{"id":1433,"date":"2026-06-19T09:33:44","date_gmt":"2026-06-19T07:33:44","guid":{"rendered":"https:\/\/blog.iese.edu\/newsletter-library\/?p=1433"},"modified":"2026-06-19T09:31:59","modified_gmt":"2026-06-19T07:31:59","slug":"115-success-stories","status":"publish","type":"post","link":"https:\/\/blog.iese.edu\/newsletter-library\/115-success-stories\/","title":{"rendered":"Three Essays on External Financing"},"content":{"rendered":"<p style=\"text-align: justify\"><strong><em><span style=\"color: #999999\">&gt;\u00a0<\/span><a href=\"https:\/\/prdt.iese.edu\/library\/library-newsletter-115\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #ff0000\"><span style=\"color: #999999\">Return to the #115 Newsletter<\/span><\/span><\/a><\/em><\/strong><\/p>\n<hr \/>\n<p style=\"text-align: justify\">What determines how firms raise money, and what implications does this choice carry?<\/p>\n<p style=\"text-align: justify\">Classical finance theory offers part of the answer, but not all of it. Labor markets and regulation also shape how companies fund themselves. Moreover, recent developments in capital markets and firms&#8217; reliance on equity financing have significant consequences for corporate governance and the networks linking firms. These are the issues <strong>Guillermo Ramirez-Chiang<\/strong> grapples with in his recently defended <strong>doctoral dissertation<\/strong>, <strong><a href=\"https:\/\/hdl.handle.net\/10171\/124587\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #ff0000\">Three Essays on External Financing<\/span><\/a><\/strong>.<\/p>\n<p style=\"text-align: justify\">In three essays, Guillermo explores how hiring constraints associated with skilled labor affect corporate debt structure, how banking regulation affects lending to financially distressed firms and their leverage, and how common ownership has spread across global markets. Together, his findings shed new light on what drives corporate financing decisions and the governance ties that connect firms.<\/p>\n<p style=\"text-align: justify\">The <strong><a href=\"https:\/\/www.iese.edu\/library\/\" rel=\"noopener noreferrer\"><span style=\"color: #ff0000\">IESE Library<\/span><\/a><\/strong> has played its own part in Ramirez-Chiang&#8217;s dissertation thanks to the access it has granted to its <strong>extensive collection of articles, journals, and financial databases<\/strong>. We congratulate him on his Ph.D. and wish him every success for the future!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&gt;\u00a0Return to the #115 Newsletter What determines how firms raise money, and what implications does this choice carry? Classical finance theory offers part of the answer, but not all of it. Labor markets and regulation also shape how companies fund themselves. Moreover, recent developments in capital markets and firms&#8217; reliance on equity financing have significant consequences for corporate governance and the networks linking firms. These are the issues Guillermo Ramirez-Chiang&#8230; <\/p>\n<div class=\"more-link-container\"><a class=\"continue-reading-link\" href=\"https:\/\/blog.iese.edu\/newsletter-library\/115-success-stories\/\">Read More<\/a><\/div>\n","protected":false},"author":168,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[95026,94969],"tags":[],"class_list":["post-1433","post","type-post","status-publish","format-standard","hentry","category-115-june-2026","category-success-stories"],"_links":{"self":[{"href":"https:\/\/blog.iese.edu\/newsletter-library\/wp-json\/wp\/v2\/posts\/1433","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.iese.edu\/newsletter-library\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.iese.edu\/newsletter-library\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/newsletter-library\/wp-json\/wp\/v2\/users\/168"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/newsletter-library\/wp-json\/wp\/v2\/comments?post=1433"}],"version-history":[{"count":4,"href":"https:\/\/blog.iese.edu\/newsletter-library\/wp-json\/wp\/v2\/posts\/1433\/revisions"}],"predecessor-version":[{"id":1444,"href":"https:\/\/blog.iese.edu\/newsletter-library\/wp-json\/wp\/v2\/posts\/1433\/revisions\/1444"}],"wp:attachment":[{"href":"https:\/\/blog.iese.edu\/newsletter-library\/wp-json\/wp\/v2\/media?parent=1433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.iese.edu\/newsletter-library\/wp-json\/wp\/v2\/categories?post=1433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.iese.edu\/newsletter-library\/wp-json\/wp\/v2\/tags?post=1433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}