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dc.creatorHuang, T. (Teng)-
dc.creatorKumar, A. (Anil)-
dc.creatorSacchetto, S. (Stefano)-
dc.creatorVergara-Alert, C. (Carles)-
dc.date.accessioned2023-07-03T11:48:18Z-
dc.date.available2023-07-03T11:48:18Z-
dc.date.issued2022-11-24-
dc.identifier.citationHuang, T., Kumar, A., Sacchetto, S., & Vergara-Alert, C. (2022). Stock Comovement and Financial Flexibility. Journal of Financial and Quantitative Analysis, 1-44. doi:10.1017/S0022109022001338es_ES
dc.identifier.issn1756-6916-
dc.identifier.urihttps://hdl.handle.net/10171/66773-
dc.description.abstractWe develop a dynamic model of corporate investment and financing, in which shocks to the value of collateralizable assets generate variation in firms’ debt capacity. We show that the degree of similarity among firms’ financial flexibility forecasts cross-sectional variation in return correlation. We test the implications of the model with firm-level data in two empirical analyses using i) an instrumental variable approach based on shocks to the value of collateralizable corporate assets and ii) the outbreak of the COVID-19 crisis as an event study. We find that firms in the same percentile of the cross-sectional distribution of financial flexibility have 62% higher correlation in stock-return residuals than firms 50 percentiles apart.es_ES
dc.language.isoenges_ES
dc.publisherCambridge University Presses_ES
dc.rightsinfo:eu-repo/semantics/openAccesses_ES
dc.subjectReturn Comovementes_ES
dc.subjectFinancial Flexibilityes_ES
dc.subjectCOVID-19es_ES
dc.titleStock comovement and financial flexibilityes_ES
dc.typeinfo:eu-repo/semantics/articlees_ES
dc.relation.publisherversionhttps://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/stock-comovement-and-financial-flexibility/81C8AB4DDBFF87E4323B05DF89424529es_ES
dc.publisher.placeReino Unidoes_ES
dc.description.noteThis is an Open Access article, distributed under the terms of the Creative Commons Attribution licencees_ES
dc.identifier.doi10.1017/S0022109022001338-
dadun.citation.endingPage44es_ES
dadun.citation.publicationNameJournal of Financial and Quantitative Analysises_ES
dadun.citation.startingPage1es_ES

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