scholarly journals Collateral, Debt Capacity, and Corporate Investment: Evidence from a Natural Experiment

2006 ◽  
Author(s):  
Jie Gan
Keyword(s):  
Natural Experiment ◽  
Corporate Investment ◽  
Debt Capacity

Collateral, Ease of Repossession, and Leases: Evidence from Antirecharacterization Laws

2020 ◽  
Vol 66 (7) ◽  
pp. 2951-2974 ◽  
Author(s):  
Yongqiang Chu
Keyword(s):  
Corporate Investment ◽  
Cash Holding ◽  
Debt Capacity

This paper studies how the ease of repossessing collateral in bankruptcy affects corporate leasing policy. Using plausibly exogenous variation of the ability to repossess assets generated by state antirecharacterization laws, I find that the antirecharacterization laws, which make collateral repossession easier for secured lending, reduces corporate leasing. Consistent with the argument that only financially constrained firms value additional debt capacity because of the increased ability to repossess assets, I find that the effect concentrates in financially constrained firms. I also find that the effect is much stronger for firms with less specific assets. In addition, I find that the laws also affect leverage, cash holding, and corporate investment. This paper was accepted by Gustavo Manso, finance.

Anti-corruption and Corporate Investment: Evidence from a Quasi-Natural Experiment

2019 ◽  
Author(s):  
Ru Chen ◽  
Jinshuai Hu ◽  
Jamie Yixing Tong ◽  
Feida Zhang
Keyword(s):  
Natural Experiment ◽  
Corporate Investment

Getting the Measure of Twins

2018 ◽  
Author(s):  
William Viney
Keyword(s):  
Environmental Effects ◽  
Natural Experiment ◽  
Human Genetics ◽  
Scientific Research ◽  
Identical Twin ◽  
Social Scientists ◽  
Modern Biology ◽  
Stephen Jay Gould

Stephen Jay Gould, the biologist and author, once joked that were he an identical twin raised separately from his brother they could ‘hire ourselves out to a host of social scientists and practically name our fee’. In order to monetise Gould’s fantasy, one would want a form of twinship that could operate according to evidential, experimental, somatic and circumstantial ideals. And Gould admits that he and his brother would need to be viewed as ‘the only really adequate natural experiment for separating genetic from environmental effects in humans’. This chapter seeks to interrogate the evidential and experimental circumstances that may underpin the comic quips that guide modern biology. In human genetics, twins are used as experimental bodies that are made to matter in particular ways and for particular people; they become newly ‘animate’ for being enrolled into scientific research. Raised in cultures assumed to be alike or dissimilar, isolated by researchers for being valuable in the measured disentanglement of assembled molecular agents (which are sometimes distinguished from an assemblage referred to as an ‘environment’), twins achieve a status of experimental significance not just for what they do but also for what they are taken to be.

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