Disponible en Dadun la tesis «Three essays on external financing» de Guillermo Ramirez-Chiang.

Resumen: This dissertation consists of three essays on external financing. The first two chapters analyze labor market and regulatory frictions as determinants of corporate debt policies, while the third chapter examines a key implication of equity financing from a network perspective: the rise of common ownership. First, I provide compelling evidence that constraints on the hiring of skilled innovation workers significantly shorten corporate debt maturities, an important dimension of debt structure with implications for firms’ survival. The effect is explained by human–physical capital interdependence, labor adjustment costs, and heightened refinancing risk. Second, I show that lenders’ regulatory environments play a crucial role in shaping their incentives to provide credit to non-viable firms and the financing policies of those firms. Specifically, I demonstrate that the introduction of a forward-looking credit-loss provisioning framework curtails evergreening practices and reduces these firms’ reliance on debt, consistent with tighter credit conditions. Finally, I offer the first comprehensive global assessment of common ownership, documenting its prevalence and drivers. The findings reveal that recent developments in equity markets, together with institutional features across countries, shape the extent to which firms are jointly owned by influential diversified investors — and, in turn, the governance ties among them.

La tesis ha sido defendida en mayo de 2026 y ha sido dirigida por Miguel Antón y Christian Eufinger.