困难时期的朋友：大萧条时期的证据

IF 3.9 2区经济学 Q1 Economics, Econometrics and Finance

Journal of Financial and Quantitative Analysis Pub Date : 2023-07-19 DOI:10.1017/s0022109023000765

Tania Babina, Diego García, Geoffrey Tate

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引用次数: 0

摘要

我们利用 3500 多家上市公司和私营企业的新数据集，构建了 1929 年金融市场崩溃前高管和董事的关系网络。我们发现，关联度较高的公司 10 年存活率要高出 17%。与营运资本渠道相一致的是，小型私营企业、现金匮乏的企业以及位于银行停业率较高地区的企业的结果最为显著。此外，与现金充裕、应收账款增加的企业建立联系最为重要。我们的研究结果表明，在金融危机期间，网络联系可以通过缓解资金流向受限企业的问题发挥稳定作用。

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Friends During Hard Times: Evidence from the Great Depression

Using a novel data set of over 3,500 public and private firms, we construct the network of executive and director connections prior to the 1929 financial market crash. We find that more connected firms have 17% higher 10-year survival rates. Consistent with a working capital channel, the results are strongest for small, private, cash-poor firms, and firms located in counties with high bank suspension rates. Moreover, connections to cash-rich firms that increase accounts receivable matter the most. Our results suggest that network connections can play a stabilizing role during a financial crisis by easing the flow of capital to constrained firms.

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来源期刊

Journal of Financial and Quantitative Analysis Multiple-

CiteScore

6.60

自引率

5.10%

发文量

131

期刊介绍： The Journal of Financial and Quantitative Analysis (JFQA) publishes theoretical and empirical research in financial economics. Topics include corporate finance, investments, capital and security markets, and quantitative methods of particular relevance to financial researchers. With a circulation of 3000 libraries, firms, and individuals in 70 nations, the JFQA serves an international community of sophisticated finance scholars—academics and practitioners alike. The JFQA prints less than 10% of the more than 600 unsolicited manuscripts submitted annually. An intensive blind review process and exacting editorial standards contribute to the JFQA’s reputation as a top finance journal.