gekennzeichnet sind. Er zeigt, dass unternehmerische Fehlanreize bei der Investition durch geeignet ausgestaltete …

and monitor managers, we hypothesize that short selling threats, proxied by ELS, enhance corporate investment efficiency … underinvest (overinvest). The effect of ELS on investment efficiency is stronger for firms with higher information asymmetry and … selling risk weakens the effect of ELS. Our evidence is robust to endogeneity checks and suggests that corporate investment …

We build a model of investment and financing decisions to study the choice between bonds and bank loans in a firm …'s marginal financing decision and its effects on corporate investment. We show that firms with more growth options, higher … bargaining power in default, operating in more competitive product markets, and facing lower credit supply are more likely to …