| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13174 |
| 来源ID | Working Paper 13174 |
| Investment and the Cost of Capital: New Evidence from the Corporate Bond Market | |
| Simon Gilchrist; Egon Zakrajsek | |
| 发表日期 | 2007-06-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We study the effect of variation in interest rates on investment spending, employing a large panel data set that links yields on outstanding corporate bonds to the issuer income and balance sheet statements. The bond price data -- based on trades in the secondary market -- enable us to construct a firm-specific measure of the user cost of capital based on the marginal cost of external finance as determined in the market for long-term corporate debt. Our results imply a robust and quantitatively important effect of the user cost of capital on the firm-level investment decisions. According to our estimates, a 1 percentage point increase in the user cost of capital implies a reduction in the investment rate of 50 to 75 basis points and, in the long run, a 1 percent reduction in the stock of capital. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Fiscal Policy |
| URL | https://www.nber.org/papers/w13174 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570843 |
| 推荐引用方式 GB/T 7714 | Simon Gilchrist,Egon Zakrajsek. Investment and the Cost of Capital: New Evidence from the Corporate Bond Market. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13174.pdf（385KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
