Online Reputation and Debt Capacity
研究发现巴黎餐厅的在线客户评分越高，其债务水平也越高，因为好评分降低了现金流风险并增强了应对需求冲击的能力，使餐厅能借更多钱投资有形资产。
Abstract We explore the effects of online customer ratings on financial policy. Using a large sample of Parisian restaurants, we find a positive and economically significant relationship between customer ratings and restaurant debt. We use the locally exogenous variations in customer ratings resulting from the rounding of scores in regression discontinuity tests to establish causality. Favorable online ratings reduce cash flow risk and increase resilience to demand shocks. Consistent with the view that good online ratings increase the debt capacity of restaurants and their growth opportunities, restaurants with good ratings use their extra debt to invest in tangible assets.