Survive Another Day: Using Changes in the Composition of Investments to Measure the Cost of Credit Constraints
提出一种新方法，通过比较企业内长期与短期投资的相对变化来量化信贷冲击的大小，利用西班牙企业数据估算信贷紧缩相当于对最长寿命资本征收约11%的额外税率。
We introduce a novel empirical strategy to measure the size of credit shocks. Theoretically, we show that credit shocks reduce the value of long-term relative to short-term investments. Empirically, we can therefore compare the reduction of long-term relative to short-term investments within firms, allowing for firm-times-year fixed effects. Using Spanish firm-level data, we estimate the credit crunch to be equivalent to an additional tax rate of around 11% on the longest-lived capital. To pin down credit constraints as the underlying cause, we apply triple-differences strategies using foreign ownership or precrisis debt maturity.