NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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How Does Government Borrowing Affect Corporate Financing and Investment?

John Graham, Mark T. Leary, Michael R. Roberts

NBER Working Paper No. 20581
Issued in October 2014

---- Acknowledgments ----

This paper previously circulated under the title, "Financial Crowding Out." We thank Andy Abel, Ravi Bansal, Effi Benmelech, Joao Gomes, Robin Greenwood, Boyan Jovanovich, Stefan Nagel, Josh Rauh, Ken Singleton, Jeremy Stein, Amir Sufi, Jules Van Binsbergen, Amir Yaron; seminar participants at Arizona State University, Duke University, London Business School, London School of Economics, Miami University, Notre Dame, MIT, Ohio State University, Oklahoma University, Stanford University, University of British Columbia, University of Chicago, University of Colorado, University of Illinois, University of Minnesota, University of Pennsylvania, University of Utah, Vanderbilt University, Yale University; and conference participants at the 2010 SITE and 2014 Safe Assets and the Macroeconomy Conference for helpful comments on this study and a predecessor paper. Nick della Copa, Ian Appel, and Jessica Jeffers provided excellent research assistance. Roberts gratefully acknowledges financial support from the Jacobs Levy Equity Management Center for Quantitative Financial Research. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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