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UID:cff9bea675da879c918e6a71b28ac887
CATEGORIES:Seminars
CREATED:20180103T165641
SUMMARY:Francisco Buera - Chicago FED (on leave), Washington University at St. Louis
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nReal Effects of Financial Distress: The Role of Heterogeneity (with Sud
 ipto Karmakar) \nAbstract: \nWhat are the heterogeneous effects of financia
 l shocks on firms’ behavior? This paper evaluates and answers this question
  from both an empirical and a theoretical perspective. Using micro data fro
 m Portugal during the sovereign debt crisis, starting in 2010, we document 
 that highly leveraged firms and firms that had a larger share of short-term
  debt on their balance sheets contracted more in the aftermath of a financi
 al shock. We use a standard model to analyze the conditions under which lev
 erage and debt maturity determine the sensitivity of firms’ investment deci
 sions to financial shocks. We show that the presence of long-term investmen
 t projects and frictions to the issuance of long-term debt are needed for t
 he model to rationalize the empirical findings. We conclude that the differ
 ential responses of firms to a financial shock do not provide unambiguous i
 nformation to identify these shocks. Rather, we argue that this information
  should be used to test for the relevance of important model assumptions.\n
DTSTAMP:20260405T223816Z
DTSTART:20180426T163000Z
DTEND:20180426T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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