We link consumer credit bureau data to data on household demographics and consumption choices. We show that financial stress not only changes how and where consumers shop, but it also affects the types and quality of food they buy. Consumers exhibit a dramatic shift toward purchasing cheap,...

We investigate the impact of government debt on corporate financing decisions. We document a negative relation between government debt and corporate leverage using data on 40 countries between 1990 and 2014. This negative relation holds only for government debt that is financed domestically and...

We empirically investigate the impact of government debt on corporate financing decisions in an international setting. We document a negative relation between government debt and corporate leverage using data on 40 countries between 1990-2014. This negative relation is stronger for government...

This paper investigates the impact of customer risk on suppliers' capital structure. My results show that, on average, high customer risk is associated with low supplier leverage. Customer risk is an important determinant of suppliers' method of financing, as well. Conditional on raising...

We show that mutual funds worldwide provide substantial international exposure through their domestic holdings of multinationals. An average domestic fund's international exposure increases by 32 percentage points when we consider international corporate diversification. We find that funds with...

We show that mutual funds worldwide provide substantial international exposure through their domestic holdings of multinationals. An average domestic fund's international exposure increases by 32 percentage points when we consider international corporate diversification. We find that funds with...