Oxford Scholarship Online 2018
DOI: 10.1093/oso/9780198815815.003.0003
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Misallocation of Investment in Europe

Abstract: Using a pan-European, firm-bank matched data set, we find weak evidence of investment misallocation in Europe. Firms with higher debt overhangs invest significantly less, in particular in sectors that are facing good global growth opportunities. We also find that firms with higher debt overhangs are more likely to invest if they borrow from undercapitalized banks, and this effect is particularly strong in industries facing good global growth opportunities, suggesting a misallocation of investment associated wi… Show more

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