G2TT
来源类型Discussion paper
规范类型论文
来源IDDP12784
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
URLhttps://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.
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