Resumen

COWAN, Kevin N.  y  HANSEN, Erwin G.. Inversión, desfase de madurez y choques de liquidez en Chile. El trimestre econ [online]. 2008, vol.75, n.298, pp.433-470.  Epub 20-Nov-2020. ISSN 2448-718X.

This paper quantifies the impact on firms of having excessive short-term debt when they face an unanticipated increase in the cost of refunding. Using a panel data set of Chilean firms, for the period 1994-2003, we find that when firms face liquidity shocks, either domestic or foreign, those firms with a higher maturity mismatch invest relatively less. This effect is significant and it is equivalent to a drop of 6% of the average investment of the firms in the sample. Additionally, we find that this effect is offset in those firms that have access to international markets, through either the issuance of ADR or foreign ownership.

Palabras llave : inversión en capital fijo; deuda de corto plazo; choques de liquidez; deuda en dólares.