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The Cost of Debt

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Academic year: 2021

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Table A.I: First stage regression estimated on unconstrained and non-distressed firms (Sample B)
Table I: Sample construction. y ∗ is the “equilibrium” marginal benefit/cost level, x ∗ is the observed or “equilibrium” interest payments over book value (IOB), and C is the set of (cost) control variables.
Table II: Summary statistics for all firms (Sample A) and unconstrained, non-distressed firms (Sample B).
Table III: Marginal cost of debt estimates using unconstrained, non-distressed firms (Sample B)
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VI Robustness Checks

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