Refereed publications
Investment Slumps during Financial Crises: The Real Effects of Credit Supply, 2022, with Sakellaris and Tavares, Journal of Financial Economics, 145(1), 29-44.
Published version on the JFE website: https://doi.org/10.1016/j.jfineco.2022.04.004.
Link to a pdf of the published version.
One-page summary: https://bit.ly/3lxSZ9H.
BibTeX
Abstract. Using new census-type data and a dynamic structural model, we study the effect of credit supply on investment by manufacturing firms during the Greek depression. Real factors (profitability, uncertainty, and taxes) account for only a fraction of the substantial drop in investment observed in the data. The reduction in credit supply has significant real effects, explaining 11-32% of the investment slump. We also find that exporting firms, which reduce investment and deleverage despite their improved profitability during the crisis, face a contraction in credit supply similar to that of non-exporters, suggesting that the credit-supply shock has a significant common component.
Multinational Franchise Entry and Institutional Quality: Evidence from Mexican Cities, 2017, with Maria Merino, Management Research, 15(30), 313-337.
Working papers
Financial Frictions, Capital Structure, and Aggregate Productivity, February 2024.
Subsidies with Misallocation, July 2023. Submitted.
Inference for Misallocation Statistics using Influence Functions, July 2023.
Heterogeneous Investment Dynamics of Manufacturing Firms, with Tiago Tavares, February 2017.
Note: Published material is provided for educational use only. All articles are the sole Copyright of their respective publishers.
Investment Slumps during Financial Crises: The Real Effects of Credit Supply, 2022, with Sakellaris and Tavares, Journal of Financial Economics, 145(1), 29-44.
Published version on the JFE website: https://doi.org/10.1016/j.jfineco.2022.04.004.
Link to a pdf of the published version.
One-page summary: https://bit.ly/3lxSZ9H.
BibTeX
Abstract. Using new census-type data and a dynamic structural model, we study the effect of credit supply on investment by manufacturing firms during the Greek depression. Real factors (profitability, uncertainty, and taxes) account for only a fraction of the substantial drop in investment observed in the data. The reduction in credit supply has significant real effects, explaining 11-32% of the investment slump. We also find that exporting firms, which reduce investment and deleverage despite their improved profitability during the crisis, face a contraction in credit supply similar to that of non-exporters, suggesting that the credit-supply shock has a significant common component.
Multinational Franchise Entry and Institutional Quality: Evidence from Mexican Cities, 2017, with Maria Merino, Management Research, 15(30), 313-337.
Working papers
Financial Frictions, Capital Structure, and Aggregate Productivity, February 2024.
Subsidies with Misallocation, July 2023. Submitted.
Inference for Misallocation Statistics using Influence Functions, July 2023.
Heterogeneous Investment Dynamics of Manufacturing Firms, with Tiago Tavares, February 2017.
Note: Published material is provided for educational use only. All articles are the sole Copyright of their respective publishers.