ISSN: 0137-3056


MoSaHE points:

13



Editor in chief:
prof. dr hab. Tomasz Żylicz
tzylicz@wne.uw.edu.pl

Editorial assistant:
Marta Höffner
ekonomia@wne.uw.edu.pl
(48) 22 55 49 184

Publisher:



The Impact of Monetary Policy and Agent Heterogeneity on Firm Financing Structure: Evidence from the USA

A. Malinowska

ABSTRACT: Using panel modelling and firm-level data for 222 US listed companies I investigate how changes in monetary policy approximated by the three-month US LIBOR interest rate and its combined effect with firm-specific characteristics influenced firms’ financing decisions and their liability structure during the period 2005−2014. Reported findings suggest that despite the Zero Lower Bound on the Federal Funds Rate, the three-month US LIBOR has retained its impact on firm total debt, long-term bank debt and short-term trade credit. Monetary policy changes were found to have affected firm’s liability structure, especially through parameters such as size, collateral and profitability.

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Issue number: 46

In this issue:

Introduction and Overview
A. Cieślik
ABSTRACT | PDF
Innovation Intensity as a Driver of Firm's Internationalization Intensity: Evidence for Poland
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Regional Variation in the Public Sector Wage Premium in Poland
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When Does the Integration of Mitigation and Adaptation in the Land Use Sector Actually Makes Sense?
M. López Ramírez
ABSTRACT | PDF
The Impact of Monetary Policy and Agent Heterogeneity on Firm Financing Structure: Evidence from the USA
A. Malinowska
ABSTRACT | PDF
Educational Mismatches and Earnings in Poland: Are Graduates Penalised for Being Overeducated?
L. Wincenciak
ABSTRACT | PDF
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