| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16309 |
| 来源ID | Working Paper 16309 |
| Liquidity Management and Corporate Investment During a Financial Crisis | |
| Murillo Campello; Erasmo Giambona; John R. Graham; Campbell R. Harvey | |
| 发表日期 | 2010-08-27 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper uses a unique dataset to study how firms managed liquidity during the financial crisis. Our analysis provides new insights on the interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how companies used credit lines during the crisis (access, size of facilities, and drawdown activity), the conditions under which these facilities were granted (fees, markups, maturity, and collateral), and whether managers had difficulties in renewing or initiating lines. We also describe the dynamics of credit line violations and the outcome of subsequent renegotiations. We show how companies substitute between credit lines and internal liquidity (cash and profits) when facing a severe credit shortage. Looking at real-side decisions, we find that credit lines are associated with greater spending when companies are not cash-strapped. Firms with limited access to credit lines, on the other hand, appear to choose between saving and investing during the crisis. Our evidence indicates that credit lines eased the impact of the financial crisis on corporate spending. |
| 主题 | Macroeconomics ; Business Cycles ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w16309 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573983 |
| 推荐引用方式 GB/T 7714 | Murillo Campello,Erasmo Giambona,John R. Graham,et al. Liquidity Management and Corporate Investment During a Financial Crisis. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16309.pdf（275KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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