Chava is at the Mays Business School, Texas A&M University. Roberts is at The Wharton School, University of Pennsylvania. This paper previously circulated under the title, “Is Financial Contracting Costly? An Empirical Analysis of Debt Covenants and Corporate Investment.” We are especially grateful to the editors, Campbell Harvey and John Graham, and two anonymous referees for helpful comments. We also thank Andy Abel, Philip Bond, Doug Diamond, Itay Goldstein, Joao Gomes, Christopher Hennessy, Wei Jiang, Marcel Kahan, Michael Klausner, Michael Lemmon, Andrew Metrick, Vinay Nair, Stavros Panageas, Josh Rauh, David Scharfstein, Nicholas Souleles, Jeremy Stein, Amir Sufi, Toni Whited, Amir Yaron, Bilge Yilmaz, Moto Yogo, Luigi Zingales, Jeffrey Zwiebel and participants at the 2006 PENN/NYU Law and Finance Conference, 2006 Olin Corporate Finance Conference, 2006 NYU/New York Federal Reserve Joint Conference on Financial Intermediation, 2007 American Finance Association Meeting, 2007 Stanford Institute of Theoretical Economics, and Wharton Macro Lunch seminar for helpful discussions. Roberts gratefully acknowledges financial support from the Rodney L. White Center and an NYSE Fellowship.
How Does Financing Impact Investment? The Role of Debt Covenants
Version of Record online: 10 SEP 2008
© 2008 the American Finance Association
The Journal of Finance
Volume 63, Issue 5, pages 2085–2121, October 2008
How to Cite
CHAVA, S. and ROBERTS, M. R. (2008), How Does Financing Impact Investment? The Role of Debt Covenants. The Journal of Finance, 63: 2085–2121. doi: 10.1111/j.1540-6261.2008.01391.x
- Issue online: 10 SEP 2008
- Version of Record online: 10 SEP 2008
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