Jenkinson, Tim; Kim, Hyeik; Weisbach, Michael S. - 2021
outside the U.S. due to a greater decline of intangible investment and a much slower recovery. Tangible capital can be … externally financed, and its post-crisis recovery benefits from the restoration of credit supply. In contrast, Intangible … investment relies on firms’ liquidity holdings that were drawn down in the crisis and can only be rebuilt gradually through …