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Debt overhang and investment efficiency

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Personen und Körperschaften: Popov, Alexander (VerfasserIn), Barbiero, Francesca (VerfasserIn), Wolski, Marcin (VerfasserIn)
Titel: Debt overhang and investment efficiency/ Alexander Popov, Francesca Barbiero, Marcin Wolski
Format: E-Book
Sprache: Englisch
veröffentlicht:
Frankfurt am Main, Germany European Central Bank [2018]
Gesamtaufnahme: Europäische Zentralbank: Working paper series ; no 2213 (December 2018)
Schlagwörter:
Quelle: Verbunddaten SWB
Lizenzfreie Online-Ressourcen
Details
Zusammenfassung: Using a pan-European dataset of 8.5 million firms, we find that firms with high debt overhang invest relatively more than otherwise similar firms if they are operating in sectors facing good global growth opportunities. At the same time, the positive impact of a marginal increase in debt on investment efficiency disappears if firm debt is already excessive, if it is dominated by short maturities, and during systemic banking crises. Our results are consistent with theories of the disciplining role of debt, as well as with models highlighting the negative link between agency problems at firms and banks and investment efficiency.
Umfang: 1 Online-Ressource (circa 51 Seiten)
ISBN: 9789289933186
9289933186
DOI: 10.2866/234067