The real effects of financial constraints: Evidence from a financial crisis

Abstract

NBER WORKING PAPER SERIES THE REAL EFFECTS OF FINANCIAL CONSTRAINTS: EVIDENCE FROM A FINANCIAL CRISIS Murillo Campello John Graham Campbell R. Harvey Working Paper 15552 http://www.nber.org/papers/w15552 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 December 2009 We thank Steve Kaplan, Jeremy Stein, and Luigi Zingales for suggesting questions that we included in the survey instrument. Comments from seminar participants at the Chicago/London Conference on Financial Markets, SBFin Conference, BG Investments, Northwestern University, and the University of Amsterdam are also appreciated. We thank CFO magazine for helping us conduct the survey, though we note that our analysis and conclusions do not necessarily reflect those of CFO. We thank Andrew Frankel for his helpful comments on the first draft of the paper. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2009 by Murillo Campello, John Graham, and Campbell R. Harvey. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. The Real Effects of Financial …

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