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초록
영어
We nd evidence of capital reallocation across rms during the 2007-2008 nancial crisis: rms having relied on internal funds prior to the crisis increase external capital and in- vestments during the crisis, whereas rms having depended on external nance signi cantly contract their external capital and investments during the crisis. We further show that inter- nal nance rms have higher market share growth during the crisis relative to their external nance dependent competitors. Our ndings suggest that the capital supply shock created by the crisis provides unequal opportunities for rms and that nancially strong rms have a competitive advantage over their weakened competitors.
목차
Abstract
1. Introduction
2. Data and Internal Finance Dependence Measures
2.1. The Data
2.2. Internal Finance Dependence Measures
3. Univariate Analysis
3.1. Internal/External Finance Dependence and Capital Allocation during the Crisis
3.2. Capital Allocation during the Crisis: Matched Firms
4. Multivariate Analysis
5. Abnormal Investment during the Crisis
6. Market Share Growth during the Crisis
7. Robustness Checks
7.1. Financial Constraints and Borrowing Capacity
7.2. Does Pro tability Matter?
7.3. Alternative Pre-crisis and Crisis Periods and Placebo Tests
7.4. Additional Robustness Checks
8. Conclusion
Appendix
Table
1. Introduction
2. Data and Internal Finance Dependence Measures
2.1. The Data
2.2. Internal Finance Dependence Measures
3. Univariate Analysis
3.1. Internal/External Finance Dependence and Capital Allocation during the Crisis
3.2. Capital Allocation during the Crisis: Matched Firms
4. Multivariate Analysis
5. Abnormal Investment during the Crisis
6. Market Share Growth during the Crisis
7. Robustness Checks
7.1. Financial Constraints and Borrowing Capacity
7.2. Does Pro tability Matter?
7.3. Alternative Pre-crisis and Crisis Periods and Placebo Tests
7.4. Additional Robustness Checks
8. Conclusion
Appendix
Table
저자정보
참고문헌
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