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-off in situations with many alternative lenders (booms) and with few alternative lenders (credit crises), and explains how … the results depend on factors such as the severity of a credit crisis, the strength of the firm-bank relationship and the …
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This study examines financing behavior during financial crises in an international sample of corporate firms including 85 countries from 1987 to 2017. Measuring “financial cyclicality” as the difference between financing levels during normal times and financial crisis times, we document...
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aggregate capital raising activity. The analysis of four distinct markets generates patterns consistent with credit supply …
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