The real effects of financial constraints: Evidence from a financial crisis
نویسندگان
چکیده
منابع مشابه
The real effects of financial constraints: Evidence from a financial crisis
We survey 1,050 Chief Financial Officers (CFOs) in the U.S., Europe, and Asia to directly assess whether their firms are credit constrained during the global financial crisis of 2008. We study whether corporate spending plans differ conditional on this surveybased measure of financial constraint. Our evidence indicates that constrained firms planned deeper cuts in tech spending, employment, and...
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The global credit crisis of 2008 provides a unique opportunity to study the e¤ects of nancing constraints on corporate behavior. Based on standard economic priors, we investigate whether this credit supply shock has a di¤erential impact on the real and nancial policies of credit constrained rms. In contrast to previous research, which has used proxies such as rm size and credit ratings to m...
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2010
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2010.02.009