作者：Catherine, Sylvain; Chaney, Thomas; Huang, Zongbo; Sraer, David; Thesmar, David
作者单位：University of Pennsylvania; University of Southern California; Institut d'Etudes Politiques Paris (Sciences Po); Center for Economic & Policy Research (CEPR); The Chinese University of Hong Kong, Shenzhen; University of California System; University of California Berkeley; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：This paper quantifies the aggregate effects of financing constraints. We start from a standard dynamic investment model with collateral constraints. In contrast to the existing quantitative literature, our estimation does not target the mean leverage ratio to identify the scope of financing frictions. Instead, we use a reduced-form coefficient from the recent corporate finance literature that connects exogenous debt capacity shocks to corporate investment. Relative to a frictionless benchmark,...
