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SUMMARY:Miguel H. Ferreira (Queen Mary University of London)
DTSTART;TZID=Europe/Berlin:20251210T120000
DTEND;TZID=Europe/Berlin:20251210T131500
DTSTAMP:20260518T161915Z
UID:f753f17fcec9473fbcaa745db2966406@www.econ.uni-bonn.de
CREATED:20250820T084236Z
DESCRIPTION:Financial frictions are a prominent feature of modern macroeco
 nomic analysis. Using a novel loan-level dataset\, we evaluate whether lea
 ding theories for these frictions are broadly consistent with observed int
 erest rates. We find that they are not. There is a lot of dispersion in ra
 tes paid by firms\, even on observationally equivalent loans\, and risk---
 the dominant theory for dispersion---can account for less than 15\\% of th
 is. Alternative theories for dispersion\, based on banks and firm-bank rel
 ationships\, also have quantitatively little explanatory power. Instead\, 
 the data dictates that the major source of variation is persistent idiosyn
 cratic firm characteristics that are not closely connected to economic siz
 e or performance. We provide a search-based theory of firm financing that 
 can rationalize these facts.
LAST-MODIFIED:20251127T131944Z
URL:https://www.econ.uni-bonn.de/macro/en/seminars/mef-seminar-winter-25-2
 6/martina-magli-lmu
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