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NBER 2026 Working paper

View paper: Capital, Ideas, and the Costs of Financial Frictions (opens in a new tab or window)

Capital, Ideas, and the Costs of Financial Frictions

Pablo Ottonello and Thomas Winberry

Ottonello, P. & Winberry, T., “Capital, Ideas, and the Costs of Financial Frictions,” NBER Working Paper 32056; author revision, June 2026 (2026).

Financial constraints and investment excerpts

NL Analytics supplied the earnings-call excerpts in Appendix A.4 and Table A6, illustrating how publicly traded firms discuss capital spending, research and development, and financial constraints. The paper’s main quantitative analysis uses other data.

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