Security Issuance and the Business Cycle

FABRIZIO CASALIN; E Dia

Security Issuance and the Business Cycle

FABRIZIO CASALIN
, E Dia

Dipartimento di Studi per l'Economia e l'Impresa

Risultato della ricerca: Contributo su rivista › Articolo in rivista › peer review

Abstract

We use a simple model of investment and external finance to analyze the relationship among the issuance of securities. financial market valuations and. alternatively, aggregate investment or cash flows, We find that issuance is driven by market valuations, and does not influence aggregate investment, whereas investment has a negative impact on equity issuance. Moreover, we obtain widespread evidence that equity and debt are complementary sources of finance, and that positive shocks to cash flows are associated with larger issuance of debt.

Lingua originale	Inglese
pagine (da-a)	1751-1761
Numero di pagine	10
Rivista	Economics Bulletin
Volume	33
Numero di pubblicazione	3
Stato di pubblicazione	Pubblicato - 2013

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AB - We use a simple model of investment and external finance to analyze the relationship among the issuance of securities. financial market valuations and. alternatively, aggregate investment or cash flows, We find that issuance is driven by market valuations, and does not influence aggregate investment, whereas investment has a negative impact on equity issuance. Moreover, we obtain widespread evidence that equity and debt are complementary sources of finance, and that positive shocks to cash flows are associated with larger issuance of debt.

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Security Issuance and the Business Cycle

Abstract

OSS delle Nazioni Unite

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