Macroeconomic determinants of corporate failures: evidence from the UK

By Jia Liu. 2004

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Uncertainty determinants of corporate liquidity (2008, background): “liquidity? In the seminal paper of Modigliani and Miller (1958) cash is considered as a zero net present value investment. There are no benefits from holding cash in a world of perfect capital markets lacking information asymmetries, transaction costs or taxes. Firms undertake all positive NPV proje”
Macroeconomic Instability and Business Exit: Determinants of Failures and Acquisitions of UK Firms (2009, background): “The Insolvency Act of 1986 is likely to have had a mitigating effect on corporate failures (Cuthbertson and Hudson 1996; Liu 2004).17 In order to examine whether this has a significant effect on our results, we also estimate the model for bankruptcy for the period from 1986 onwards. r The London…”
Inverted-U relationship between R&D intensity and survival : evidence on scale and complementarity effects in UK data. (2016, unknown): “Similarly, both Holmes et al. (2010) nd Liu (2004) also report a negative relationship between interst rates and firm survival.”