| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10326 |
| DP10326 Do Measures of Financial Constraints Measure Financial Constraints? | |
| Alexander Ljungqvist; Joan Farre-Mensa | |
| 发表日期 | 2015-01-11 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Financial constraints are fundamental to empirical research in finance and economics. We propose two novel tests to evaluate how well measures of financial constraints actually capture constraints. We find that firms classified as constrained according to five popular measures do not in fact behave as if they were constrained: they have no trouble raising debt when their demand for debt increases exogenously and they use the proceeds of equity issues to increase payouts to shareholders. We propose an alternative proxy for financial constraints, based on Merton?s (1974) distance-to-default measure, which successfully identifies firms whose behavior is consistent with being constrained. |
| 主题 | Financial Economics |
| 关键词 | Financial constraints |
| URL | https://cepr.org/publications/dp10326 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539158 |
| 推荐引用方式 GB/T 7714 | Alexander Ljungqvist,Joan Farre-Mensa. DP10326 Do Measures of Financial Constraints Measure Financial Constraints?. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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