In this paper we use balance-sheet data and information on bankruptcy to study the relationship between investment …-2011, which also allows us to study the impact of the 2008 crisis on Czech companies. Using investment-cash flow sensitivity to … significant impact on the investment rate. By taking a closer look at individual subsamples we reveal that the existence of …

augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the … more favourable loan package; that it is associated with over-investment even when investment does not create collateral …

augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the … more favourable loan package; that it is associated with over-investment even when investment does not create collateral …

include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired … favorable loan package; that it is associated with over-investment even when investment does not create collateral; and that low …

In China, between 2006 and 2013, local public debt crowded out the investment of private firms by tightening their … funding constraints, while leaving state-owned firms' investment unaffected. We establish this result using a purpose …-built dataset for Chinese local public debt. Private firms invest less in cities with more public debt, the reduction in investment …