A Theory of Financing Constraints and Firm Dynamics

By G. Clementi, Hugo A. Hopenhayn. 2006

635 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/6bf4b7d8d46fb61ff17ad30cf9caac03b074d509

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Citations in the corpus

Risk Taking by Entrepreneurs (2009, neutral): “Borrowing constraints have been considered in several recent papers (Gomes 2001, Albuquerque and Hopenhayn 2002, Clementi and Hopenhayn 2002) and is consistent with the empirical evidence presented in Evans and Jovanovic (1989), Gertler and Gilchrist (1994) Fazzari, Hubbard and Petersen (1988) and…”
Financial credibility, ownership, and financing constraints in private firms (2011, neutral): “(11)Clementi and Hopenhayn (2006) further show that the sensitivity of investment to cash decreases with age and size.”
The financing of small innovative firms: the Italian case (2009, positive): “However, a recent paper (Clementi and Hopenhayn, 2006) has shown that in a model in which borrowing constraints arise as part of the optimal”
Dynamic Agency and the q Theory of Investment (2012, background): “Inequality (8) implies that the rm cannot protably grow faster than the discount rate.”
Financing Constraints, Firm Dynamics, Export Decisions and Aggregate productivity (2011, background): “where  −1 is equal to one if the firm decided in period − 1 to pay the fixed cost  in order to start exporting in period   is an indicator function that is equal to one if the firm is an exporter in period 6 Equation (8) implies that the firm pays no dividends and that all revenues are rei”
Firm dynamics and financial development (2012, background): “) . ( 5 ) If the entrepreneur chooses to default, his debts are written-off but he loses the project”
Credit constraints and firm export: Microeconomic evidence from Italy☆ (2011, background): “Bernanke and Gertler (1990) and Clementi and Hopenhayn (2006) respectively demonstrate that credit constraints depress firms' investment and growth.”
A balancing act: Managing financial constraints and agency costs to minimize investment inefficiency in the Chinese market (2016, background): “…small and young firms are typically characterized by high idiosyncratic risk and high bankruptcy costs, which might exclude them from credit markets, or make their access to external finance more costly (Beck et al., 2005; Clementi and Hopenhayn, 2006; Gertler and Gilchrist, 1994; Guariglia, 2008).”
The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting (2015, neutral): “Similarly, the asymmetric information models of Clementi and Hopenhayn (2006), DeMarzo and Sannikov (2006), DeMarzo and Fishman (2007), and Biais, Mariotti, Rochet, and Villeneuve (2010) produce long-term contracts that are susceptible to renegotiation because of the inefficiency of the punishment,…”
Entrepreneurship and Financial Frictions: A Macrodevelopment Perspective (2015, neutral): “Albuquerque and Hopenhayn (2004) solve a firm's dynamic contracting problem over time under limited commitment, while Clementi and Hopenhayn (2006) address dynamic contracts with i.i.d. private information.”
Firm Age and the Evolution of Borrowing Costs: Evidence from Japanese Small Firms (2010, background): “[12] Clementi, Gian Luca, and Hugo Hopenhayn (2002), “A Theory of Financing Constraints and Firm Dynamics,” Rochester Center of Economic Research Working Paper No.”