SSRN-The Real Effects of Financial Constraints: Evidence from a Financial Crisis by Murillo Campello, John Graham, Campbell Harvey

Here is the paper we were talking about yesterday in class when we relaxed the Modigliani and Miller assumptions of no transaction costs and allowed there to be market imperfections. The conclusion was that financial slack may be more valuable than we used to think.SSRN-The Real Effects of Financial Constraints: Evidence from a Financial Crisis by Murillo Campello, John Graham, Campbell Harvey: