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A presente pesquisa busca verificar empiricamente o impacto da lei do dividendo obrigatório sobre o investimento das empresas de capital aberto. Para alcançar este objetivo três hipóteses foram criadas. A primeira objetiva testar se o valor marginal do caixa diminui com o pagamento de dividendos acima do mínimo obrigatório, testando assim o pagamento de dividendos no Brasil como proxy para restrição financeira, visto que esta classificação é importante em modelos de investimento. A segunda busca mensurar o impacto do dividendo obrigatório no investimento de empresas brasileiras de capital aberto que distribuem apenas o dividendo mínimo. A última hipótese avalia a influência deste mecanismo legal em uma amostra multi-países. Os resultados obtidos indicam que o dividendo obrigatório impacta direta e indiretamente no investimento das companhias. E, este efeito é ainda maior e mais relevante para as empresas restritas financeiramente. Considerando o contexto nacional, onde as fontes de financiamentos são caras e escassas, esta evidência obtida pela presente pesquisa possui grande relevância para o mercado financeiro. / The present research seeks to empirically verify the impact of the mandatory dividend on publicly traded companies’ investment. To achieve this goal, three hypotheses were created. The first one aims to test if the marginal value of cash decreases with the payment of dividends above the mandatory minimum, thus testing the distribution of dividends in Brazil as proxy for financial constraint, since this classification is important in investment models. The second seeks to measure the impact of the mandatory dividend on the investment of Brazilian publicly traded companies that distributed only the minimum dividend. The last hypothesis evaluates the influence of this legal mechanism on a multicountry sample. The results indicate that the mandatory dividend has a direct and indirect impact on the companies’ investment. And, this effect is even greater and more relevant for financially constrained companies. Considering the national context, where the sources of financing are expensive and scarce, this evidence obtained by the present research has great relevance for the financial market.

A presente pesquisa busca verificar empiricamente o impacto da lei do dividendo obrigatório sobre o investimento das empresas de capital aberto. Para alcançar este objetivo três hipóteses foram criadas. A primeira objetiva testar se o valor marginal do caixa diminui com o pagamento de dividendos acima do mínimo obrigatório, testando assim o pagamento de dividendos no Brasil como proxy para restrição financeira, visto que esta classificação é importante em modelos de investimento. A segunda busca mensurar o impacto do dividendo obrigatório no investimento de empresas brasileiras de capital aberto que distribuem apenas o dividendo mínimo. A última hipótese avalia a influência deste mecanismo legal em uma amostra multi-países. Os resultados obtidos indicam que o dividendo obrigatório impacta direta e indiretamente no investimento das companhias. E, este efeito é ainda maior e mais relevante para as empresas restritas financeiramente. Considerando o contexto nacional, onde as fontes de financiamentos são caras e escassas, esta evidência obtida pela presente pesquisa possui grande relevância para o mercado financeiro. / The present research seeks to empirically verify the impact of the mandatory dividend on publicly traded companies’ investment. To achieve this goal, three hypotheses were created. The first one aims to test if the marginal value of cash decreases with the payment of dividends above the mandatory minimum, thus testing the distribution of dividends in Brazil as proxy for financial constraint, since this classification is important in investment models. The second seeks to measure the impact of the mandatory dividend on the investment of Brazilian publicly traded companies that distributed only the minimum dividend. The last hypothesis evaluates the influence of this legal mechanism on a multicountry sample. The results indicate that the mandatory dividend has a direct and indirect impact on the companies’ investment. And, this effect is even greater and more relevant for financially constrained companies. Considering the national context, where the sources of financing are expensive and scarce, this evidence obtained by the present research has great relevance for the financial market.

