Access to Capital, Capital Structure, and the Funding of the Firm

By Omer Brav. 2009

582 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/39772104c9c36c584a730a06f53b00c2827b7c1e

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Finance

Citations in the corpus

Financial Dependence and Innovation: The Case of Public Versus Private Firms (2017, unknown): “On the one hand, the benefits of an easier access to cheaper capital allow public firms to conduct more mergers and acquisitions (Maksimovic et al. (2012)), to raise more equity capital (Brav (2009)), and to pay more dividends (Michaely and Roberts (2012)) than private firms.”
Corporate Governance and Pollution Externalities of Public and Private Firms* (2020, unknown): “Brav (2009), JF Private firms have higher leverage ratios and their capital structures are more sensitive to performance.”
What Do We Know about the Capital Structure of Privately Held US Firms? Evidence from the Surveys of Small Business Finance: What Do We Know about the Capital Structure of Privately Held US Firms? (2012, unknown): “In addition, Brav (2009) examines the capital structure of privately held firms in the UK.”
Climate Change and Corporate Cash Holdings: Global Evidence (2020, unknown): “A few other studies, such as Brav (2009) and Saunders and Steffen (2011), find that the implication of financing friction and therefore the necessity of cash holdings is even more important for private firms.”
Equity crowdfunding, shareholder structures, and firm performance (2018, unknown): “A capital increase is defined as a net change in capital from period t-1 to t, normalized by the capital in period t-1, in excess of 5% (Brav, 2009).”
Entrepreneurial Finance and Nondiversifiable Risk (2009, unknown): “The choices of default and cash-out resemble American-style put and call options on the underlying non-tradeable (10)See Petersen and Rajan (2002), Heaton and Lucas (2004), and Brav (2009) for evidence that debt is the primary source of financing for most entrepreneurial firms.”
The impact of recent financial shocks on the financing and investment policies of UK private firms (2013, methodology): “It is generally argued that private firms are characterized by high information asymmetry and control considerations (Michaelas et al., 1999a; Brav, 2009).”
Initial Public Offerings: A synthesis of the Literature and Directions for Future Research (2018, result): “For example, consistent with public listing lowering information asymmetry and increasing liquidity, Brav’s (2009) examination of private and public firms in the United Kingdom leads him to conclude that private firms have a higher cost of capital. Empirical literature regarding the effects of publi”
Is the Risk of Product Market Predation a Cost of Disclosure (2016, background): “Columns (1) and (4) exclude all control variables, columns (2) and (5) include all control 32 The mean of leverage, without industry adjustment, is approximately 0.59 (untabulated), consistent with prior evidence that private firms are relatively more levered than public firms (Brav, 2009).”
Determinants of Corporate Cash Policy: Insights from Private Firms (2013, unknown): “Brav (2009) examines the financial policies of private and public firms in the U.K. and shows that private firms tend to borrow more, resulting in higher leverage ratios. Maksimovic, Phillips, and Yang (in press) show that public firms participate more in mergers and acquisitions than do private fir”
Less is More, or Not? On the Interplay between Bundles of Slack Resources, Firm Performance and Firm Survival (2015, unknown): “These data were validated and updated with data from country-specific databases, such as Bel-first for Belgium (Vanacker et al., 2013) and Fame for the UK (Brav, 2009), which often comprise more detailed data.”
Is the Stability of Leverage Ratios Determined by the Stability of the Economy (2009, unknown): “In the second column I also add rm age, maturity of assets, CPI and a dummy for listed rms. Unexpectedly, age of the rm is negatively related to leverage ratio (contrary to Haas and Peeters (2006), but consistent with Brav (2009)).”
Equity crowdfunding: First resort or last resort? (2017, background): “8 Finally, small firms are also eligible for an audit exemption in the UK (Brav, 2009).”
Debt financing, survival, and growth of start-up firms (2017, background): “of privately held firms (see, e.g. Ang, 1992; Berger and Udell, 1998; Cole, 2008; Brav, 2009; Ang, Cole and Lawson, 2010; Robb and Robinson, 2012; Cole, 2013) by documenting that the decision to use debt at the firm’s start-up matters for the critical subsequent firm outcomes of survival and growth.”
Family Control and Financing Decisions (2011, unknown): “In a conceptually related paper to our study, Brav (2009) shows that U.”
Private and Public Merger Waves (2012, unknown): “Public firms can access public financial markets, especially for long-term capital, at more favorable or easier terms while private firms rely more on short-term financing from financial intermediaries (Brav (2009)).”
Corporate governance reform and risk-taking: Evidence from a quasi-natural experiment in an emerging market (2020, background): “Delisting is considered to be a significant sanction to deter non-compliance of regulatory provisions, as it affects, among others, a firm’s access to and cost of external capital (Stulz, 1999; Brav, 2009).”
Corporate Zombies: Anatomy and Life Cycle (2020, background): “Caballero et al. (2008) find that the rise of zombie firms in Japan in the 1990s was linked to weakly capitalised banks which evergreened loans to avoid charge-offs that would have pushed them against regulatory capital limits. More recently, Storz et al. (2017) and Schivardi et al. (2017) document ”