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1785966715888205824 |
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Electronic Resources |
| author |
Popov, Alexander, Barbiero, Francesca, Wolski, Marcin |
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Popov, Alexander, Barbiero, Francesca, Wolski, Marcin |
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Popov, Alexander |
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a p ap, f b fb, m w mw |
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lfer |
| contents |
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. |
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Not Illustrated |
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Frankfurt am Main, Germany, European Central Bank, [2018] |
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Frankfurt am Main, Germany: European Central Bank, [2018] |
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DE-D117, DE-105, LFER, DE-Ch1, DE-15, DE-14, DE-L242, DE-Zwi2 |
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Unternehmen, Verbindlichkeiten, Investition, Bankenkrise |
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Working paper series / European Central Bank ; no 2213 (December 2018) |
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0 |
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Popov, Alexander VerfasserIn (DE-588)102932297X (DE-627)733242979 (DE-576)377203793 aut, Debt overhang and investment efficiency Alexander Popov, Francesca Barbiero, Marcin Wolski, Frankfurt am Main, Germany European Central Bank [2018], 1 Online-Ressource (circa 51 Seiten), Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Working paper series / European Central Bank no 2213 (December 2018), 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., 1.1\x Unternehmen (DE-627)091396433 (DE-2867)12072-1 stw, 1.2\x Verbindlichkeiten (DE-627)091397065 (DE-2867)12401-1 stw, 1.3\x Investition (DE-627)091368944 (DE-2867)10008-6 stw, 1.4\x Bankenkrise (DE-627)091349427 (DE-2867)13688-6 stw, Barbiero, Francesca VerfasserIn aut, Wolski, Marcin VerfasserIn (DE-588)1031325433 (DE-627)736267832 (DE-576)378780557 aut, Europäische Zentralbank Working paper series no 2213 (December 2018) 221300 (DE-627)372370322 (DE-576)108090442 (DE-600)2123559-4 1725-2806, http://dx.doi.org/10.2866/234067 Resolving-System kostenfrei Volltext, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2213.en.pdf Verlag Volltext, http://hdl.handle.net/10419/208247 Resolving-System kostenfrei, http://dx.doi.org/10.2866/234067 LFER, LFER 2019-05-29T00:00:00Z |
| spellingShingle |
Popov, Alexander, Barbiero, Francesca, Wolski, Marcin, Debt overhang and investment efficiency, Europäische Zentralbank, Working paper series, no 2213 (December 2018), 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., Unternehmen, Verbindlichkeiten, Investition, Bankenkrise |
| title |
Debt overhang and investment efficiency |
| title_auth |
Debt overhang and investment efficiency |
| title_full |
Debt overhang and investment efficiency Alexander Popov, Francesca Barbiero, Marcin Wolski |
| title_fullStr |
Debt overhang and investment efficiency Alexander Popov, Francesca Barbiero, Marcin Wolski |
| title_full_unstemmed |
Debt overhang and investment efficiency Alexander Popov, Francesca Barbiero, Marcin Wolski |
| title_in_hierarchy |
no 2213 (December 2018). Debt overhang and investment efficiency ([2018]) |
| title_short |
Debt overhang and investment efficiency |
| title_sort |
debt overhang and investment efficiency |
| title_unstemmed |
Debt overhang and investment efficiency |
| topic |
Unternehmen, Verbindlichkeiten, Investition, Bankenkrise |
| topic_facet |
Unternehmen, Verbindlichkeiten, Investition, Bankenkrise |
| url |
http://dx.doi.org/10.2866/234067, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2213.en.pdf, http://hdl.handle.net/10419/208247 |