A presente pesquisa busca verificar empiricamente o impacto da lei do dividendo obrigatório sobre o investimento das empresas de capital aberto. Para alcançar este objetivo três hipóteses foram criadas. A primeira objetiva testar se o valor marginal do caixa diminui com o pagamento de dividendos acima do mínimo obrigatório, testando assim o pagamento de dividendos no Brasil como proxy para restrição financeira, visto que esta classificação é importante em modelos de investimento. A segunda busca mensurar o impacto do dividendo obrigatório no investimento de empresas brasileiras de capital aberto que distribuem apenas o dividendo mínimo. A última hipótese avalia a influência deste mecanismo legal em uma amostra multi-países. Os resultados obtidos indicam que o dividendo obrigatório impacta direta e indiretamente no investimento das companhias. E, este efeito é ainda maior e mais relevante para as empresas restritas financeiramente. Considerando o contexto nacional, onde as fontes de financiamentos são caras e escassas, esta evidência obtida pela presente pesquisa possui grande relevância para o mercado financeiro. / The present research seeks to empirically verify the impact of the mandatory dividend on publicly traded companies’ investment. To achieve this goal, three hypotheses were created. The first one aims to test if the marginal value of cash decreases with the payment of dividends above the mandatory minimum, thus testing the distribution of dividends in Brazil as proxy for financial constraint, since this classification is important in investment models. The second seeks to measure the impact of the mandatory dividend on the investment of Brazilian publicly traded companies that distributed only the minimum dividend. The last hypothesis evaluates the influence of this legal mechanism on a multicountry sample. The results indicate that the mandatory dividend has a direct and indirect impact on the companies’ investment. And, this effect is even greater and more relevant for financially constrained companies. Considering the national context, where the sources of financing are expensive and scarce, this evidence obtained by the present research has great relevance for the financial market.

Yes / The view that corporations have a wider focus than just maximizing shareholder value has received considerable attention from practitioners, managers, and academics alike. We investigate the Q theory of corporate investment with financial frictions when management maximizes stakeholder value instead of shareholder value. Different objective functions are investigated. We characterize the optimal investment and financial policy of the firm. The results show that stakeholder firms invest more than shareholder firms, i.e., over-investing, and an increase of stakeholder shares increases investment, except when equity issuing firms face severe informational asymmetries or severe cost of external equity. We also discuss different approaches to model investment of stakeholder firms and their implications for empirical analysis.

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在不完美的資本市場下，廠商的內外部融資彼此間為不完美的替代品，此時即使廠商有淨現值大於零的投資計畫，若外部資金因成本過高而無法取得，而其內部資金也已使用完畢，則廠商只好放棄此項投資計畫．此種因為資金不足而使投資計畫所受到的限制，我們稱為融資限制(Financing Constraints)． 對於面臨融資限制的廠商而言，由於其投資較依賴內部資金，故我們在其投資方程式中加入流動性變數時，此變數之係數應顯著．而對於未面臨融資限制的廠商而言，由於其投資較不依賴內部資金，故其投資方程式中流動性變數之係數應不顯著． 本研究即是使用八種廠商屬性，將廠商分成兩組，一組有面臨融資限制，一組未面臨融資限制，分別估計兩者加入流動性變數後的投資方程式，再觀察兩組廠商其流動性變數之係數是否有所差異，如此便可明瞭融資限制的存在是否能影響台灣廠商的投資．本研究使用的八種廠商屬性如下：(1)是否屬於集團．(2)所有權結構．(3)上市時間．(4)公司規模．(5)是否發放現金股利．(6)是否為製造業．(7)是否發行可轉換公司債．(8)是否發行商業本票．在實證結果上，雖然只有所有權結構

Derivation and Estimation of a New Keynesian Phillips Curve in a Small Open Economy This paper explores how well Swedish inflation is explained by a New Keynesian Phillips Curve. As the real driving variable in the Phillips Curve, a measure of firms' real marginal cost is compared to the traditional output gap. The results show that, with real marginal cost in the Phillips Curve equation, the point estimates generally have the expected positive sign, which is less frequently the case with the output gap. However, with both real marginal cost and the output gap, it is difficult to pin down a statistically significant relationship with inflation. Firm-Level Evidence of Shifts in the Supply of Credit This paper examines empirically whether firms are subject to shifts in credit supply over the business cycle. Shifts in the supply of credit are identified by exploring how firms substitute between commitment credit -- lines of credit -- and non-commitment credit. The results show that firms on average rely more on commitment credits when monetary policy is tight and when the financial health of banks is weaker. The results are consistent with a bank lending channel of monetary policy and with shifts in the supply of credit following deteriorations in banks' balance sheets. Lines of Credit and Investment: Firm-Level Evidence of Real Effects of the Financial Crisis This paper studies how the 2008 financial crisis affected corporate investment in Sweden through its effect on credit availability. The approach is to compare investments of firms before and after the onset of the crisis as a function of their ex ante sensitivity to a credit supply shock, controlling for fundamental determinants of investments. Sensitivity to a credit supply shock is measured as credit reserves, defined as unused credit on lines of credit. The results indicate that the decline in investment following the crisis was not exacerbated by a contraction in the supply of credit.

