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Working Papers
Firm-level Uncertainty and Frictions: Implications for Capital and Financial Decisions in the US (with Veljko Bojović), CERGE-EI Working Papers 793
Firm-level Uncertainty and Frictions: Implications for Capital and Financial Decisions in the US (with Veljko Bojović), CERGE-EI Working Papers 793
Using Compustat data, we document: (1) more firms make negligible or zero investment and fewer firms choose large investment; (2) financial constraint amplifies the negative effects of volatility on irreversible investment.
Using Compustat data, we document: (1) more firms make negligible or zero investment and fewer firms choose large investment; (2) financial constraint amplifies the negative effects of volatility on irreversible investment.
The left panel illustrates a gradual increase in aggregate dividends and share repurchases in the general equilibrium model following the 2003 tax reform. The right panel highlights the significance of payout frictions, including dividend adjustment costs and capital-adjusted regulatory constraints on repurchases, in driving the increase in share repurchases.
The left panel illustrates a gradual increase in aggregate dividends and share repurchases in the general equilibrium model following the 2003 tax reform. The right panel highlights the significance of payout frictions, including dividend adjustment costs and capital-adjusted regulatory constraints on repurchases, in driving the increase in share repurchases.
Using a proxy SVAR model, we show that the average corporate income tax cuts generate a persistent rise in aggregate output and total factor productivity because of the increase in net firms’ entry and borrowing.
Using a proxy SVAR model, we show that the average corporate income tax cuts generate a persistent rise in aggregate output and total factor productivity because of the increase in net firms’ entry and borrowing.
Pre-PhD Publications
Stojanović, D., & Stojanović, D. (2017). Monetary policy transmission mechanisms in Serbia: Evidence from the fully-fledged inflation targeting regime. Post-Communist Economies, 29(1), 117-137. (PDF)
Stojanović, D., & Stojanović, D. (2015). Excessive credit growth or the catching up process: The case of central, eastern, and southeastern European countries. Economic Annals, 60(206), 7-44. (PDF)
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