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Seminar Invitation | Th. 8 February | Plutarchos Sakellaris, AUEB Εκτύπωση E-mail
Ανακοινώσεις - Ανακοινώσεις Τμήματος

ΠΑΝΕΠΙΣΤΗΜΙΟ ΠΕΙΡΑΙΩΣ
ΣΧΟΛΗ ΧΡΗΜΑΤΟΟΙΚΟΝΟΜΙΚΗΣ ΚΑΙ ΣΤΑΤΙΣΤΙΚΗΣ
ΤΜΗΜΑ ΧΡΗΜΑΤΟΟΙΚΟΝΟΜΙΚΗΣ ΚΑΙ ΤΡΑΠΕΖΙΚΗΣ ΔΙΟΙΚΗΤΙΚΗΣ
UNIVERSITY OF PIRAEUS
SCHOOL OF FINANCE AND STATISTICS
DEPARTMENT OF BANKING AND FINANCIAL MANAGEMENT

The Department of Banking and Financial Management
announces  the upcoming seminar with
Prof. Plutarchos Sakellaris, Athens University of Economics and Business

How do Firms Finance Lumpy Adjustment?

Seminar Organizers: Assist. Prof. Michail Anthropelos, Prof. George Skiadopoulos


Abstract:
We study how firms finance lumpy adjustment in capital and employment using U.S. firm-level data from Compustat.
Lumpy adjustment is preceded by a finance preparatory phase. During this phase firms use primarily two margins in order to expand or contract capacity, namely, cash balances and debt, but these margins are not perfect substitutes.
Cash balances rise (fall) temporarily in preparation to lumpy expansion (contraction). Firms de-leverage (increase leverage) in preparation to lumpy expansion (contraction).
Leverage increases slowly often several years after the lumpy adjustment. Understanding the financing of lumpy adjustment is highly relevant from a macroeconomic perspective as lumpy expansions and contractions drive a disproportionate share in the aggregate volatility of fixed investment, Tobin's Q, aggregate debt issuance and corporate cash use.

Plutarchos Sakellaris is Professor at Athens University of Economics and Business. He has a PhD in Economics from Yale University and his work has been published in the American Economic Review, the International Economic Review, the Journal of Monetary Economics, the Review of Economics and Statistics, the Journal of Financial Stability and other academic journals.  From 1991 to 2002 he was faculty member at the University of Maryland-College Park.  From 2008 to 2012 he was Vice President of the European Investment Bank and prior to that he held the position of Chairman of the Council of Economic Advisers at the Hellenic Ministry of Economy and Finance.  He has also served as Staff Economist at the Federal Reserve Board and as Visiting Expert at the European Central Bank.

Prof. Plutarchos Sakellaris,
Athens University of Economics and Business
More Information




Time and Place:
February 8, 2018
University of Piraeus, 80 Karaoli & Dimitriou Str., Piraeus


More Upcoming Seminars in 2018:
February 15, 2018:
Adrian Buss, INSEAD

February 22, 2018:
Jonathan Berk, Stanford Business School

All Finance Seminars

Department of Banking and Financial Management
University of Piraeus, Greece
80 Karaoli & Dimitrioy Str.
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 How do Firms Finance Lumpy Adjustment, Sakellaris.pdfFeb-9-2018