We show that firm liability structure and associated cash flows matter for firm behavior and that financial market participants price stocks accordingly. Stock price reactions to monetary policy announcements depend on the type and maturity of debt issued by the firms and the forward guidance provided by the Fed, both at and away from the zero lower bound. Further, the marginal stock market participant knows the current liability structures of firms and does not rely on rules of thumb. The cash flow exposure at the time of monetary policy actions predicts future investment, assets, and net worth, clearly violating the Modigliani-Miller theorem.

中文翻译：

---

股市对货币政策传导的评估：现金流效应

我们表明，公司负债结构和相关现金流对公司行为很重要，金融市场参与者相应地对股票进行定价。股票价格对货币政策公告的反应取决于公司发行的债务的类型和期限以及美联储提供的前瞻性指引，无论是在零下限还是远离零下限。此外，边际股票市场参与者了解公司当前的负债结构，并且不依赖经验法则。货币政策行动时的现金流风险预测未来投资、资产和净资产，显然违反了莫迪利亚尼-米勒定理。