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dc.contributor.authorBesley, T.
dc.contributor.authorRoland, I.
dc.contributor.authorVan Reenen, J.
dc.date.accessioned2020-12-04T16:25:10Z
dc.date.available2020-12-04T16:25:10Z
dc.date.issued2019-12-02
dc.identifier.otherCWPE2061
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/314714
dc.description.abstractThis paper studies the implications of perceived default risk for aggregate output and productivity. Using a model of credit contracts with moral hazard, we show that a firm’s probability of default is a sufficient statistic for capital allocation. The th
dc.publisherFaculty of Economics, University of Cambridge
dc.relation.ispartofseriesCambridge Working Papers in Economics
dc.rightsAll Rights Reserved
dc.rights.urihttps://www.rioxx.net/licenses/all-rights-reserved/
dc.subjectproductivity
dc.subjectdefault risk
dc.subjectcredit frictions
dc.subjectmisallocation
dc.titleThe Aggregate Consequences of Default Risk: Evidence from Firm-level Data
dc.typeWorking Paper
dc.identifier.doi10.17863/CAM.61820


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