Digital technology has energized the development of inclusive finance in China and is beneficial lowering threshold transaction costs financial services expanding coverage. However, it a key issue whether digital can help SMEs overcome financing difficulties, obtain liquidity, reduce corporate leverage, thus achieve sustainable development. By using data from China’s small- medium-sized listed ...

We analyze the cross-sectional differences in the tail risk of equity returns and identify the drivers of tail risk. We provide two statistical procedures to test the hypothesis of cross-sectional downside tail shape homogeneity. An empirical study of 230 US non-financial firms shows that between 2008 and 2011 the cross-sectional tail shape is homogeneous across equity returns. The heterogeneit...

Enterprise risk management (ERM), firm size, leverage, profitability, and dividend policy is believed have an impact on value. However empirical evidence thus still considered scarce. The objectives of this study to determine the effect ERM, value either simultaneously partially. This used purposive sampling technique. samples in 14 companies listed traded Indonesia Stock Exchange. data analysi...

t is the purpose of this paper to contribute to the discussion initiated byWachter about the parallelism between principal component (PC) and atypological grade of membership (GoM) analysis. The author testedempirically the close relationship between both analysis in a lowdimensional framework comprising up to nine dichotomous variables and twotypologies. Our contribution to the subject is also...

This paper tests for changes in firms' production and pricing decisions in four industries in which firms have sharply increased their financial leverage. The analysis of product price and quantity data show that industry product market decisions are associated with capital structure. In three industries, output is negatively associated with the average industry debt ratio. In the one industry ...

Agency theory posits that debt-like compensation (such as defined-benefit pensions and other deferred compensation) aligns managerial interests more closely with those of debtholders and reduces the agency cost of debt. Consistent with theory, we find that a higher CEO relative leverage, defined as the ratio of the CEO's inside leverage (debt-toequity compensation) to corporate leverage, is ass...

Under the background that international economy is in great recession and new development pattern of domestic double circulation has gradually become a consensus macro-economy normal, this paper investigates 31 provinces cities' policies residents' leverage ratio recent ten years, analyzes direction extent industrial policy, fiscal policy monetary on by using stata, matlab other software. The q...

Our paper provides a complete characterization of leverage and default in binomial economies with financial assets serving as collateral. Our Binomial No-Default Theorem states that any equilibrium is equivalent (in real allocations and prices) to another equilibrium in which there is no default. Thus actual default is irrelevant, though the potential for default drives the equilibrium and limi...

Our paper provides a complete characterization of leverage and default in binomial economies with financial assets serving as collateral. Our Binomial No-Default Theorem states that any equilibrium is equivalent (in real allocations and prices) to another equilibrium in which there is no default. Thus actual default is irrelevant, though the potential for default drives the equilibrium and limi...