December 2011 was a critical month for the Euro currency credibility within the Euro Zone. This is because for the latest 5 years of economic and financial crisis ardent economic and political debates are still trying to sort out the sequels of this recession. Within this context, this paper...

In the aftermath of the U.S. financial crisis, both a sharp drop in employment and a surge in corporate cash have been observed. In this paper, based on U.S. data, we document that the negative relationship between the corporate cash ratio and employment is systematic, both over time and across...

I document a beneficial effect of the government's participation in product markets. Exploiting the 2008-09 financial crisis as a natural experiment, I show that federal procurement contracts insulate government contractors' performance from the crisis. By 2009, government contractors had 19%...

I provide evidence that adverse shocks to the wealth of business owners during the Financial Crisis had large effects on their firms' financing, employment, and investment. I use individual-level portfolio data from Norway to exploit the dispersion in stock returns during 2008–09 as a source...

This paper explores the dynamic relationship between firm debt and real outcomes using data from 24 European economies over the period of 2000-2018. Based on macro data, it shows that a rise in credit to firms is associated with an increase in employment growth in the short-term, but employment...

This article contrasts the experiences of the United States and United Kingdom during and after the Great Recession to understand the role of financial shocks in the magnitude of the crises and length of the recoveries. It starts from the common consensus that the Great Recession first and...

This paper examines the effect of accounting conservatism on firm-level investment during the 2007-2008 global financial crisis. Using a differences-in-differences design, we find that firms with less conservative financial reporting experienced a sharper decline in investment activity following...

Based on a review of international and regional responses to the global financial and economic crisis and its implications for finance in Asia, Douglas Arner and Lotte Schou-Zibell draw lessons for Asian financial systems with regard to the scope of regulation; financial standards; supervision,...

The global financial and economic crisis marks an important turning point for finance and the Asian growth model. Regional consensus is now supporting economic rebalancing away from the dominant focus on exports to developed markets and towards more a more balanced economic structure supported...

We survey and interview Chief Financial Officers (CFOs) of French firms in 2009 about the impact of the global financial crisis and their firms' financial flexibility levels before and during the crisis. Over two-thirds of CFOs report a strong impact of the crisis and cite liquidity problems,...