We study the role of financial frictions in determining the allocation of investment and
innovation. Empirically, we find that firms are investment-intensive when they have low net …

We study estimation and inference in panel data regression models when the regressors of
interest are macro shocks, which speaks to a large empirical literature that targets impulse …

We analyze the role of trade credit and financial frictions in the propagation of international
trade shocks along the supply chain. First, we show empirically that exposure to import …

This thesis consists of three independent essays on credit supply, each addressing different
components, including the different impact of credit supply shocks financed through different …

We examine borrowing costs for firms using a security-level database with bank loans and
corporate bonds issued by US companies. We find significant within-firm dispersion in …