메뉴 건너뛰기




Volumn 97, Issue 3, 2010, Pages 418-435

Costly external finance, corporate investment, and the subprime mortgage credit crisis

Author keywords

Cash; Corporate investment; Corporate liquidity; Crisis; Financing constraints

Indexed keywords


EID: 77953806926     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2009.12.008     Document Type: Article
Times cited : (993)

References (46)
  • 1
    • 34648830566 scopus 로고    scopus 로고
    • Is cash negative debt? A hedging perspective on corporate financial policies
    • Acharya V., Almeida H., Campello M. Is cash negative debt? A hedging perspective on corporate financial policies. Journal of Financial Intermediation 2007, 16:515-554.
    • (2007) Journal of Financial Intermediation , vol.16 , pp. 515-554
    • Acharya, V.1    Almeida, H.2    Campello, M.3
  • 2
    • 77953807014 scopus 로고    scopus 로고
    • Corporate debt maturity and the real effects of the 2007 credit crisis. University of Illinois, Unpublished working paper
    • Almeida, H., Campello, M., Laranjeira, B., Weisbenner, S., 2009. Corporate debt maturity and the real effects of the 2007 credit crisis. University of Illinois, Unpublished working paper.
    • (2009)
    • Almeida, H.1    Campello, M.2    Laranjeira, B.3    Weisbenner, S.4
  • 4
    • 33751414066 scopus 로고    scopus 로고
    • The role of cash holdings in reducing investment-cash flow sensitivity: evidence from a financial crisis in an emerging market
    • Arslan O., Florackis C., Ozkan A. The role of cash holdings in reducing investment-cash flow sensitivity: evidence from a financial crisis in an emerging market. Emerging Markets Review 2006, 7:320-338.
    • (2006) Emerging Markets Review , vol.7 , pp. 320-338
    • Arslan, O.1    Florackis, C.2    Ozkan, A.3
  • 5
    • 0041360394 scopus 로고    scopus 로고
    • When does the market matter? Stock prices and the investment of equity dependent firms
    • Baker M., Stein J., Wrugler J. When does the market matter? Stock prices and the investment of equity dependent firms. Quarterly Journal of Economics 2003, 118:969-1006.
    • (2003) Quarterly Journal of Economics , vol.118 , pp. 969-1006
    • Baker, M.1    Stein, J.2    Wrugler, J.3
  • 6
    • 70349487039 scopus 로고    scopus 로고
    • Why do U.S. firms hold so much more cash than they used to? Journal of Finance, 1985-2021
    • Bates, T., Kahle, K., Stulz, R., 2009. Why do U.S. firms hold so much more cash than they used to? Journal of Finance 64, 1985-2021.
    • (2009) , vol.64
    • Bates, T.1    Kahle, K.2    Stulz, R.3
  • 8
    • 77953812143 scopus 로고    scopus 로고
    • The real effects of financial constraints: evidence from a financial crisis. Journal of Financial Economics, forthcoming
    • Campello, M., Graham, J., Harvey, C., 2009. The real effects of financial constraints: evidence from a financial crisis. Journal of Financial Economics, forthcoming.
    • (2009)
    • Campello, M.1    Graham, J.2    Harvey, C.3
  • 9
    • 77953811681 scopus 로고    scopus 로고
    • Credit booms and lending standards: evidence from the subprime mortgage market. IMF, Unpublished working paper
    • Dell'Ariccia, G., Igan, D., Laeven, L., 2008. Credit booms and lending standards: evidence from the subprime mortgage market. IMF, Unpublished working paper.
    • (2008)
    • Dell'Ariccia, G.1    Igan, D.2    Laeven, L.3
  • 11
    • 77953807050 scopus 로고    scopus 로고
    • Understanding the subprime mortgage crisis. Federal Reserve Bank of Cleveland and New York University, Unpublished working paper
    • Demyanyk, Y., Hemert, O., 2008. Understanding the subprime mortgage crisis. Federal Reserve Bank of Cleveland and New York University, Unpublished working paper.
    • (2008)
    • Demyanyk, Y.1    Hemert, O.2
  • 13
    • 29344460646 scopus 로고    scopus 로고
    • Does the source of capital affect capital structure?
    • Faulkender M., Petersen M. Does the source of capital affect capital structure?. Review of Financial Studies 2006, 19:45-79.
    • (2006) Review of Financial Studies , vol.19 , pp. 45-79
    • Faulkender, M.1    Petersen, M.2
  • 14
    • 33746781777 scopus 로고    scopus 로고
    • Corporate financial policy and the value of cash
    • Faulkender M., Wang R. Corporate financial policy and the value of cash. Journal of Finance 2006, 61:1957-1990.
    • (2006) Journal of Finance , vol.61 , pp. 1957-1990
    • Faulkender, M.1    Wang, R.2
  • 16
    • 0039626490 scopus 로고
    • Working capital and fixed investment: new evidence on financing constraints
    • Fazzari S., Petersen B. Working capital and fixed investment: new evidence on financing constraints. RAND Journal of Economics 1993, 24:328-342.
