Redefining Financial Constraints: A Text-Based Analysis

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...

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Bibliographic Details
Published in:The Review of financial studies 2015-05, Vol.28 (5), p.1312-1352
Main Authors: Hoberg, Gerard, Maksimovic, Vojislav
Format: Article
Language:English
Subjects:
1997-2009
Aktienmarkt
Asymmetric information
Betriebliche Liquidität
Bond issues
Capital market
Companies
Constraints
Covenants
Debt
Debt financing
Economic shock
Equity
Investment
Investment policy
Securities markets
Studies
Unternehmenswachstum
Unvollkommener Markt
USA
Violations
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