Quarterly Journal of Economics
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Опубликовано на портале: 14-06-2006Hyun-Han Shin, Rene M. Stulz Quarterly Journal of Economics. 1998. Vol. 113. No. 2. P. 531-552.
Using segment information from Compustat, we find that the investment by a segment of a diversified firm depends on the cash flow of the firm's other segments, but significantly less than it depends on its own cash flow. The investment by segments of highly diversified firms is less sensitive to their cash flow than the investment of comparable single-segment firms. The sensitivity of a segment's investment to the cash flow of other segments does not depend on whether its investment opportunities are better than those of the firm's other segments.
Опубликовано на портале: 02-10-2003Raghuram G. Rajan, Mitchell A. Petersen Quarterly Journal of Economics. 1995. Vol. 110. No. 2. P. 407-443.
This paper provides a simple model showing that the extent of competition in credit markets is important in determining the value of lending relationships. Creditors are more likely to finance credit constrained firms when credit markets are concentrated because it is easier for these creditors to internalize the benefits of assisting the firms. The model has implications about the availability and the price of credit as firms age in different markets. The paper offers evidence for these implications from small business data. It concludes with conjectures on the costs and benefits of liberalizing financial markets, as well as the timing of such reforms.