    • (1993) RAND Journal of Economics , vol.24 , pp. 328-342
    • Fazzari, S.1    Petersen, B.2
  • 17
    • 67649556082 scopus 로고    scopus 로고
    • Investment, financing constraints, and internal capital markets: evidence from the advertising expenditures of multinational firms
    • Fee E., Hadlock C., Pierce J. Investment, financing constraints, and internal capital markets: evidence from the advertising expenditures of multinational firms. Review of Financial Studies 2009, 22:2361-2392.
    • (2009) Review of Financial Studies , vol.22 , pp. 2361-2392
    • Fee, E.1    Hadlock, C.2    Pierce, J.3
  • 19
    • 77953810645 scopus 로고    scopus 로고
    • The panic of 2007. Yale School of Management, Unpublished working paper
    • Gorton, G., 2008. The panic of 2007. Yale School of Management, Unpublished working paper.
    • (2008)
    • Gorton, G.1
  • 20
    • 77953806880 scopus 로고    scopus 로고
    • Leveraged losses: lessons from the mortgage market meltdown. U.S. Monetary Policy Forum Report No
    • Greenlaw, D., Hatzius, J., Kashyap, A., Shin, H., 2008. Leveraged losses: lessons from the mortgage market meltdown. U.S. Monetary Policy Forum Report No. 2.
    • (2008) , pp. 2
    • Greenlaw, D.1    Hatzius, J.2    Kashyap, A.3    Shin, H.4
  • 21
    • 0000085850 scopus 로고
    • Informational imperfections in the capital market and macroeconomic fluctuations
    • Greenwald B., Stiglitz J., Weiss A. Informational imperfections in the capital market and macroeconomic fluctuations. American Economic Review 1984, 74:194-199.
    • (1984) American Economic Review , vol.74 , pp. 194-199
    • Greenwald, B.1    Stiglitz, J.2    Weiss, A.3
  • 22
    • 0040426295 scopus 로고    scopus 로고
    • Corporate cash reserves and acquisitions
    • Harford J. Corporate cash reserves and acquisitions. Journal of Finance 1999, 1969-1997.
    • (1999) Journal of Finance , pp. 1969-1997
    • Harford, J.1
  • 24
    • 0028560578 scopus 로고
    • R&D and internal finance: a panel study of small firms in high-tech industries
    • Himmelberg C., Petersen B. R&D and internal finance: a panel study of small firms in high-tech industries. Review of Economics and Statistics 1994, 76:38-51.
    • (1994) Review of Economics and Statistics , vol.76 , pp. 38-51
    • Himmelberg, C.1    Petersen, B.2
  • 25
    • 0031413974 scopus 로고    scopus 로고
    • Financial intermediation, loanable funds, and the real sector
    • Holmstrom B., Tirole J. Financial intermediation, loanable funds, and the real sector. Quarterly Journal of Economics 1997, 112:663-691.
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 663-691
    • Holmstrom, B.1    Tirole, J.2
  • 26
    • 0002308919 scopus 로고
    • Corporate structure, liquidity, and investment: evidence from Japanese industrial groups
    • Hoshi T., Kashyap A., Scharfstein D. Corporate structure, liquidity, and investment: evidence from Japanese industrial groups. Quarterly Journal of Economics 1991, 106:33-60.
    • (1991) Quarterly Journal of Economics , vol.106 , pp. 33-60
    • Hoshi, T.1    Kashyap, A.2    Scharfstein, D.3
  • 27
    • 77953806895 scopus 로고    scopus 로고
    • Bank lending during the financial crisis of 2008. Journal of Financial Economics, in press, doi:10.1016/j.jfineco.2009.12.001
    • Ivashina, V., Scharfstein, D., 2009. Bank lending during the financial crisis of 2008. Journal of Financial Economics, in press, doi:10.1016/j.jfineco.2009.12.001.
    • (2009)
    • Ivashina, V.1    Scharfstein, D.2
  • 28
    • 84960566039 scopus 로고
    • Imperfect information, uncertainty, and credit rationing
    • Jaffee D., Russell T. Imperfect information, uncertainty, and credit rationing. Quarterly Journal of Economics 1976, 90:651-666.
    • (1976) Quarterly Journal of Economics , vol.90 , pp. 651-666
    • Jaffee, D.1    Russell, T.2
  • 29
    • 0003112060 scopus 로고    scopus 로고
    • Do investment-cash flow sensitivities provide useful measures of financing constraints?
    • Kaplan S., Zingales L. Do investment-cash flow sensitivities provide useful measures of financing constraints?. Quarterly Journal of Economics 1997, 112:169-215.
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 169-215
    • Kaplan, S.1    Zingales, L.2
  • 30
    • 84960612669 scopus 로고
    • Credit conditions and the cyclical behavior of inventories
    • Kashyap A., Lamont O., Stein J. Credit conditions and the cyclical behavior of inventories. Quarterly Journal of Economics 1994, 109:565-592.
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 565-592
