PDF Financial Frictions: Empirical Facts - Princeton University

Financial Frictions: Empirical Facts

Princeton Initiative

David Sraer, Princeton University

This lecture

"Survey" lecture: overview of empirical research on financial frictions and their impact on firm-level and macro level outcome. Empirically difficult task: supply vs. demand? Holy grail: find the perfect empirical setting/instrument. Literature mostly focused on showing effects of financial frictions.

Precise theories (moral hazard vs. adverse selection vs. limited commitment) have yet to be tested (as opposed to insurance industry).

Roadmap

Firm-level evidence Firm liquidity and investment Financial sector liquidity and investment Beyond Investment

"Macro" evidence

Alternative research designs

Table of Contents

Firm-level evidence Firm liquidity and investment Financial sector liquidity and investment Beyond Investment

"Macro" evidence

Alternative research designs

Table of Contents

Firm-level evidence Firm liquidity and investment Financial sector liquidity and investment Beyond Investment

"Macro" evidence

Alternative research designs

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download