Macroeconomic Uncertainty and Firm Leverage

This paper investigates the link between the optimal level of nonfinancial firms' leverage and macroeconomic uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as macroeconomic un-certainty increases the firm will decrease its optimal level of borrowing. We test this proposition using a panel of non{financial US firms drawn from the COM-PUSTAT quarterly database covering the period 1991{2001. The estimates confirm that as macroeconomic uncertainty increases, firms decrease their levels of leverage. Furthermore, we demonstrate that our results are robust with respect to the inclusion of the index of leading indicators.Leverage; Uncertainty; Non-financial firms; Panel data

The Effects of Short-Term Liabilities on Profitability: The Case of Germany

Using data from Germany this paper examines the direct effect of non-financial firms' use of short-term versus long-term liabilities. We develop a structural model of a firm's value maximization problem that predicts that profitability of the firm will change if firms alter their use of short-term versus long-term liabilities. We find that firms that rely more heavily on short-term liabilities are likely to be more profitableprofitability, short-term liabilities, maturity structure, capital structure

The Impact of Financial Structure on Firms' Financial Constraints: A Cross-Country Analysis

We estimate firms' cash flow sensitivity of cash to empirically test how the financial system's structure and activity level influence their financial constraints. For this purpose we merge Almeida, Campello and Weisbach (2004), a pathbreaking new design for evaluating a firm's financial constraints, with Levine (2002), who paved the way for comparative analysis of financial systems around the world. We conjecture that a country's financial system, both in terms of its structure and its level of development, should influence the cash flow sensitivity of cash of constrained firms but leave unconstrained firms unaffected. We test our hypothesis with a large international sample of 80,000 firm-years from 1989 to 2006. Our findings reveal that both the structure of the financial system and its level of development matter. Bank-based financial systems provide constrained firms with easier access to external financing.financial constraints, financial system, cash flow sensitivity of cash

The Effects of Short-Term Liabilities on Profitability: The Case of Germany

Using data from Germany this paper examines the direct effect of non-financial firms' use of short-term versus long-term liabilities. We develop a structural model of a firm's value maximization problem that predicts that profitability of the firm will change if firms alter their use of short-term versus long-term liabilities. We find that firms that rely more heavily on short-term liabilities are likely to be more profitable.profitability, short-term liabilities, maturity structure, capital structure

The Impact of Macroeconomic Uncertainty on Cash Holdings for Non-Financial Firms

This paper investigates the effects of macroeconomic volatility on nonfinancial firms cash holding behavior. Using an augmented cash bufferstock model, we demonstrate that an increase in macroeconomic volatility will cause the crosssectional distribution of firms cashtoasset ratios to narrow. We test this prediction on a panel of nonfinancial firms drawn from the annual COMPUSTAT database covering the period 19572000, and find that as macroeconomic uncertainty increases, firms behave more homogeneously. Our results are shown to be robust to the inclusion of the levels of several macroeconomic factors. --Cash holdings,macroeconomic uncertainty,time series,ARCH,nonfinancial Firms.

The Impact of Macroeconomic Uncertainty on Cash Holdings for Non–Financial Firms

This paper investigates the effects of macroeconomic volatility on non–financial firms’ cash holding behavior. Using an augmented cash buffer–stock model, we demonstrate that an increase in macroeconomic volatility will cause the cross–sectional distribution of firms’ cash–to–asset ratios to narrow. We test this prediction on a panel of non–financial firms drawn from the annual COMPUSTAT database covering the period 1970–2000, and find that as macroeconomic uncertainty increases, firms behave more homogeneously. Our results are shown to be robust to the inclusion of the levels of several macroeconomic factors.Cash holdings; macroeconomic uncertainty; panel data; time series; ARCH; non-financial firms

Uncertainty Determinants of Corporate Liquidity

This paper investigates the link between the optimal level of non-financial firms' liquid assets and uncertainty. We develop a partial equilibrium model of precautionary demand for liquid assets showing that firms alter their liquidity ratio in response to changes in either macroeconomic or idiosyncratic uncertainty. We test this hypothesis using a panel of non-financial US firms drawn from the COMPUSTAT quarterly database covering the period 1993-2002. The results indicate that firms increase their liquidity ratios when macroeconomic uncertainty or idiosyncratic uncertainty increases.liquidity, uncertainty, non-financial firms, dynamic panel data

The Impact of Macroeconomic Uncertainty onNon-Financial Firms’ Demandf or Liquidity

This paper empirically investigates whether changes in macroeconomic volatility affect the effcient allocation of non-financial firms' liquid assets. We argue that higher uncertainty will hamper managers' ability to accurately predict firm-specific information and induce them to implement similar cash management policies. Contrarily, when the macroeconomic environment becomes more tranquil, each manger will have the latitude to behave more idiosyncratically as she can adjust liquid assets based on the specific requirements of the firm, bringing about a more efficient allocation of liquid assets. Our empirical analysis provides support for these predictions.

La evolución del logotipo en el programa de mano Metro-Goldwyn-Mayer

El presente artículo analiza, desde una perspectiva multidisciplinar, la evolución del logotipo de una de las principales productoras y distribuidoras de Hollywood, Metro-Goldwyn-Mayer, durante sus llamados “años dorados” (1931-1941), utilizando el programa de mano como fuente primaria de la investigación. Tras un minucioso estudio, el programa de mano se revela como un peculiar método de publicidad cinematográfica que, rebasando los límites de su función originaria, se puede convertir en modelo de expresión artística, coyuntural elemento propagandístico, archivo visual de imágenes perdidas o auténtico objeto de culto para coleccionistas.This article analyze, from an interdisciplinary perspective, the course of the advertising emblem of one of Hollywood´s main producers and distributors, MGM, during the socalled Golden Years (1931/1941) using the program as a primary source of investigation. After a detailed study, the program reveals itself as a peculiar method of cinema advertising which, exceeding the limits of its original function, can become a model of art expression, structural advertising element, a visual file of lost images or real cult object for collectors