Capital reallocation is procyclical, despite measured productive reallocative opportunities being acyclical, or even … countercyclical. This paper reviews the advances in the literature studying the causes and consequences of capital reallocation (or … lack thereof). We provide a comprehensive set of capital reallocation stylized facts for the US, and an illustrative model …

when they anticipate high valuations, and underperform subsequently? In this paper, we propose a theory of financing cycles …

suggests that although bank lending to firms declines during the crisis, bond financing actually increases to make up much of …