Results

Journal article

Journal of International Economics:

Liquidity as competitive advantage: the role of intangibles

We show that short-term liquidity can be a source of competitive advantage by enabling firms to invest in intangible assets. Our analysis leverages a French reform that capped payment delays in trade credit contracts, wh...Read more...

CEP discussion paper

Markups, intangible capital and heterogeneous financial frictions

This paper studies the interaction between financial frictions, intangible investment decisions, and markups at the firm level. In our model, heterogeneous credit constraints distort firms' decisions to invest in cost-re...Read more...