadian firm in the form of cash has increased steadily since the early 1990s, and is now roughly twice as large as in 1990. The literature has established that the cash-holding behaviour of firms is highly correlated with financial constraints and firm characteristics. -
Do Firms Adjust Toward a Target Leverage Level?
This paper studies capital structure adjustment mechanisms of firms that experience substantial changes in leverage. -
Cyclical Behavior of Debt and Equity Using a Panel of Canadian Firms
We document the cyclical behavior of debt, equity, and retained earnings for different firm categories using firm-level Canadian data. -
Ownership Concentration and Competition in Banking Markets
Many countries prohibit large shareholdings in their domestic banks.The authors examine whether such a restriction restrains competition in a duopolistic loan market. Blockholders may influence managers' output decisions by choosing capital structure, as in Brander and Lewis (1986). -
Trade Credit and Credit Rationing in Canadian Firms
Burkart and Ellingsen's (2004) model of trade credit and bank credit rationing predicts that trade credit will be used by medium-wealth and low-wealth firms to help ease bank credit rationing.
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