Learn More
  • Atif Mian, Kamalesh Rao, Mastercard Advisors, Amir Sufi, Lucy Hu, Ernest Liu +3 others
  • 2011
We show that the 2007-09 housing collapse in the United States resulted in a very unequal distribution of wealth shocks due to the geographical concentration of ex-ante leverage and house price decline. We investigate the consumption consequences of these wealth shocks and show that the consumption risk-sharing hypothesis is easily rejected. We estimate an(More)
  • Michael Faulkender, Mitchell Petersen, Jerry Hoberg, Vojislav Maksimovic, David Matsa, Gordon Phillips +12 others
  • 2011
The American Jobs Creation Act (AJCA) significantly lowered US firms' tax cost when accessing their unrepatriated foreign earnings. Using this temporary shock to the cost of internal financing, we examine the role of capital constraints in firms' investment decisions. Controlling for the capacity to repatriate foreign earnings under the AJCA, we find that a(More)
  • 1