MCLEAN, R. DAVID; ZHAO, MENGXIN - In: Journal of Finance 69 (2014) 3, pp. 1377-1409
type="main" <title type="main">ABSTRACT</title> <p>The recent financial crisis shows that financial markets can impact the real economy. We investigate whether access to finance typically time-varies and, if so, what are the real effects. Consistent with time-varying external finance costs, both investment and employment are...</p>