NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Real Effects of Financial Constraints: Evidence from a Financial Crisis

Murillo Campello, John Graham, Campbell R. Harvey

NBER Working Paper No. 15552
Issued in December 2009

---- Acknowledgements -----

We thank Steve Kaplan, Jeremy Stein, and Luigi Zingales for suggesting questions that we included in the survey instrument. Comments from seminar participants at the Chicago/London Conference on Financial Markets, SBFin Conference, BG Investments, Northwestern University, and the University of Amsterdam are also appreciated. We thank CFO magazine for helping us conduct the survey, though we note that our analysis and conclusions do not necessarily reflect those of CFO. We thank Andrew Frankel for his helpful comments on the first draft of the paper. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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