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credit rationed, both in the quantity and in the price dimension, and to increase their use of debt securities. We also find … share of credit rationed firms and of firms discouraged from applying. In addition, firms reduced their use of debt … securities, trade credit, and government subsidized loans. Firms with improved outlook and credit history were particularly …
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) with balance sheet information. Our evidence documents that credit constrained firms display an incentive to improve their …
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