| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23541 |
| 来源ID | Working Paper 23541 |
| Internal Capital Markets in Times of Crisis: The Benefit of Group Affiliation in Italy | |
| Raffaele Santioni; Fabio Schiantarelli; Philip E. Strahan | |
| 发表日期 | 2017-06-26 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Italy’s economic and banking systems have been under stress in the wake of the Global Financial Crisis and Euro Crisis. Firms in business groups have been more likely to survive this challenging environment, compared to unaffiliated firms. Better performance stems from access to an internal capital market, and the survival value of groups increases, inter alia, with group-wide cash flow. We show that actual internal capital transfers increase during the crisis, and these transfers move funds from cash-rich to cash-poor firms and also to those with more favorable investment opportunities. The ability to borrow externally provides additional funds that are shared across group affiliated firms. Our results highlight the benefits of internal capital markets when external capital markets are tight or distressed. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w23541 |
| 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/581215 |
| 推荐引用方式 GB/T 7714 | Raffaele Santioni,Fabio Schiantarelli,Philip E. Strahan. Internal Capital Markets in Times of Crisis: The Benefit of Group Affiliation in Italy. 2017. |
| 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 | ||
| w23541.pdf（544KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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