In this thesis, I investigate economic and policy implications of corporate debt financing. In the first chapter, I examine whether or not leverage has a negative effect on corporate investment due to a debt overhang problem. Existing empirical studies face a challenging endogeneity problem inherent in the investment-leverage relationship, the source of which is the firm's anticipation of its growth opportunities. I develop a novel approach to control for this problem by using analysts' earnings forecasts as an anticipation measure. I show that anticipations influence the investment-leverage relationship in that firms that do anticipate future growth opportunities suffer less from debt overhang. In the second chapter, I extend Chapter One's analysis to a dynamic setting. I first establish that there is a stable long-term relationship between investment and leverage, and then disentangle the short-term dynamics of leverage and investment and find that the deviation of leverage from its benchmark path has a negative impact on the change in investment. I also employ dynamic panel models to estimate the causal dynamic effects of leverage on investment. The estimations show that the impact is negative for recent leverage, but positive for leverage in the more distant past. Also, the effects of leverage are attenuated when the investment uncertainties are further controlled. This suggests that the firm's response to investment uncertainties might explain dynamic effects of leverage on investment. In Chapter Three, I investigate the effects of the U.S. Chapter 11 bankruptcy-reorganization law on firm operating performance, and adopt matching methods to account for self-selection and heterogeneity in firms' pre-filing characteristics. Matching methods entail the selection of a control group of non-bankrupt firms that are comparable to Chapter 11 filing firms in a wide range of pre-filing characteristics that affect filing decisions. Comparing the operating performances of the two groups, I find that filing firms' net cash flows, but not operating incomes, improve significantly during bankruptcy. Furthermore, firms reduce their leverage levels and incur lower interest expenses after bankruptcy. The results suggest that the reduction in interest expenses contributes to the improvement in firms' net cash flows during bankruptcy.

In this thesis, I investigate economic and policy implications of corporate debt financing. In the first chapter, I examine whether or not leverage has a negative effect on corporate investment due to a debt overhang problem. Existing empirical studies face a challenging endogeneity problem inherent in the investment-leverage relationship, the source of which is the firm's anticipation of its growth opportunities. I develop a novel approach to control for this problem by using analysts' earnings forecasts as an anticipation measure. I show that anticipations influence the investment-leverage relationship in that firms that do anticipate future growth opportunities suffer less from debt overhang. In the second chapter, I extend Chapter One's analysis to a dynamic setting. I first establish that there is a stable long-term relationship between investment and leverage, and then disentangle the short-term dynamics of leverage and investment and find that the deviation of leverage from its benchmark path has a negative impact on the change in investment. I also employ dynamic panel models to estimate the causal dynamic effects of leverage on investment. The estimations show that the impact is negative for recent leverage, but positive for leverage in the more distant past. Also, the effects of leverage are attenuated when the investment uncertainties are further controlled. This suggests that the firm's response to investment uncertainties might explain dynamic effects of leverage on investment. In Chapter Three, I investigate the effects of the U.S. Chapter 11 bankruptcy-reorganization law on firm operating performance, and adopt matching methods to account for self-selection and heterogeneity in firms' pre-filing characteristics. Matching methods entail the selection of a control group of non-bankrupt firms that are comparable to Chapter 11 filing firms in a wide range of pre-filing characteristics that affect filing decisions. Comparing the operating performances of the two groups, I find that filing firms' net cash flows, but not operating incomes, improve significantly during bankruptcy. Furthermore, firms reduce their leverage levels and incur lower interest expenses after bankruptcy. The results suggest that the reduction in interest expenses contributes to the improvement in firms' net cash flows during bankruptcy.