id	author	title	date	pages	extension	mime	words	sentences	flesch	summary	cache	txt
cord-031106-h1h5q9qo	Schivardi, Fabiano	Identifying the Real Effects of Zombie Lending	2020-07-07		.txt	text/plain	7036	402	63	Second, and more importantly, we argue that the empirical framework commonly applied in the literature to estimate the effects of zombie lending on healthy firms suffers from a serious identification problem that can bias the results toward finding a negative spillover, even when this is not actually the case. We show that this correlation can arise naturally from standard shocks which, by shifting the distribution of firms performance to the left, mechanically increase the share of zombies and reduce the relative performance of healthy firms, absent any spillover. An adverse demand shock in sector j is bound to increase the share of zombies, while negatively affecting the performance of healthy firms operating in the same sector. In particular, we want to know how exogenous changes in Z jt , the share of zombies in sector j at t, affect µ N Z − µ Z through possible spillover effects, such as distortions of competition or lower credit supply to healthy firms.	./cache/cord-031106-h1h5q9qo.txt	./txt/cord-031106-h1h5q9qo.txt