Publications by Erwan Morellec

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Capital supply uncertainty, cash holdings, and investment

Semyon Malamud, Erwan Morellec, Julien Hugonnier

We develop a dynamic model of investment, financing, and cash management decisions in which investment is lumpy and firms face capital supply uncertainty. We characterize optimal policies explicitly, demonstrate that smooth-pasting conditions may not guara ...

2015

Cash Holdings and Competition

Erwan Morellec, Boris Nikolov, Francesca Maria Zucchi

We use a dynamic cash management model in which firms face competitive pressure to show that product market competition increases the cash holdings as well as the size and frequency of equity issues of financially constrained firms. We test these predictio ...

2013

Capital Supply Uncertainty, Cash Holdings, and Investment

Semyon Malamud, Erwan Morellec, Julien Hugonnier

We develop a model of investment, financing, and cash management decisions in which investment is lumpy and firms face uncertainty regarding their ability to raise funds in the capital markets. We characterize optimal policies explicitly and show that the ...

2013

Financing Investment: The Choice between Public and Private Debt

Erwan Morellec, Philip Valta

We build a dynamic model of investment and financing decisions to study the choice between bonds and bank loans in a firm's marginal financing decision and its effects on corporate investment. We show that firms with more growth options, higher bargaining ...

Swiss Finance Institute Research Paper Series2012

Corporate governance and capital structure dynamics

Erwan Morellec, Norman Schuerhoff, Boris Nikolov

We develop a dynamic tradeoff model to examine the importance of managershareholder conflicts in capital structure choice. In the model, firms face taxation, refinancing costs, and liquidation costs. Managers own a fraction of the firms equity, capture par ...

2012

Credit Market Frictions and Capital Structure Dynamics

Semyon Malamud, Erwan Morellec, Julien Hugonnier

We study the implications of credit market frictions for the dynamics of corporate capital structure and the risk of default of corporations. To do so, we develop a dynamic capital structure model in which firms face uncertainty regarding their ability to ...

2012

Dynamic investment and financing under personal taxation

Erwan Morellec, Norman Schuerhoff

This paper examines the effects of capital gains taxation on firms’ investment and financing decisions. We develop a real options model in which the timing of investment, the decision to default, and the firm’s capital structure are endogenously and jointl ...

2010

Credit Supply and Corporate Policies

Erwan Morellec

This paper develops a model of corporate investment and financing decisions that differs from previous contributions by recognizing that firms may face uncertainty regarding their future access to credit markets. We show that accounting for credit supply u ...

Swiss Finance Institute Research Paper Series2010

Erwan Morellec

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Capital supply uncertainty, cash holdings, and investment

Cash Holdings and Competition

Capital Supply Uncertainty, Cash Holdings, and Investment

Financing Investment: The Choice between Public and Private Debt

Corporate governance and capital structure dynamics

Real options and risk aversion

Credit Market Frictions and Capital Structure Dynamics

Corporate investment and financing under asymmetric information

Dynamic investment and financing under personal taxation

Credit Supply and Corporate Policies

Capital supply uncertainty, cash holdings, and investment

Corporate governance and capital structure dynamics

Cash Holdings and Competition

Financing Investment: The Choice between Public and Private Debt

Corporate investment and financing under asymmetric information

Capital Supply Uncertainty, Cash Holdings, and Investment

Real options and risk aversion

Credit Market Frictions and Capital Structure Dynamics

Dynamic investment and financing under personal taxation

Credit Supply and Corporate Policies