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Drilling and Debt - Beroc
Логотип beroc

События

Drilling and Debt

This paper
• Explore new mechanism on how debt affects the real actions of a firm?
• We document:
— High leverage firms distort the timing and composition of investment.
— These actions are at the expense of long run higher return and higher net present value (NPV) investment decisions
— The behavior is most pronounced around debt renegotiations.
— The behavior is likely to enhance collateral.