investment and credit to the non-financial sector in the United States. Building on Montecino, Epstein, and Levina (2014) we … through a credit channel. However, we also find evidence of a structural break around the year 2000. Rolling impulse response … functions suggest the presence of two alternative regimes over the post-war period: a “capital diversion” regime in which credit …

reform increasing secured creditors' protection, to estimate the effect of enforcement on firm access to finance, investment … of secured loans, as well as a larger increase in investment and value of output in the years following the reform. To …

In this paper, we find that reduced credit supply reduces firm investments in our sample of small private firms. The … firms hedge against potential future credit supply shocks? (ii) did they have better access to shareholder funding? or (iii …) was the effect driven by past investment patterns? We find that access to shareholder funding during the crisis offset the …

Firm investment, Intangible assets, Loan terms, Credit constraint, Survey data, Instrumental variable approachUsing … European firm-level data from a new survey, the EIBIS, we document the effect of bank loan terms on investment in intangible … benefit from the complementarities of these assets. We document the effect of loan conditions on investment intensity, as well …

We show that supply-side financial shocks have a large impact on firms' investment. We develop a new methodology to … of aggregate loan and investment fluctuations …

We study the effect of bank loans on Chinese publicly listed firms' investment decisions based on the underinvestment … investment for Chinese publicly listed firms. And this negative relationship is much stronger for firms with low growth than … investment. However, the higher the long-term loan ratios are, the weaker the negative relationship between long-term loan ratios …