| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24555 |
| 来源ID | Working Paper 24555 |
| Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis | |
| Ṣebnem Kalemli-Özcan; Luc Laeven; David Moreno | |
| 发表日期 | 2018-04-30 |
| 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 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Money and Interest Rates ; International Economics ; International Finance ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w24555 |
| 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/582228 |
| 推荐引用方式 GB/T 7714 | Ṣebnem Kalemli-Özcan,Luc Laeven,David Moreno. Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis. 2018. |
| 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 | ||
| w24555.pdf（351KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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