Financial Constraints, Institutions, and Foreign Ownership

Abstract

Nicolas Berman acknowledges financial support from A*Midex (grant ANR-11-IDEX-0001-02 funded by the French government "Investissement d'Avenir" program). Rahul Mukherjee acknowledges the support of the Swiss National Science Foundation (Research Grant No. 172690). AQR Capital Management is a global investment firm, which may or may not apply similar investment techniques or methods of analysis as described herein. The views expressed here are those of the authors and not necessarily those of AQR or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.