Taken by Storm
نویسندگان
چکیده
We use Hurricane Katrina’s damage to the Mississippi coast in 2005 as a natural experiment to study business survival in the aftermath of a cost shock. We find storm damage had a “cleansing” effect on businesses: damaged establishments that returned to operation were more resilient than those that had never been damaged. This effect is particularly strong for establishments belonging to younger and smaller firms. Establishments in older and larger chains were initially less likely to exit due to storm damage, and less resilient having survived the damage. We interpret these findings as evidence that the cleansing effect of the shock is tied to the presence of financial constraints. JEL Codes: D22, L11, L81, L83, G33, Q54
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