NDLI: Monetary Policy, Corporate Finance and Investment

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Monetary Policy, Corporate Finance and Investment

Content Provider	Scilit
Author	Cloyne, James Ferreira, Clodomiro Froemel, Maren Surico, Paolo
Copyright Year	2019
Description	Journal: SSRN Electronic Journal We provide new evidence on how monetary policy affects investment and firm finance in the United States and the United Kingdom. Younger firms paying no dividends exhibit the largest and most significant change in capital expenditure – even after conditioning on size, asset growth, Tobin’s Q, leverage or liquidity – and drive the response of aggregate investment. Older companies, in contrast, hardly react at all. After a monetary policy tightening, net worth falls considerably for all firms but borrowing declines only for younger non-dividend payers, as their external finance is mostly exposed to asset value fluctuations. Conversely, cash-flows change less markedly and more homogeneously across groups. Our findings highlight the role of firm finance and financial frictions in amplifying the effects of monetary policy on investment.
Related Links	https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/19/Fich/dt1911e.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3361718
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.3361718
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2019-03-28
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Monetary Policy Financial Frictions Firm Finance
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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