Financing Constraints and the Amplification of Aggregate Downturns
研究发现，当行业遭遇下行冲击时，若同行企业的长期债务恰好到期，这些企业会遭受更大的估值损失，表明融资约束企业的负外部性会放大行业下行的影响。
This paper shows that during industry downturns, firms experience significantly greater valuation losses when their industry peers' long-term debt is maturing at the time of the shocks. Across a range of tests, the analysis addresses the endogenous determination of peer debt-maturity structure. Overall, the evidence suggests that the negative externalities financially constrained firms impose on their industry peers can significantly amplify the effects of industry downturns. The evidence also provides support for the view that these amplification effects are driven by the adverse effect that financially constrained firms have on the balance sheets of their industry peers.