The Business Cycle, Investor Sentiment, and Costly External Finance
研究了融资可得性是否随时间变化及其对实体经济的影响，发现衰退和低投资者情绪时期，投资和就业对托宾q的敏感性降低，对现金流的敏感性升高，表明外部融资成本上升限制了投资和就业。
ABSTRACT The recent financial crisis shows that financial markets can impact the real economy. We investigate whether access to finance typically time‐varies and, if so, what are the real effects. Consistent with time‐varying external finance costs, both investment and employment are less sensitive to Tobin's q and more sensitive to cash flow during recessions and low investor sentiment periods. Share issuance plays a bigger role than debt issuance in causing these effects. Alternative tests that do not rely on q and cash flow sensitivities suggest that recessions and low sentiment increase external finance costs, thereby limiting investment and employment.