Redefining Financial Constraints: A Text-Based Analysis
通过对10-K报告进行文本评分，构建了区分股权和债务融资约束的年度指标，发现股权约束与信息不对称相关，债务约束与契约违规相关，且这些指标在预测负面冲击后的投资削减方面优于现有方法。
We score 10-K text to obtain annual measures of financial constraints, with separate measures for firms reporting equity and debt financing issues. Equity market constraints are associated with firms funding growth opportunities, have more severe consequences for the firm following large unexpected negative shocks, and are likely driven by informational asymmetries. A significant population of firms reporting equity market constraints also declare that they possess material undisclosed proprietary information. Constraints in the debt markets are distinct and are linked to covenant violations. Our measures outperform others used in the literature in predicting investment cuts following negative shocks.