國立高雄大學圖資館 |

登入

回首頁

Essays on Business Cycles and Corporate Finance /

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on Business Cycles and Corporate Finance /Hui-Jun Chen.
作者:	Chen, Hui-Jun,
面頁冊數:	1 electronic resource (125 pages)
附註:	Source: Dissertations Abstracts International, Volume: 86-11, Section: A.
附註:	Advisors: Khan, Aubhik Committee members: Mihalache, Gabriel; Thomas, Julia.
Contained By:	Dissertations Abstracts International86-11A.
標題:	Finance.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=32112100
ISBN:	9798314893050

Essays on Business Cycles and Corporate Finance /
Chen, Hui-Jun,

Essays on Business Cycles and Corporate Finance /Hui-Jun Chen. - 1 electronic resource (125 pages)

Source: Dissertations Abstracts International, Volume: 86-11, Section: A.

This dissertation combines two growing literatures in macroeconomics and corporate finance to assess the business cycle implications of secondary capital markets and corporate tax deduction policies.It explores how firms' financial market decisions influence real economic production and examines how real and financial shocks affect the distribution of firms. The essays investigate the role of secondary markets and corporate policies in amplifying or mitigating recessions.Corporate tax deductions are widely employed as countercyclical policies, yet their impact on the business cycle and interactions with other policies remain largely understudied. In the first chapter, "Aggregate Implications of Corporate Taxation over the Business Cycle", I examine the cyclical implications of such deductions by developing a novel dynamic stochastic general equilibrium model in which firms face credit market imperfections and idiosyncratic productivity shocks. In my model, firms' investment decisions are distorted by collateralized borrowing and corporate taxation, and investment expenditures can be deducted from taxable income through targeted or untargeted accelerated depreciation policies. My model quantitatively replicates empirical estimates of the distribution of short-run elasticities of investment across firm size to changes in deduction policies. I show that raising deductions can reduce the severity and persistence of recessions by alleviating capital misallocation for productive firms. Applying my model to the policies in the US 2017 Tax Cuts and Jobs Act, I find that the targeted policy is 30 percent more effective than the untargeted policy in stimulating aggregate output. Furthermore, combining both policies reduces the overall effectiveness by 17 percent, revealing potential inefficiencies in current US tax policy implementation.Chapter two, "Debt Financing, Used Capital Markets and Capital Reallocation", studies the business cycle implications of the interaction between secondary capital markets and credit market imperfections in a general equilibrium model with heterogeneous firms. In the model, prices in secondary capital markets affect the economy through two key channels: changes in the cost of investment and fluctuations in the resale value of collateral. The results show that price adjustments in secondary markets amplify the severity and duration of recessions triggered by financial shocks. The rise in investment costs driven by financial shocks deepens the recessionary trough by a factor of three compared to the effect of collateral value fluctuations.

English

ISBN: 9798314893050Subjects--Topical Terms:

183252
Finance.
Subjects--Index Terms:

Corporate finance

Essays on Business Cycles and Corporate Finance /
LDR:04112nmm a22004573i 4500 001 693720
005 20260511063016.5
006 m o d
007 cr|nu||||||||
008 260819s2025 miu||||||m |||||||eng d
020 $a 9798314893050
035 $a (MiAaPQD)AAI32112100
035 $a (MiAaPQD)OhioLINKosu1744281332634394
035 $a AAI32112100
040 $a MiAaPQD $b eng $c MiAaPQD $e rda
100 1 $a Chen, Hui-Jun, $e author. $3 1010360
245 1 0 $a Essays on Business Cycles and Corporate Finance / $c Hui-Jun Chen.
264 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2025
300 $a 1 electronic resource (125 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertations Abstracts International, Volume: 86-11, Section: A.
500 $a Advisors: Khan, Aubhik Committee members: Mihalache, Gabriel; Thomas, Julia.
502 $b Ph.D. $c The Ohio State University $d 2025.
520 $a This dissertation combines two growing literatures in macroeconomics and corporate finance to assess the business cycle implications of secondary capital markets and corporate tax deduction policies.It explores how firms' financial market decisions influence real economic production and examines how real and financial shocks affect the distribution of firms. The essays investigate the role of secondary markets and corporate policies in amplifying or mitigating recessions.Corporate tax deductions are widely employed as countercyclical policies, yet their impact on the business cycle and interactions with other policies remain largely understudied. In the first chapter, "Aggregate Implications of Corporate Taxation over the Business Cycle", I examine the cyclical implications of such deductions by developing a novel dynamic stochastic general equilibrium model in which firms face credit market imperfections and idiosyncratic productivity shocks. In my model, firms' investment decisions are distorted by collateralized borrowing and corporate taxation, and investment expenditures can be deducted from taxable income through targeted or untargeted accelerated depreciation policies. My model quantitatively replicates empirical estimates of the distribution of short-run elasticities of investment across firm size to changes in deduction policies. I show that raising deductions can reduce the severity and persistence of recessions by alleviating capital misallocation for productive firms. Applying my model to the policies in the US 2017 Tax Cuts and Jobs Act, I find that the targeted policy is 30 percent more effective than the untargeted policy in stimulating aggregate output. Furthermore, combining both policies reduces the overall effectiveness by 17 percent, revealing potential inefficiencies in current US tax policy implementation.Chapter two, "Debt Financing, Used Capital Markets and Capital Reallocation", studies the business cycle implications of the interaction between secondary capital markets and credit market imperfections in a general equilibrium model with heterogeneous firms. In the model, prices in secondary capital markets affect the economy through two key channels: changes in the cost of investment and fluctuations in the resale value of collateral. The results show that price adjustments in secondary markets amplify the severity and duration of recessions triggered by financial shocks. The rise in investment costs driven by financial shocks deepens the recessionary trough by a factor of three compared to the effect of collateral value fluctuations.
546 $a English
590 $a School code: 0168
650 4 $a Finance. $3 183252
650 4 $a Public policy. $3 280699
653 $a Corporate finance
653 $a Business cycles
653 $a Secondary markets
653 $a Tax deduction
653 $a Corporate taxation
690 $a 0511
690 $a 0501
690 $a 0508
690 $a 0630
710 2 $a The Ohio State University. $b Economics. $e degree granting institution. $3 1010361
720 1 $a Khan, Aubhik $e degree supervisor.
773 0 $t Dissertations Abstracts International $g 86-11A.
790 $a 0168
791 $a Ph.D.
792 $a 2025
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=32112100