Plausibly Exogenous [1921] - Fragile Financing (05/07/2025)

LHS Variable
Firm fragility

RHS Variable
Reliance on nonbank financing

Source of Exogenous Variation
2014–16 oil-price collapse as an exogenous rollover risk in nonbank financing of non-oil-sector firms by collateralized loan obligations (CLOs) exposed to oil sector firms

- Acharya, Gopal, and Steffen (2025), “Fragile Financing? How Corporate Reliance on Shadow Banking Affects their Access to Bank Liquidity”