Publication: Indirect Costs of Financial Distress
Indirect Costs of Financial Distress
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Custodio, C., Ferreira, M., & Garcia-Appendini, E. (2022). Indirect Costs of Financial Distress (No. 3310941; SSRN). https://doi.org/10.2139/ssrn.3310941
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We estimate the indirect costs of financial distress due to lost sales by exploiting real estate shocks and cross-supplier variation in real estate assets and leverage. We show that for the same client buying from different suppliers, the client’s purchases from distressed suppliers decline by an additional 13% following a drop in local real estate prices. The effect is more pronounced in more competitive industries, manufacturing, durable goods, less-specific goods, and when the costs of switching suppliers are low. Our results sugge
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Custodio, C., Ferreira, M., & Garcia-Appendini, E. (2022). Indirect Costs of Financial Distress (No. 3310941; SSRN). https://doi.org/10.2139/ssrn.3310941