Please use this identifier to cite or link to this item: https://hdl.handle.net/10356/103277
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dc.contributor.authorChang, Xinen
dc.contributor.authorChen, Yunlingen
dc.contributor.authorDasgupta, Sudiptoen
dc.date.accessioned2019-04-11T02:35:25Zen
dc.date.accessioned2019-12-06T21:08:56Z-
dc.date.available2019-04-11T02:35:25Zen
dc.date.available2019-12-06T21:08:56Z-
dc.date.copyright2019en
dc.date.issued2018en
dc.identifier.citationChang, X., Chen, Y., & Dasgupta, S. (2019). Macroeconomic conditions, financial constraints, and firms’ financing decisions. Journal of Banking & Finance, 101242-255. doi:10.1016/j.jbankfin.2018.10.016en
dc.identifier.issn0378-4266en
dc.identifier.urihttps://hdl.handle.net/10356/103277-
dc.description.abstractWe examine how time-varying macroeconomic conditions affect firms’ financing decisions. A principal components decomposition of several macroeconomic variables characterizes three phases of the business cycle relative to recessions: early recovery, robust recovery, and economic crest; a fourth represents “windows of opportunity” in capital markets that are unrelated to recessions. This characterization yields results that traditional approaches miss. Specifically, debt issuance exhibits a non-monotonic pattern during the upward phase of the business cycle: it declines in robust recovery relative to recessions but peaks at the economic crest. Financially constrained firms issue more equity during windows of high stock market valuation, whereas unconstrained firms time debt issuance in response to debt market spreads.en
dc.format.extent53 p.en
dc.language.isoenen
dc.relation.ispartofseriesJournal of Banking and Financeen
dc.rights© 2018 Elsevier. All rights reserved. This paper was published in Journal of Banking and Finance and is made available with permission of Elsevier.en
dc.subjectDRNTU::Business::Financeen
dc.subjectDebt Maturityen
dc.subjectCapital Structureen
dc.titleMacroeconomic conditions, financial constraints, and firms’ financing decisionsen
dc.typeJournal Articleen
dc.contributor.schoolCollege of Business (Nanyang Business School)en
dc.identifier.doi10.1016/j.jbankfin.2018.10.016en
dc.description.versionAccepted versionen
dc.identifier.rims209794en
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