NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Shadow Funding Costs: Measuring the Cost of Balance Sheet Constraints

Matthias Fleckenstein, Francis A. Longstaff

NBER Working Paper No. 24224
Issued in January 2018

---- Acknowledgments ----

We are grateful for the comments and suggestions of Andrea Eisfeldt, Tyler Muir, Laura Field, Xiaoxia Lou, Michael Pagano, Fei Xi, Haoxiang Zhu, and seminar participants at the University of Delaware and the 2017 Villanova University, Drexel University, Temple University, Lehigh University, and University of Delaware joint conference. All errors are our responsibility. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Francis A. Longstaff ----

The only source of financial support for this research was my regular salary as a UCLA Faculty Member. No outside financial support for this research was received. No other party had the right to review the results of the paper prior to publication.

In the past three years, I have worked/consulted for the UCLA Anderson School, University of California at Berkeley, Blackrock, PIMCO, Simplex Holdings, CALPERS, Fidelity, and Structured Portfolio Management.

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