NDLI: Access to Liquidity and Corporate Investment in Europe during the Financial Crisis

Content Provider	Semantic Scholar
Author	Campello, Murillo Giambona, Erasmo Graham, John R. Harvey, Campbell R.
Copyright Year	2012
Abstract	We use a unique data set to show how firms in Europe used credit lines during the financial crisis. We find that firms with restricted access to credit (small, private, non-investment-grade, and unprofitable) draw more funds from their credit lines during the crisis than their large, public, invest- ment-grade, profitable counterparts. Interest spreads increased (especially in ''market-based econo- mies''), but commitment fees remained unchanged. Our findings suggest that credit lines did not dry up during the crisis and provided the liquidity that firms used to cope with this exceptional con- traction. In particular, credit lines provided the liquidity companies needed to invest during the crisis.
Starting Page	323
Ending Page	346
Page Count	24
File Format	PDF HTM / HTML
DOI	10.1093/rof/rfr030
Volume Number	16
Alternate Webpage(s)	https://pure.uva.nl/ws/files/1822433/115180_Access_to_liquidity_and_corporate_investment_in_Europe_during_the_financial_crisis.pdf
Alternate Webpage(s)	https://faculty.fuqua.duke.edu/~charvey/Research/Published_Papers/P108_Access_to_liquidity.pdf
Alternate Webpage(s)	https://doi.org/10.1093/rof%2Frfr030
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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