the financialization of the nonfinancial corporation and raise the question of accompanying changes in fixed investment … investment, exploring the implications of changes in financing behavior, increasingly entrenched shareholder value norms, and … rising firm-level demand volatility for investment by NFCs in the U.S. between 1971 and 2011. Shareholder value norms and …

Using Swedish bank lending data, investment data and accounting data, I examine how the financial crisis affected … corporate investment through its effect on credit availability. Sensitivity to a credit supply shock is measured as credit … reserves, defined as unused credit on lines of credit. I find that firms with low credit reserves reduced investment …