Berrospide, Jose M.; Meisenzahl, Ralf R.; Sullivan, … - Federal Reserve Board (Board of Governors of the … - 2012
What determined the corporate use of credit lines in the recent financial crisis? To address this question we hand-collect data on credit lines and interest rate hedging for a random sample of 600 COMPUSTAT firms. We document that drawdowns of credit lines had already increased in 2007, earlier...