“Don’t fear trade... We should not be afraid of engaging in international trade because it creates new opportunities and workers can – and do – take those opportunities.” Article on a new paper in @RevEconStudies.
"Optimal risk-sharing and distress resolution drive cash flow-based financing. Firms use secured debt, unsecured credit lines, and equity, with bankruptcy procedures boosting financing capacity."
New paper from Hartman-Glaser, Mayer & Milbradt:
https://www.restud.com/a-theory-of-cash-flow-based-financing-with-distress-resolution/
#Finance