A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
- Topic classification is ongoing.
- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
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22,315 resources
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We study the transmission channels from central banks’ quantitative easing programs via the banking sector when central banks start purchasing corporate bonds. We find evidence consistent with a “capital structure channel” of monetary policy. The announcement of central bank purchases reduces the bond yields of firms whose bonds are eligible for central bank purchases. These firms substitute bank term loans with bond debt, thereby relaxing banks’ lending constraints: banks with low tier-1 ratios and high nonperforming loans increase lending to private (and profitable) firms, which experience a growth in investment. The credit reallocation increases banks’ risk-taking in corporate credit.
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Unregulated US corporations dramatically increased their debt usage over the past century. Aggregate leverage—low and stable before 1945—more than tripled between 1945 and 1970 from 11% to 35%, eventually reaching 47% by the early 1990s. The median firm in 1946 had no debt, but by 1970 had a leverage ratio of 31%. This increase occurred in all unregulated industries and affected firms of all sizes. Changing firm characteristics are unable to account for this increase. Rather, changes in government borrowing, macroeconomic uncertainty, and financial sector development play a more prominent role. Despite this increase among unregulated firms, a combination of stable debt usage among regulated firms and a decrease in the fraction of aggregate assets held by regulated firms over this period resulted in a relatively stable economy-wide leverage ratio during the 20th century.
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The fact that actual economic advance over time normally means producing and consuming different things is usually left implicit in modern models of economic growth. By contrast, qualitative change–new goods and services, and better versions of what already existed–is central to Robert Gordon's history of the improvement of American living standards since 1870. A major contribution of his fine-grained account of this experience is to make clear what this improvement has meant, and why it has mattered to ordinary citizens.
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Journals
- American Economic Review (10,442)
- Journal of Finance (6,024)
- Journal of Financial Economics (3,464)
- Review of Financial Studies (2,385)
Topic
- Bond (773)
- CEO (263)
- Mergers and Acquisitions (243)
- Director (145)
- Capital Structure (111)
Resource type
- Journal Article (22,315)
Publication year
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Between 1900 and 1999
(11,325)
- Between 1940 and 1949 (67)
- Between 1950 and 1959 (544)
- Between 1960 and 1969 (1,002)
- Between 1970 and 1979 (3,347)
- Between 1980 and 1989 (3,182)
- Between 1990 and 1999 (3,183)
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Between 2000 and 2024
(10,990)
- Between 2000 and 2009 (4,062)
- Between 2010 and 2019 (5,189)
- Between 2020 and 2024 (1,739)