The Firm-Level Credit Multiplier

We thank Yiorgos Allayannis, Heitor Almeida, Janice Eberly, Espen Eckbo, Alex Edmans, Antônio Galvão, Erasmo Giambona, Anzhela Knyazeva, Marc Martos-Vila, David Mauer, Kristian Miltersen, David Schoenherr, Phil Strahan, Erik Theissen, and Mike Weisbach for their comments and suggestions. Comments from seminar participants at Boston College, Dartmouth College, Drexel University, Erasmus University, the 2008 European Finance Association Meetings (Athens), Florida State University, ISCTE/Nova de Lisboa University, the 2008 JH Finance Group's Conference, Stockholm School of Economics, the 2008 Symposium on Finance, Banking, and Insurance (Karlsruhe), University of Amsterdam, University of Bonn, University of Illinois at Chicago, University of Iowa, University of Miami, University of Missouri, University of North Carolina, University of South Florida, University of Texas at Dallas, University of Virginia, University of Zürich, Washington University in St. Louis, and the 2008 Western Finance Association Meetings (Waikoloa) are also appreciated. Bruno Laranjeira and Dongming Sun provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.