Essays on firm capital structure and macroeconomic policy
Başlık çevirisi mevcut değil.
- Tez No: 622308
- Danışmanlar: PROF. DR. DANIŞMAN YOK
- Tez Türü: Doktora
- Konular: Ekonomi, Maliye, İşletme, Economics, Finance, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2016
- Dil: İngilizce
- Üniversite: Johns Hopkins University
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 200
Özet
This dissertation is composed of three chapters. In the rst chapter, I investigate how rms' capital structure decisions respond to changes in collateral value, caused by real estate price shock. Through the collateral channel, shocks to the value of real estate can have a signi cant impact on the rms' borrowing capacity. In this chapter, I provide evidence on this mechanism by using Loanto- Value (henceforth LTV) ratio caps on mortgages in a number of European countries as policy shocks that a ect real estate prices. I conduct a di erence-indi erence exercise using a unique and comprehensive micro panel data covering both Large and Small & Medium Enterprises (henceforth SMEs). This allows me to better identify and quantify the e ects of policy shocks to the value of rm collateral by distinguishing them from local demand shocks and local general equilibrium e ects. I nd a signi cant collateral damage on rms' balance sheets, a consequence of LTV policy shock, which in turn caused i) secured debt to decrease in rms with high collateral value more than in rms with low collateral value, and ii) trade credit use to increase in rms with high collateral value more than in rms with low collateral value. These ndings document a new evidence on how rms adjust to shocks to the value of collateral through trade credit use. These ndings also highlight that macroprudential policies in one sector{such as LTV ratio caps targeting household sector{might result in an unintended consequence in another sector{such as collateral damage in corporate sector. This is an important caveat that policy makers should consider when implementing macroprudential policy. In the second chapter, my coauthors and I construct a model of incentives suggesting that interlocking balance sheets through accounts receivable and accounts payable provide incentives necessary to sustain long production chains. One of the implications of this model is that upstream rms in the production chain have higher accounts receivable. Further, the working capital of upstream rms are relatively more sensitive to the availability of credit. Using a large rm-level data set for 15 European OECD countries and the United States, 2000{2009, combined with sector-level measures of relative position in production chains (\upstreamness"), we nd strong empirical support for the model. Lack of credit matters for amplifying recessions in economies with long production chains. In the third chapter, my coauthors and I present new stylized facts on bank and rm leverage during the period 2000{2009 using internationally comparable micro level data from many countries. We document the following patterns: a) there was an increase in leverage for investment banks prior to the sub-prime crisis; b) there was no visible increase in leverage for the typical commercial bank and non- nancial rm; c) o -balance-sheet items constitute a big fraction of assets, especially for large commercial banks in the US, whereas investment banks do not report these items; d) the leverage ratio is procyclical for investment banks and for large commercial banks in the US; e) banks in emerging markets with tighter bank regulation and stronger investor protection experienced signi cantly less deleveraging during the crisis. The results suggest that excessive risk taking before the crisis was not easily detectable because the risk involved the quality rather than the quantity of assets
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