Viral V. Acharya is with NYU–Stern, CEPR, ECGI, and NBER. Heitor Almeida is with University of Illinois and NBER. Murillo Campello is with Cornell University and NBER. Our paper benefited from comments from Peter Tufano (Acting Editor); an anonymous referee; Hui Chen, Ran Duchin, and Robert McDonald (discussants); René Stulz; as well as seminar participants at the 2010 AEA meetings, 2010 WFA meetings, DePaul University, ESSEC, Emory University, MIT, Moody's/NYU–Stern 2010 Credit Risk Conference, New York University, Northwestern University, UCLA, University of Illinois, Vienna University of Economics and Business, Yale University, University of Southern California, and UCSD. We thank Florin Vasvari and Anurag Gupta for help with the data on lines of credit, and Michael Roberts and Florin Vasvari for matching these data with COMPUSTAT. Farhang Farazmand, Fabrício D'Almeida, Igor Cunha, Rustom Irani, Hanh Le, Ping Liu, and Quoc Nguyen provided excellent research assistance. We are also grateful to Jaewon Choi for sharing his data on firm betas, and to Thomas Philippon and Ran Duchin for sharing their programs to compute asset and financing gap betas.
Aggregate Risk and the Choice between Cash and Lines of Credit
Version of Record online: 10 SEP 2013
© 2013 the American Finance Association
The Journal of Finance
Volume 68, Issue 5, pages 2059–2116, October 2013
How to Cite
ACHARYA, V. V., ALMEIDA, H. and CAMPELLO, M. (2013), Aggregate Risk and the Choice between Cash and Lines of Credit. The Journal of Finance, 68: 2059–2116. doi: 10.1111/jofi.12056
- Issue online: 10 SEP 2013
- Version of Record online: 10 SEP 2013
- Accepted manuscript online: 13 MAY 2013 12:00AM EST
- Manuscript Accepted: 10 APR 2013
- Manuscript Received: 20 JUL 2010
Disclaimer: Supplementary materials have been peer-reviewed but not copyedited.
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