This paper is a survey of recent empirical work on financial constraints faced by firms. It is
organized as a series of stylized results which mirror what is generally understood about the …

Entrepreneurship and Financial Frictions: A Macrodevelopment Perspective | Annual Reviews
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We estimate the impact of the COVID-19 crisis on business failures among small and
medium size enterprises (SMEs) in seventeen countries using a large representative firm …

We study the role of financial frictions and firm heterogeneity in determining the investment
channel of monetary policy. Empirically, we find that firms with low default risk—those with …

In empirical corporate finance, firm size is commonly used as an important, fundamental firm
characteristic. However, no research comprehensively assesses the sensitivity of empirical …

Two modern economic trends are the increase in firm size and advances in information
technology. We explore the hypothesis that big data disproportionately benefits big firms …

I study the role of firms' balance sheet liquidity in the transmission of monetary policy to
investment. In response to monetary contractions, US firms with fewer liquid asset holdings …

We investigate whether superior performance on corporate social responsibility (CSR)
strategies leads to better access to finance. We hypothesize that better access to finance can …

We show how real and financial frictions amplify, prolong, and propagate the negative
impact of uncertainty shocks. We use a novel instrumentation strategy to address …

We develop a model of banking industry dynamics to study the quantitative impact of
regulatory policies on bank risk‐taking and market structure. Since our model is matched to …