---
title: Firm's refinancing intensity, the cost of capital, and real investment
url: https://www.ml-quant.com/papers/ssrn/7589333/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-10-09
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 7589333
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7589333
featured: 2026-10-09
citations: unknown
topic: Corporate Finance
---


# Firm's refinancing intensity, the cost of capital, and real investment

A global study of 357,630 firm-years shows firms with more short-term debt cut capital expenditure by 2.156 percentage points, mainly due to refinancing availability constraints.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7589333
- Identifier: SSRN 7589333
- Released: 2026-10-09
- First featured: Quant Letter No. 134 (2026-10-09): https://www.ml-quant.com/issues/2026-10-09/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Corporate Finance
- Authors: Mirza Muhammad Naseer, Irsa Azam, Y Guo

## Related

- [ESG Reputation Risk Matters: An Event Study Based on Social Media Data](https://www.ml-quant.com/papers/arxiv/2307.11571/): The paper examines the influence of social media on shareholders' reactions to Environmental, Social, and Governance-related reputational risks, revealing a significant decrease in abnormal returns after an ESG-risk event.
- [Articulate AnyMesh: Open-Vocabulary 3D Articulated Objects Modeling](https://www.ml-quant.com/papers/arxiv/2502.02590/): 3D Object Modeling: Articulate Anymesh is a framework that transforms any rigid 3D mesh into an articulated object, aiding in the acquisition of new object manipulation skills in robotics.
- [Investigating the Corporate Governance and Sustainability Relationship A Bibliometric Analysis Using Keyword-Ensemble Community Detection](https://www.ml-quant.com/papers/ssrn/4482116/): The paper explores how corporate governance relates to sustainability, emphasizing the need to consider stakeholder interests in long-term responsibility practices.
- [Stochastic Social Preferences and Corporate Investment Decisions](https://www.ml-quant.com/papers/ssrn/4479486/): Investor preferences affect firms' green investments, potentially slowing down the transition to sustainable practices.
- [Strategic bid response under automated market power mitigation in electricity markets](https://www.ml-quant.com/papers/arxiv/2511.20812/): A study on electricity markets found that many firms altered bids to dodge penalties, but the measures' overall effectiveness remains questionable, suggesting the need for stricter regulations.
- [De-Risking Development in Sub-Saharan Africa: A Qualitative Study of Investment Dynamics in Angola](https://www.ml-quant.com/papers/arxiv/2510.18906/): DFIs attract and reduce risk for foreign investors in Angola, but lasting gains need stronger local governance and policy reforms.