全球智库信息集成服务系统(G2TT): DP13336 Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP13336
	DP13336 Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis
	Sebnem Kalemli-Ozcan; Luc Laeven; David Moreno
发表日期	2018-11-21
出版年	2018
语种	英语
摘要	We quantify the role of financial leverage behind the sluggish post-crisis investment performance of European firms. We use a cross-country firm-bank matched database to identify separate roles for firm leverage, bank balance sheet weaknesses arising from sovereign risk, and aggregate demand conditions. We find that firms with higher debt levels reduce their investment more after the crisis. This negative effect is stronger for firms holding short-term debt in countries with sovereign stress, consistent with rollover risk being an important channel influencing investment. The negative effect of firm leverage on investment is persistent for several years after the shock in the countries with sovereign stress. The corporate leverage channel can explain 40 percent of the cumulative decline in aggregate investment over four years after the crisis.
主题	Financial Economics ; International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations
关键词	Firm investment Debt maturity Rollover risk Bank-sovereign nexus
URL	https://cepr.org/publications/dp13336
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/542148
推荐引用方式 GB/T 7714	Sebnem Kalemli-Ozcan,Luc Laeven,David Moreno. DP13336 Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis. 2018.