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OPAC In the IWH-OPAC you can find our entire stock of literature listed and made accessible. Due to the membership of the IWH library in the Common Library Network, you have…
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Kristin Hüttner Current Position since 7/04 Member of Administration Halle Institute for Economic Research (IWH) – Member of the Leibniz Association Activities head of human…
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Stefanie Müller-Dreißigacker Current Position since 4/07 Press Officer in the Department Public Relations Halle Institute for Economic Research (IWH) – Member of the Leibniz…
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Our Projects 07.2022 ‐ 12.2026 Evaluation of the InvKG and the federal STARK programme On behalf of the Federal Ministry of Economics and Climate Protection, the IWH and the RWI…
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Economic Preferences for Risk-Taking and Financing Costs
Manthos D. Delis, Iftekhar Hasan, Maria Iosifidi, Chris Tsoumas
Journal of Corporate Finance,
June
2023
Abstract
We hypothesize and empirically establish that economic preferences for risk-taking in different subnational regions affect firm financing costs. We study this hypothesis by hand-matching firms' regions worldwide with the corresponding regional economic risk-taking preferences. We first show that higher regional risk-taking is positively associated with several measures of firm risk and investments. Subsequently, our baseline results show that credit and bond pricing increase when risk-taking preferences increase. For the loan of average size and maturity a one-standard-deviation increase in regional risk-taking increases interest expense by $0.54 million USD. We also find that these results are demand (firm)-driven and stronger for firms with more local shareholders.
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