European firms’ net debt cramped investment, Bank of Italy paper finds
Paper looks at eurozone and UK firms from 2006 to 2012
A working paper published by the Bank of Italy investigates how eurozone and UK firms’ debt affected their investment decisions during the financial crisis.
In Investment decisions by European firms and financing constraints, Andrea Mercatanti, Taneli Mäkinen and Andrea Silvestrini use quarterly data on all listed corporations, other than financial and utilities firms, in the eurozone and the UK from 2006 to 2012.
For each firm, they calculate investment, cash reserves, gross and net short
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