| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17388 |
| 来源ID | Working Paper 17388 |
| Financial Distress in the Great Depression | |
| John R. Graham; Sonali Hazarika; Krishnamoorthy Narasimhan | |
| 发表日期 | 2011-09-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We use firm-level data to study corporate performance during the Great Depression era for all industrial firms on the NYSE. Our goal is to identify the factors that contribute to business insolvency and valuation changes during the period 1928 to 1938. We find that firms with more debt and lower bond ratings in 1928 became financially distressed more frequently during the Depression, consistent with the trade-off theory of leverage and the information production role of credit rating agencies. We also document for the first time that firms responded to tax incentives to use debt during the Depression era, but that the extra debt used in response to this tax-driven "debt bias" did not contribute significantly to the occurrence of distress. Finally, we conduct an out of sample test during the recent 2008-2009 Recession and find that higher leverage and lower bond ratings also increased the occurrence of financial distress during this period. |
| 主题 | Financial Economics |
| URL | https://www.nber.org/papers/w17388 |
| 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/575062 |
| 推荐引用方式 GB/T 7714 | John R. Graham,Sonali Hazarika,Krishnamoorthy Narasimhan. Financial Distress in the Great Depression. 2011. |
| 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 | ||
| w17388.pdf（193KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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