The extant literature has largely overlooked how green credit policy (GCP) affects corporate
environmental, social, and governance (ESG) performance, which is important in assessing …

Financing constraints have always been a common problem for small-and medium-sized
enterprises (SMEs) around the world, but the emergence of supply chain finance (SCF) has …

Hundreds of papers and factors attempt to explain the cross-section of expected returns.
Given this extensive data mining, it does not make sense to use the usual criteria for …

Financial constraints are fundamental to empirical research in finance and economics. We
propose two tests to evaluate how well measures of financial constraints actually capture …

The fact that internal liquidity is a key source of corporate funding puts the marginal value of
cash at the center of a variety of firm decisions, including investment, payout, financing …

In this paper, we examine the relationship between geopolitical risk and stock liquidity.
Using an international sample of publicly listed firms, we find that higher geopolitical risk is …

We propose a model of dynamic investment, financing, and risk management for financially
constrained firms. The model highlights the central importance of the endogenous marginal …

We develop a model that endogenizes dynamic financing, investment, and cash
retention/payout policies in order to analyze the effect of financial flexibility on firm value. We …

This paper provides new evidence about the link between firm-level total factor productivity
(TFP) and stock returns. We estimate firm-level TFP and show that it is strongly related to …

In this paper I develop and empirically test a model that highlights how the correlation
between cash flows and a source of aggregate risk affects a firm's optimal cash holding …