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Financing Constraints and Corporate Investment
Most empirical models of investment rely on the assumption that firms are able to respond to prices set in centralized securities markets (through the "cost of capital" or "q"). An alternativeExpand
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Market Structure and Cyclical Fluctuations in U.S. Manufacturing
The relevance of imperfect competition for models of aggregate economic fluctuations has received increased attention from researchers in both macroeconomics and industrial organization. MeasuringExpand
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Investment, Financing Decisions, and Tax Policy
Studies of tax policy and corporate investment have been prominent in public finance and macroeconomic research. By integrating corporate income tax rates, investment tax credits, and the value ofExpand
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Financing Constraints and Corporate Investment: Response to Kaplan and Zingales
Kaplan and Zingales (1995, hereafter KZ) criticize Fazzari, Hubbard and Petersen (1988, hereafter FHP) and much ensuing research that uses cross-sectional differences in firm behavior to test forExpand
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Investor Protection, Ownership, and the Cost of Capital
Himmelberg, Hubbard, and Love combine the agency theory of the firm with risk diversification incentives for insiders. Principal-agent problems between insiders and outsiders force insiders to retainExpand
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Coming Home to America: Dividend Repatriations by U.S. Multinationals
This paper analyzes the financial flows from foreign subsidiaries of American multinational corporations to their parent corporations in the U.S. These repatriations are important not only to U.S.Expand
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The Effect of Medicare Coverage for the Disabled on the Market for Private Insurance
We investigate whether the removal of high-cost individuals from private insurance markets leads to greater coverage for individuals who are similar but not as high cost. Using data on insuranceExpand
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Business Cycles and Oligopoly Supergames: Some Empirical Evidence on Prices and Margins
There has been a significant interest on a theoretical level in the application of supergames to oligopoly behavior. Implications for pricing behavior in trigger-strategy models in response toExpand
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The Response of Deferred Executive Compensation to Changes in Tax Rates
Given the increasing use of stock options in executive compensation, we examine how taxes influence the choice of compensation and document that income deferral is an important margin of adjustmentExpand
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Should the Modern Corporation Maximize Shareholder Value?
Milton Friedman’s admonition 50 years ago that the modern corporation should maximize shareholder value remains controversial. We argue that under certain broad assumptions, the admonition remains aExpand
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