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Bank financial distress and firm per...

Bernal Verdugo, Lorenzo Ernesto.

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Bank financial distress and firm performance.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Bank financial distress and firm performance./
作者:	Bernal Verdugo, Lorenzo Ernesto.
面頁冊數:	51 p.
附註:	Source: Dissertation Abstracts International, Volume: 75-01(E), Section: A.
Contained By:	Dissertation Abstracts International75-01A(E).
標題:	Economics, General. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3595883
ISBN:	9781303422287

Bank financial distress and firm performance.
Bernal Verdugo, Lorenzo Ernesto.

Bank financial distress and firm performance. - 51 p.

Source: Dissertation Abstracts International, Volume: 75-01(E), Section: A.

Thesis (Ph.D.)--The University of Chicago, 2013.

This paper studies the extent to which episodes of financial distress experienced by banks affect the performance and behavior of the firms with which they have lending relationships. Using a novel dataset with extremely detailed information on bank lending contracts between 2006 and 2012, I find that publicly traded firms in Mexico whose bank is hit by one such financial shock respond in a number of dimensions. First, affected firms undergo a relatively rapid deleverage process, in which their total liabilities are cut by up to 6%. Said deleverage is in turn financed by the sale and depletion of the firms' assets, which decline by up to 4.1%. The net balance sheet effect results in a firm's net worth (i.e. the book-value of equity) still being 2.4% below its original level two years after a shock. Second, affected firms reduce their scale of production, with up to 3.4% less employees, and net sales revenues declining by up to 3.7%. These effects are blunted, however, for firms with access to capital markets. Interestingly, this adjustment is accompanied by a sharp but temporary increase in the average firm profitability of up to 10.7%, which is even higher (up to 17.1%) in firms that can borrow in capital markets. Likewise, differentiated responses are observed across firms when they are categorized by their size, with larger firms displaying responses similar to those with access to capital markets, supporting the result of differentiated effects of credit disruptions on the largest and most transparent firms.

ISBN: 9781303422287Subjects--Topical Terms:

1017424
Economics, General.

Bank financial distress and firm performance.
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502 $a Thesis (Ph.D.)--The University of Chicago, 2013.
520 $a This paper studies the extent to which episodes of financial distress experienced by banks affect the performance and behavior of the firms with which they have lending relationships. Using a novel dataset with extremely detailed information on bank lending contracts between 2006 and 2012, I find that publicly traded firms in Mexico whose bank is hit by one such financial shock respond in a number of dimensions. First, affected firms undergo a relatively rapid deleverage process, in which their total liabilities are cut by up to 6%. Said deleverage is in turn financed by the sale and depletion of the firms' assets, which decline by up to 4.1%. The net balance sheet effect results in a firm's net worth (i.e. the book-value of equity) still being 2.4% below its original level two years after a shock. Second, affected firms reduce their scale of production, with up to 3.4% less employees, and net sales revenues declining by up to 3.7%. These effects are blunted, however, for firms with access to capital markets. Interestingly, this adjustment is accompanied by a sharp but temporary increase in the average firm profitability of up to 10.7%, which is even higher (up to 17.1%) in firms that can borrow in capital markets. Likewise, differentiated responses are observed across firms when they are categorized by their size, with larger firms displaying responses similar to those with access to capital markets, supporting the result of differentiated effects of credit disruptions on the largest and most transparent firms.
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