Financially Constrained Stock Returns

By Dmitry Livdan, Horacio Sapriza, Lu Zhang. 2009

273 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/8eb1a9f9843de9ae344a6758842b4bb3ab5128ab

Citations in the corpus

• Value Versus Growth: Time-Varying Expected Stock Returns (2011, unknown): “To test whether the differential responses between value and growth firms are statistically significant, we report a set of likelihood ratio tests for the existence of two states in the conditional mean equation, as in Perez-Quiros and Timmermann (2000). We condition on the existence of two states i”
• Inventory Investment and the Cost of Capital (2013, unknown): “As shown theoretically by Livdan, Sapriza, and Zhang (2009), binding financing constraints should lead to a higher firm cost of capital.”
• The Role of Debt and Equity Finance Over the Business Cycle (2012, unknown): “Livdan, Sapriza, and Zhang (2006) also generate a procyclical shadow price of external funds.”
• Fiscal Policies and Asset Prices (2012, unknown): “Specifically, we introduce a dynamic trade-off model of capital structure into an asset pricing model along the lines of Livdan, Sapriza, and Zhang (2009).”
• Does Q-Theory with Investment Frictions Explain Anomalies in the Cross-Section of Returns? (2010, unknown): “Zhang (2005), Li, Livdan, and Zhang (2009), and Livdan, Sapriza, and Zhang (2009) use dynamic investment models to understand the value anomaly, external financing anomalies, and the relation between average returns and financing constraints, respectively.”
• Financial Constraints, R&D Investment, and Stock Returns (2011, unknown): “To reduce the confounding effect of financial distress, I also delete observations with negative real sales growth following the literature on financial constraints (e.g., Kaplan and Zingales 1997; Lamont, Polk, and Saá-Requejo 2001; Whited and Wu 2006; and Livdan, Sapriza, and Zhang 2009).”
• Market Timing, Investment, and Risk Management (2012, unknown): “3548. For sufficiently low cash holdings, the ability to speculate lowers the firm’s issuance boundary wG because the marginal value of cash for a firm with speculation/hedging opportunity is higher. The ability to increase the volatility of the cash accumulation process makes the equity issuance op”