Publicação
Real effects of financial distress : the role of heterogeneity
| dc.contributor.author | Buera, Francisco | |
| dc.contributor.author | Karmakar, Sudipto | |
| dc.date.accessioned | 2018-10-01T10:16:38Z | |
| dc.date.available | 2018-10-01T10:16:38Z | |
| dc.date.issued | 2018-04 | |
| dc.description.abstract | What are the heterogeneous e_ects of _nancial shocks on _rms' behavior? This paper evaluates and answers this question from both an empirical and a theoretical perspective. Using micro data from Portugal during the sovereign debt crisis, starting in 2010, we document that highly leveraged _rms and _rms that had a larger share of short-term debt on their balance sheets contracted more in the aftermath of a _nancial shock. We use a standard model to analyze the conditions under which leverage and debt maturity determine the sensitivity of _rms' investment decisions to _nancial shocks. We show that the presence of long-term investment projects and frictions to the issuance of long-term debt are needed for the model to rationalize the empirical _ndings. We conclude that the di_erential responses of _rms to a _nancial shock do not provide unambiguous information to identify these shocks. Rather, we argue that this information should be use to test for the relevance of important model assumptions. | pt_PT |
| dc.description.version | info:eu-repo/semantics/publishedVersion | pt_PT |
| dc.identifier.citation | Buera, Francisco e Sudipto Karmakar (2018). "Real effects of financial distress : the role of heterogeneity". Instituto Superior de Economia e Gestão – REM Working paper nº 036 - 2018 | pt_PT |
| dc.identifier.issn | 2184-108X | |
| dc.identifier.uri | http://hdl.handle.net/10400.5/16017 | |
| dc.language.iso | eng | pt_PT |
| dc.peerreviewed | yes | pt_PT |
| dc.publisher | ISEG - REM - Research in Economics and Mathematics | pt_PT |
| dc.relation.ispartofseries | REM Working paper;nº 036 - 2018 | |
| dc.relation.publisherversion | https://rem.rc.iseg.ulisboa.pt/wps/pdf/REM_WP_036_2018.pdf | pt_PT |
| dc.title | Real effects of financial distress : the role of heterogeneity | pt_PT |
| dc.type | working paper | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | workingPaper | pt_PT |