Ditapis dengan
Aversion to Student Debt? Evidence from Low-Wage Workers
We combine state minimum wage changes with individual-level income and credit data to estimate the effect of wage gains on the debt of low-wage workers. In the three years following a $0.88 minimum wage increase, low-wage workers experience a $2,712 income increase and a $856 decrease in debt. The entire decline in debt comes from less student loan borrowing among enrolled college students. Cre…
- Edisi
- Volume 79, Issue 2, April 2024, Pages 1199-1247
- ISBN/ISSN
- 1540-6261
- Deskripsi Fisik
- ill, chart, table, grafik, 924 hal, 20 cm
- Judul Seri
- -
- No. Panggil
- -
Debt Maturity Structure and Credit Quality
We examine whether a firm?s debt maturity structure affects its credit quality. Consistent with theory, we find that firms with greater exposure to rollover risk (measured by the amount of long-term debt payable within a year relative to assets) have lower credit quality; long-term bonds issued by those firms trade at higher yield spreads, indicating that bond market investors are cognizant of …
- Edisi
- -
- ISBN/ISSN
- 221090
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- JFQA4904
Asset liquidity and stock liquidity
We study the relation between asset liquidity and stock liquidity. Our model shows that the relation may be either positive or negative depending on parameter values. Asset liquidity improves stock liquidity more for firms that are less likely to reinvest their liquid assets (i.e., firms with less growth opportunities and financially constrained firms). Empirically, we find a positive and econo…
- Edisi
- -
- ISBN/ISSN
- 221090
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- JFQA4702
Does poor performance damage the reputation of financial intermediaries? evid…
We investigate the effect of poor performance on financial intermediary reputation by estimating the effect of large-scale bankruptcies among a lead arranger's borrowers on its subsequent syndication activity. Consistent with reputation damage, such lead arrangers retain larger fractions of the loans they syndicate, are less likely to syndicate loans, and are less likely to attract participant …
- Edisi
- -
- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- JOF6606
Market liquidity, investor participation, and managerial autonomy: why do fir…
We focus on public-market investor participation to analyze the firm's decision to stay public or go private. The liquidity of public ownership is both a blessing and a curse: It lowers the cost of capital, but also introduces volatility in a firm's shareholder base, exposing management to uncertainty regarding shareholder intervention in management decisions, thereby affecting the manager's pe…
- Edisi
- -
- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
The Entrepreneur's choice between private and public ownership
We analyze an entrepreneur/manager's choice between private and public ownership. The manager needs decision-making autonomy to optimally manage the firm and thus trades off an endogenized control preference against the higher cost of capital accompanying greater managerial autonomy. Investors need liquid ownership stakes. Public capital markets provide liquidity, but stipulate corporate govern…
- Edisi
- -
- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
Karya Umum 
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Kesenian, Hiburan, dan Olahraga 
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Geografi dan Sejarah