Name: The Real Effects of Credit Line Drawdowns (en Inglés)
SKU: 58463616
Price: 478.58 MXN
Availability: InStock
Author: Federal Reserve Board
ISBN: 9781511467223

portada The Real Effects of Credit Line Drawdowns (en Inglés)

The Real Effects of Credit Line Drawdowns (en Inglés)

Formato

Libro Físico

Editorial

Createspace

Autor

Federal Reserve Board

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

28x21.6x0.3 cm

Peso

0.15 kg.

ISBN13

9781511467223

Categorías

Empresa y gestión

The Real Effects of Credit Line Drawdowns (en Inglés)

Federal Reserve Board (Autor) · Createspace · Tapa Blanda

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Reseña del libro "The Real Effects of Credit Line Drawdowns (en Inglés)"

Do firms use credit line drawdowns to finance investment? Using a unique dataset of 467 Standard and Poors COMPUSTAT firms with credit lines, we study the purpose of drawdowns during the 2007-2009 financial crisis. Our data show that credit line drawdowns had already increased in 2007, precisely when disruptions in bank funding markets began to squeeze aggregate liquidity. Consistent with theory, our results confirm that firms use drawdowns to sustain investment after an idiosyncratic liquidity shock. Using an instrumental variable approach based on institutional features of credit line contracts, we find that a one standard deviation increase in credit line drawdown is associated with an increase of 9 percent in average capital expenditures. Low aggregate liquidity amplifies this effect significantly. During the Financial crisis, the effect of drawdowns on investment increased to 16 percent. The effect was even larger for smaller and financially constrained firms. We find only limited evidence, mostly for large and investment grade firms, that drawdowns were used to boost (precautionary) cash holdings during the crisis.