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The Real Effects of Financial Constraints : Evidence from a Financial Crisis

Campello, Murillo - 2010

We survey 1,050 CFOs in the U.S., Europe, and Asia to assess whether their firms are credit constrained during the global credit crisis of 2008. We study whether corporate spending plans differ conditional on this measure of financial constraint. Our evidence indicates that constrained firms...

Persistent link: https://www.econbiz.de/10013149992

The real effects of financial constraints : evidence from a financial crisis

Campello, Murillo; Graham, John R.; Harvey, Campbell R. - In: Journal of financial economics 97 (2010) 3, pp. 470-487

Persistent link: https://www.econbiz.de/10008660522

The real effects of financial constraints : evidence from a financial crisis

Campello, Murillo; Graham, John R.; Harvey, Campbell R. - 2009

"We survey 1,050 CFOs in the U.S., Europe, and Asia to assess whether their firms are credit constrained during the global credit crisis of 2008. We study whether corporate spending plans differ conditional on this measure of financial constraint. Our evidence indicates that constrained firms...

Persistent link: https://www.econbiz.de/10003913441

The Real Effects of Financial Constraints : Evidence from a Financial Crisis

Campello, Murillo - 2009

Persistent link: https://www.econbiz.de/10012463097

Policy Heterogeneity in Empirical Corporate Finance

Campello, Murillo; Galvao, Antonio F.; Juhl, Ted - 2014

Standard econometric methods can overlook the issue of heterogeneity in corporate policy making, generating biased estimates. We propose ways to identify and address the firm policy heterogeneity bias in practice. In doing so, we introduce a new test determining whether standard firm-fixed...

Persistent link: https://www.econbiz.de/10014158869

The Real and Financial Implications of Corporate Hedging

Campello, Murillo - 2011

We study the implications of hedging for corporate financing and investment. We do so using an extensive, hand … loan agreements. These favorable financing terms, in turn, allow hedgers to invest more. Our tests characterize two exact … present shows that hedging has a first-order effect on firm financing and investment, and provides new insights into how …

Persistent link: https://www.econbiz.de/10013133824

Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis

Almeida, Heitor - 2011

We use the 2007 credit crisis to assess the effect of financial contracting on real corporate behavior. We identify heterogeneity in financial contracting at the onset of the crisis by exploring ex-ante variation in long-term debt maturity. Our empirical methodology uses an experiment-like...

Persistent link: https://www.econbiz.de/10013134684

The Real and Financial Implications of Corporate Hedging

Campello, Murillo - 2010

We study the implications of hedging for firm financing and investment. We do so using an extensive, hand … loan agreements. These favorable financing terms, in turn, allow hedgers to invest more. Our tests characterize two exact … present shows that hedging has a first-order effect on firm financing and investment, and provides new insights into how …

Persistent link: https://www.econbiz.de/10013134932

Liquidity Management and Corporate Investment During a Financial Crisis

Campello, Murillo - 2010

This paper uses a unique dataset to study how firms managed liquidity during the financial crisis. Our analysis provides new insights on the interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how companies...

Persistent link: https://www.econbiz.de/10013138771

Aggregate Risk and the Choice between Cash and Lines of Credit

Acharya, Viral V. - 2010

We argue that a firm's aggregate risk is a key determinant of whether it manages its future liquidity needs through cash reserves or bank lines of credit. Banks create liquidity for firms by pooling their idiosyncratic risks. As a result, firms with high aggregate risk find it costly to get...

Persistent link: https://www.econbiz.de/10013141860