firms to cut investment, employment, and borrowing. We conclude that financial market fluctuations affect even private firms …

construct a novel dataset that links worker employment histories to firm financials and banking relationships in Germany. Firms … relative contraction in credit supply, associated with lower average wages and employment. These effects are heterogeneous … within and between firms. Within firms, initially lower-paid workers are more likely to leave employment, while initially …

the same industry but crowds in downstream firms regarding business performance and employment. We use the pre …