國立高雄大學圖資館 |

Essays on Firms, Finance, and Macroeconomy /

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on Firms, Finance, and Macroeconomy /Hanna Onyshchenko.
作者:	Onyshchenko, Hanna,
面頁冊數:	1 electronic resource (118 pages)
附註:	Source: Dissertations Abstracts International, Volume: 87-03, Section: A.
附註:	Advisors: Whited, Toni Committee members: Dominguez, Kathryn M.; Leahy, John; Ottonello, Pablo; Terry, Stephen J.
Contained By:	Dissertations Abstracts International87-03A.
標題:	Finance.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=32271842
ISBN:	9798291566565

Essays on Firms, Finance, and Macroeconomy /
Onyshchenko, Hanna,

Essays on Firms, Finance, and Macroeconomy /Hanna Onyshchenko. - 1 electronic resource (118 pages)

Source: Dissertations Abstracts International, Volume: 87-03, Section: A.

This dissertation consists of three chapters examining how financial constraints and financial innovation influence firm-level decisions on investment, labor allocation, and financing choices. The first two chapters, joint work with Tereza Ranošová, combine firm-level empirical analysis with a structural macroeconomic model to investigate how firm leverage shapes the transmission of monetary policy, particularly through substitution between capital and labor inputs. The third chapter uses detailed transaction-level data on security issuances to classify financial innovation in U.S. capital markets and assess its impact on firm growth. Across these chapters, I emphasize how differences in financial flexibility and access to innovative financial instruments drive substantial heterogeneity in firm-level outcomes, influencing both firm responses to monetary policy and long-run growth trajectories.Chapter 1, "Financial Frictions and the Labor-Capital Tradeoff in Monetary Policy Transmission" (joint with Tereza Ranošová), takes an empirical look at how firm leverage influences the effects of monetary policy. Using firm-level data from Compustat and monetary shocks identified through high-frequency futures markets, we estimate how firms with different levels of debt respond to interest rate changes. The findings are striking: more leveraged firms tend to hire more workers in response to monetary easing but invest less in capital. Sales, however, don't differ much across firms. This suggests that constrained firms aren't necessarily growing faster-they're changing how they produce, shifting away from capital toward labor. These results challenge the typical view that firms expand inputs proportionally when financing becomes cheaper, pointing to the need for models that allow input substitution.Chapter 2, "A New Keynesian Model of Capital-Labor Substitution under Financial Constraints" (joint with Tereza Ranošová), develops a heterogeneous-firm New Keynesian model to interpret empirical evidence on how financial constraints affect firms' labor and capital decisions in response to monetary policy. The model incorporates two types of wholesale firms that differ by leverage, face occasionally binding collateral and dividend constraints, and use flexible constant elasticity of substitution (CES) production technologies. In contrast to the standard Cobb-Douglas setup, the CES production structure allows capital and labor inputs to respond asymmetrically to policy shocks. We calibrate the model to match empirical patterns documented in Chapter 1, specifically the observed phenomenon that more leveraged firms increase employment but decrease investment in response to monetary easing. At the aggregate level, the model predicts that higher firm leverage dampens investment responses, thereby initially muting employment reactions, but subsequently amplifies employment through capital-labor substitution. These findings demonstrate how firm-level financial frictions and production flexibility jointly shape the macroeconomic transmission of monetary policy.Chapter 3, "Financial Innovation and Firm Growth: Evidence from New Securities in U.S. Capital Markets", examines the role of financial innovation in firm growth. Using detailed data from SDC Platinum, I create a new classification of over 8,500 distinct debt and equity instruments issued by U.S. non-financial firms between 1970 and 2020. These instruments vary along dimensions such as maturity, convertibility, payment structure, and legal design-features that have not previously been systematically studied. Linking these data to firm-level balance sheets, I show that large, mature firms predominantly introduce new securities. However, among innovators, early adopters tend to grow faster in sales, investment, and employment. These findings indicate financial innovation isn't merely a result of firm growth; it can actively enable expansion.

English

ISBN: 9798291566565Subjects--Topical Terms:

183252
Finance.
Subjects--Index Terms:

Monetary policy

Essays on Firms, Finance, and Macroeconomy /
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