    • Kashyap, A.1    Lamont, O.2    Stein, J.3
  • 32
    • 77953810682 scopus 로고    scopus 로고
    • Did securitization lead to lax screening? Evidence from subprime loans. Quarterly Journal of Economics, forthcoming
    • Keys, B., Mukherjee, T., Seru, A., Vig, V., 2008. Did securitization lead to lax screening? Evidence from subprime loans. Quarterly Journal of Economics, forthcoming.
    • (2008)
    • Keys, B.1    Mukherjee, T.2    Seru, A.3    Vig, V.4
  • 33
    • 77953811376 scopus 로고    scopus 로고
    • The response of corporate financing and investment to changes in the supply of credit. Journal of Financial and Quantitative Analysis, forthcoming
    • Lemmon, M., Roberts, M., 2009. The response of corporate financing and investment to changes in the supply of credit. Journal of Financial and Quantitative Analysis, forthcoming.
    • (2009)
    • Lemmon, M.1    Roberts, M.2
  • 34
    • 72449151676 scopus 로고    scopus 로고
    • The consequences of mortgage credit expansion: evidence from the 2007 mortgage default crisis
    • Mian A., Sufi A. The consequences of mortgage credit expansion: evidence from the 2007 mortgage default crisis. Quarterly Journal of Economics 2009, 124(4).
    • (2009) Quarterly Journal of Economics , vol.124 , Issue.4
    • Mian, A.1    Sufi, A.2
  • 35
    • 0000294096 scopus 로고
    • The cost of capital, corporation finance and the theory of investment
    • Modigliani F., Miller M. The cost of capital, corporation finance and the theory of investment. American Economic Review 1958, 261-297.
    • (1958) American Economic Review , pp. 261-297
    • Modigliani, F.1    Miller, M.2
  • 36
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers S., Majluf N. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 1984, 13:187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 38
    • 84892702170 scopus 로고    scopus 로고
    • Estimating standard errors in finance panel data sets: comparing approaches
    • Petersen M. Estimating standard errors in finance panel data sets: comparing approaches. Review of Financial Studies 2009, 22:435-480.
    • (2009) Review of Financial Studies , vol.22 , pp. 435-480
    • Petersen, M.1
  • 39
    • 33746845873 scopus 로고    scopus 로고
    • Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis
    • Pinkowitz L., Stulz R., Williamson R. Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis. Journal of Finance 2006, 61:2725-2751.
    • (2006) Journal of Finance , vol.61 , pp. 2725-2751
    • Pinkowitz, L.1    Stulz, R.2    Williamson, R.3
  • 40
    • 77953809909 scopus 로고    scopus 로고
    • The impact of the U.S. financial crisis on global retail lending. Duke University, ESMT European School of Management and Technology, and University of Mannheim, Unpublished working paper
    • Puri, M., Rochell, J., Steffen, S., 2009. The impact of the U.S. financial crisis on global retail lending. Duke University, ESMT European School of Management and Technology, and University of Mannheim, Unpublished working paper.
    • (2009)
    • Puri, M.1    Rochell, J.2    Steffen, S.3
  • 42
    • 0036183306 scopus 로고    scopus 로고
    • Agency costs and efficiency of business capital investment: evidence from quarterly capital expenditures
    • Shin H., Kim Y. Agency costs and efficiency of business capital investment: evidence from quarterly capital expenditures. Journal of Corporate Finance 2002, 8:139-158.
    • (2002) Journal of Corporate Finance , vol.8 , pp. 139-158
    • Shin, H.1    Kim, Y.2
  • 43
    • 0000342340 scopus 로고
    • Credit rationing in markets with imperfect information
    • Stiglitz J., Weiss A. Credit rationing in markets with imperfect information. American Economic Review 1981, 71:393-410.
    • (1981) American Economic Review , vol.71 , pp. 393-410
    • Stiglitz, J.1    Weiss, A.2
  • 44
    • 77953811912 scopus 로고    scopus 로고
    • Simple formulas for standard errors that cluster by both firm and time. Journal of Financial Economics, forthcoming
    • Thompson, S., 2009. Simple formulas for standard errors that cluster by both firm and time. Journal of Financial Economics, forthcoming.
    • (2009)
    • Thompson, S.1
  • 45
    • 77953808667 scopus 로고    scopus 로고
    • Real effects of the subprime mortgage crisis: is it a demand or a finance shock? IMF and Columbia Business School, Unpublished working paper
    • Tong, H., Wei, S., 2008. Real effects of the subprime mortgage crisis: is it a demand or a finance shock? IMF and Columbia Business School, Unpublished working paper.
    • (2008)
    • Tong, H.1    Wei, S.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.