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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP12784 |
DP12784 Debt Overhang and Investment Efficiency | |
Marcin Wolski; Francesca Barbiero; Alexander Popov | |
发表日期 | 2018-03-08 |
出版年 | 2018 |
语种 | 英语 |
摘要 | Using a pan-European dataset of 8.5 million rms, we find that firms with high debt overhang invest relatively more than otherwise similar firms if they are operating in sectors facing good global growth opportunities. This effect is robust to controlling for firm fixed effects and for country-sector-time fixed effects. At the same time, the positive impact of a marginal increase in debt on investment efficiency disappears if firm debt is excessive, if it is dominated by short maturities, and during systemic banking crises. Our results are consistent with theories highlighting the disciplining role of debt over equity. |
主题 | Financial Economics |
关键词 | Investment misallocation Debt overhang Banking crises |
URL | https://cepr.org/publications/dp12784 |
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/541593 |
推荐引用方式 GB/T 7714 | Marcin Wolski,Francesca Barbiero,Alexander Popov. DP12784 Debt Overhang and Investment Efficiency. 2018. |
条目包含的文件 | 条目无相关文件。 |
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