We estimate firm-specific marginal cost of debt functions for a large panel of companies between 1980 and 2007. The … marginal cost curves are identified by exogenous variation in the marginal tax benefits of debt. The location of a given … company's cost of debt function varies with characteristics such as asset collateral, size, book-to-market, asset tangibility …

optimally diversify their holdings of sovereign debt in an effort to minimize the costs with respect to an individual country … in the financial system and the riskiest governments issue too much debt, as they do not take account of the costs of …We analyze contagious sovereign debt crises in financially integrated economies. Under financial integration banks …

We analyze government interventions to alleviate debt overhang among banks. Interventions generate two types of rents …. Informational rents arise from opportunistic participation based on private information while macroeconomic rents arise from free …

Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang …

, portfolio investment, equity investment, and short-term debt. We follow about 100 countries during 1990-2010 when emerging …. Finally, the relationship between growth and short-term debt is nil before the crisis, and negative during the crisis …

Does short-term debt increase vulnerability to financial crisis, or does short-term debt reflect -- rather than cause … -- the incipient crisis? We study the role that short-term debt played in the collapse of the East Asian financial sector in … 1997-1998. We alleviate concerns about the endogeneity of short-term debt by using long-term debt obligations that matured …

household mobility by 30 percent, and $1,000 of additional mortgage or property tax costs reduces household mobility by 10 …