credit ratings in Sweden as a measure of financial constraints. We then use panel regressions and a regression …-discontinuity analysis to estimate the relationship between access to credit and cash holdings. Our analysis finds no causal effect of credit …

We investigate how financial contracting interacts with lending channel effects by tracing the anatomy of a credit …-lending revenues, and those that pledge collateral, especially outside assets and real estate, experience less credit rationing …

disentangling real effects of credit supply from demand-side factors. Identification of supply-side effects in firm-level analyses … 2011, we show that controlling for firms' current situation and future expectations reduces upward bias in estimated credit …