The costs of corporate debt overhang☆

被引：0
|
作者：
Blickle, Kristian [1 ]
Santos, Joao A. C. [1 ,2 ]
机构：
[1] Fed Reserve Bank New York, New York, NY USA
[2] Nova Sch Business & Econ, Carcavelos, Portugal
来源：
JOURNAL OF FINANCIAL INTERMEDIATION | 2024年 / 60卷
关键词：
Debt overhang External funding Covid-19; HOUSEHOLD LEVERAGE; INVESTMENT; DETERMINANTS; INFORMATION;
D O I：
10.1016/j.jfi.2024.101118
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We make use of rich U.S. data to show that debt overhang significantly reduces firm asset-, capex-, and employee-growth. We show these contractions are likely driven by firm decisions as opposed to the result of credit constraints or changes in investment opportunities. Our measure of overhang - liabilities to cash flow - aligns with traditional theory and focuses on the importance of a firm's debt servicing capacity. further allows us to capitalize on the COVID-19 shock as a quasi-natural experiment to confirm the impact overhang on firm investment and growth.
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页数：18
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