investment and employment. We first describe how companies used credit lines during the crisis (access, size of facilities, and … whether managers had difficulties in renewing or initiating lines. We also describe the dynamics of credit line violations and … the outcome of subsequent renegotiations. We show how companies substitute between credit lines and internal liquidity …

investment and employment. We first describe how companies used credit lines during the crisis (access, size of facilities, and … difficulties in renewing or initiating lines. We also describe the dynamics of credit line violations and the outcome of subsequent … renegotiations. We show how companies substitute between credit lines and internal liquidity (cash and profits) when facing a severe …

investment and employment. We first describe how companies used credit lines during the crisis (access, size of facilities, and … whether managers had difficulties in renewing or initiating lines. We also describe the dynamics of credit line violations and … the outcome of subsequent renegotiations. We show how companies substitute between credit lines and internal liquidity …

cash reserves or bank lines of credit. Banks create liquidity for firms by pooling their idiosyncratic risks. As a result …, firms with high aggregate risk find it costly to get credit lines from banks and opt for cash reserves in spite of higher … have a higher ratio of cash reserves to lines of credit, controlling for other determinants of liquidity policy. This …

cash reserves or bank lines of credit. Banks create liquidity for firms by pooling their idiosyncratic risks. As a result …, firms with high aggregate risk find it costly to get credit lines from banks and opt for cash reserves in spite of higher … have a higher ratio of cash reserves to lines of credit, controlling for other determinants of liquidity policy. This …

between cash and bank credit lines. Banks create liquidity for firms by pooling their idiosyncratic risks. As a result, firms … with high aggregate risk find it costly to get credit lines and opt for cash in spite of higher opportunity costs and … liquidity premium. Likewise, in times when aggregate risk is high, firms rely more on cash than on credit lines. We verify these …