a novel dataset, we document that this sell-off appears to have generated significant liquidity risk for market … actual downgrade and reversing sharply thereafter. We show that a measure of liquidity risk faced by corporate bond market … portion of this excess co-movement. Additional robustness checks suggest that this relationship between the liquidity risk …

rationed when they attempt to borrow in order to meet liquidity shocks. The rationed firms can optimally pledge cash as …-in-the-market pricing and depends on the entire distribution of liquidity shocks in the economy. As moral hazard intensity varies … market and funding liquidity and deep discounts observed in prices during crises that follow good times. …

Agency problems are an important determinant of corporate liquidity. For a sample of more than 11,000 firms from 45 … that generally drive the need for liquidity, such as investment opportunities and asymmetric information, actually become …

Identifying the impacts of liquidity shocks on spending decisions is difficult methodologically but important for … theory, practice, and policy. Using seven different methods on microenterprise loan applicants, we find striking results …

sensitivity to a demand shock, and apply it to the 2007-2008 crisis. We find robust evidence suggesting that both channels are at … work, but that a finance shock is economically more important in understanding the plight of non-financial firms. …