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Financial Constraints, Asset Tangibility, and Corporate Investment
When firms are able to pledge their assets as collateral, investment and borrowing become endogenous: pledgeable assets support more borrowings that in turn allow for further investment in pledgeableExpand
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The Real Effects of Financial Constraints: Evidence from a Financial Crisis
We survey 1,050 CFOs in the U.S., Europe, and Asia to assess whether their firms are credit constrained during the global credit crisis of 2008. We study whether corporate spending plans differExpand
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Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis
We use the 2007 credit crisis to assess the effect of financial contracting on real corporate behavior. We identify heterogeneity in financial contracting at the onset of the crisis by exploringExpand
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Debt Financing: Does it Boost or Hurt Firm Performance in Product Markets?
Research on capital structure-product market interactions has traditionally sought to establish whether debt financing either hurts or boosts firm performance. This paper proposes that both of theseExpand
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Liquidity Management and Corporate Investment During a Financial Crisis
This paper uses a unique dataset to study how firms managed liquidity during the financial crisis. Our analysis provides new insights on the interactions between internal liquidity, external funds,Expand
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Customer Concentration and Loan Contract Terms
We study pricing and non-pricing features of loan contracts to gauge how the credit market evaluates a firm’s customer-base profile and supply-chain relations. Higher customer concentration increasesExpand
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Corporate Liquidity Management: A Conceptual Framework and Survey
Ensuring that a firm has sufficient liquidity to finance valuable projects that occur in the future is at the heart of the practice of financial management. However, although discussion of theseExpand
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Firm Balance Sheets and Monetary Policy Transmission
The functioning of internal capital markets in financial conglomerates facilitates a novel identification strategy of the balance sheet channel of monetary policy. We look at small subsidiary banksExpand
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Are Financial Constraints Priced? Evidence from Firm Fundamentals and Stock Returns
Using comprehensive firm- and aggregate-level data, this paper studies the real and financial implications of capital market imperfections. We first examine whether financially constrained firms'Expand
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Do Stock Prices Influence Corporate Decisions? Evidence from the Technology Bubble
Do firms issue stock when prices seem irrationally high? Do they invest or save the proceeds from the sale of overvalued stocks? Is value created or destroyed in the process? This paper uses a novelExpand
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