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Cover; Abstract; Contents; I. Introduction; II. Testing the Relationship Between Corporate Debt Overhang and Investment; III. Corporate Deleveraging in Perspective: An Event Study of Past Crisis Cases; IV. Policy Implications; V. Concluding Remarks; Figures; Figure 1. EA Periphery: Evolution of Non-Financial Corporations Balance Sheets; Figure 2. Corporate Vulnerability Indicators; Figure 3. Corporate Balance Sheet Adjustment in Past Crisis Episodes; Figure 4. Macro-Economic Developments in Past Crisis Episodes; References