Calomiris, Charles W.; Love, Inessa; Peria, Maria … - National Bureau of Economic Research (NBER) - 2010
We study stock returns over the period of the global financial crisis of 2007-2008 and identify three crisis "shock factors" related to unique features of the crisis: (1) the collapse of global demand, (2) the contraction of credit supply, and (3) selling pressure on firms' equity. All three of...