This article surveys the macroeconomic implications of financial frictions. Financial frictions
lead to persistence and when combined with illiquidity to non-linear amplification effects …

This paper provides a comprehensive review of the empirical literature in transaction cost
economics (TCE) across multiple social science disciplines and business fields. We show …

We show remote work led to large drops in lease revenues, occupancy, and market rents in
the commercial office sector. We revalue New York City office buildings taking into account …

This chapter discusses how applied researchers in corporate finance can address
endogeneity concerns. We begin by reviewing the sources of endogeneity—omitted …

This paper examines how uncertainty affects corporate investment under varying degrees of
asset redeployability. We develop new measures of asset redeployability by accounting for …

We review recent literature on the role of financial reporting transparency in reducing
governance-related agency conflicts among managers, directors, and shareholders, as well …

We show that collateral constraints restrict firm entry and postentry growth, using French
administrative data and cross‐sectional variation in local house‐price appreciation as …

What is the impact of real estate prices on corporate investment? In the presence of
financing frictions, firms use pledgeable assets as collateral to finance new projects …

This paper is the first to study the effect of financial restatement on bank loan contracting.
Compared with loans initiated before restatement, loans initiated after restatement have …

This paper empirically shows that the cost of bank debt is systematically higher for firms that
operate in competitive product markets. Using various proxies for product market …