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Bank Liquidity Supply and Corporate ...

Zhang, Wei.

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Bank Liquidity Supply and Corporate Investment during the 2008-2009 Financial Crisis.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Bank Liquidity Supply and Corporate Investment during the 2008-2009 Financial Crisis./
Author:	Zhang, Wei.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
Description:	63 p.
Notes:	Source: Dissertations Abstracts International, Volume: 81-03, Section: A.
Contained By:	Dissertations Abstracts International81-03A.
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=22592453
ISBN:	9781088377574

Bank Liquidity Supply and Corporate Investment during the 2008-2009 Financial Crisis.
Zhang, Wei.

Bank Liquidity Supply and Corporate Investment during the 2008-2009 Financial Crisis. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 63 p.

Source: Dissertations Abstracts International, Volume: 81-03, Section: A.

Thesis (Ph.D.)--University of Minnesota, 2019.

This item must not be sold to any third party vendors.

I document a line of credit channel through which bank liquidity supply shocks affected corporate investment during the 2008-2009 financial crisis. By exploiting the predetermined variation in the maturity structure of lines of credit, I find that firms whose last pre-crisis lines of credit became due at the time of the crisis (treated firms) cut investment by more than similar firms whose lines of credit were scheduled to mature after the crisis. Moreover, this effect is stronger for financially constrained firms, bank-dependent firms, and firms whose pre-crisis banks were unhealthy. Within the treated group, firms with unhealthy banks were less likely to obtain lines of credit in the crisis than those with healthy banks. Finally, in the sample of firms with lines of credit before the crisis, I find that those with unhealthy banks experienced lower growth in lines of credit and investment, but this effect is restricted only to unrated firms.

ISBN: 9781088377574Subjects--Topical Terms:

542899
Finance.

Bank Liquidity Supply and Corporate Investment during the 2008-2009 Financial Crisis.
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245 1 0 $a Bank Liquidity Supply and Corporate Investment during the 2008-2009 Financial Crisis.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2019
300 $a 63 p.
500 $a Source: Dissertations Abstracts International, Volume: 81-03, Section: A.
500 $a Advisor: Winton, Andrew.
502 $a Thesis (Ph.D.)--University of Minnesota, 2019.
506 $a This item must not be sold to any third party vendors.
520 $a I document a line of credit channel through which bank liquidity supply shocks affected corporate investment during the 2008-2009 financial crisis. By exploiting the predetermined variation in the maturity structure of lines of credit, I find that firms whose last pre-crisis lines of credit became due at the time of the crisis (treated firms) cut investment by more than similar firms whose lines of credit were scheduled to mature after the crisis. Moreover, this effect is stronger for financially constrained firms, bank-dependent firms, and firms whose pre-crisis banks were unhealthy. Within the treated group, firms with unhealthy banks were less likely to obtain lines of credit in the crisis than those with healthy banks. Finally, in the sample of firms with lines of credit before the crisis, I find that those with unhealthy banks experienced lower growth in lines of credit and investment, but this effect is restricted only to unrated firms.
590 $a School code: 0130.
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