European Investment Bank 
EIB Working Papers 2018/08 – Debt overhang and investment efficiency [EPUB ebook] 

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Using a pan-European data set of 8.5 million firms, this paper finds that firms with high debt overhang invest relatively more than otherwise similar firms if they are operating in sectors facing good global growth opportunities. At the same time, the positive impact of a marginal increase in debt on investment efficiency disappears if firm debt is already excessive, if it is dominated by short maturities, and during systemic banking crises. The results are consistent with theories of the disciplining role of debt, as well as with models highlighting the negative link between agency problems at firms and banks and investment efficiency.

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About European Investment Bank
The European Investment Bank is the world's biggest multilateral lender. The only bank owned by and representing the interests of the EU countries, the EIB finances Europe's economic growth. Over six decades the Bank has backed start-ups like Skype and massive schemes like the Øresund Bridge linking Sweden and Denmark. Headquartered in Luxembourg, the EIB Group includes the European Investment Fund, a specialist financer of small and medium-sized enterprises.

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Língua Inglês ● Formato EPUB ● Páginas 56 ● ISBN 9789286140570 ● Tamanho do arquivo 0.3 MB ● Editor European Investment Bank ● Editora European Investment Bank ● Cidade Luxembourg ● País LU ● Publicado 2019 ● Carregável 24 meses ● Moeda EUR ● ID 7570941 ● Proteção contra cópia sem

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