Spillover effects in empirical corporate finance

• 成果类型: Article
• 署名作者: Berg, Tobias; Reisinger, Markus; Streitz, Daniel
• 署名单位: Frankfurt School Finance & Management; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Friedrich Schiller University of Jena; Copenhagen Business School
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.04.039
• 发表日期: 2021
• 页码: 1109-1127
• 关键词: spillovers; Direct vs; indirect effects; Credit supply

摘要

Despite their importance, the discussion of spillover effects in empirical research often misses the rigor dedicated to endogeneity concerns. We analyze a broad set of workhorse models of firm interactions and show that spillovers naturally arise in many corporate finance settings. This has important implications for the estimation of treatment effects: (i) even with random treatment, spillovers lead to a complicated bias; (ii) fixed effects can exacerbate the spillover-induced bias. We propose simple diagnostic tools for empirical researchers and illustrate our guidance in an application. (c) 2021 Elsevier B.V. All rights reserved.