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dc.contributor.authorCampello, Murillo
dc.contributor.authorChen, Long
dc.date.accessioned2011-03-01T03:49:22Z
dc.date.available2011-03-01T03:49:22Z
dc.date.issued2010-09
dc.identifier.bibliographicCitationCampello, M. & Chen, L. 2010. Are Financial Constraints Priced? Evidence from Firm Fundamentals and Stock Returns. Journal of Money Credit and Banking, 42(6): 1185-1198. DOI: 10.1111/j.1538-4616.2010.00326.xen
dc.identifier.issn0022-2879
dc.identifier.otherDOI: 10.1111/j.1538-4616.2010.00326.x
dc.identifier.urihttp://hdl.handle.net/10027/7375
dc.descriptionThe definitive version is available at DOI: 10.1111/j.1538-4616.2010.00326.xen
dc.description.abstractUsing comprehensive firm- and aggregate-level data, this paper studies the real and financial implications of capital market imperfections. We first examine whether financially constrained firms' business fundamentals (capital spending and operating earnings) are more sensitive to macroeconomic movements than unconstrained firms' fundamentals. We then examine whether financial constraint "return factors" respond to macroeconomic shocks in tandem with the responses from business fundamentals. The evidence in this paper points to financial constraints affecting both fundamental quantities and asset returns.en
dc.language.isoen_USen
dc.publisherWiley-Blackwellen
dc.subjectFinancial constraintsen
dc.subjectmacroeconomic shocksen
dc.subjectsystematic risken
dc.subjectequity returnsen
dc.titleAre Financial Constraints Priced? Evidence from Firm Fundamentals and Stock Returnsen
dc.typeArticleen


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