Spare tire? Stock markets, banking crises, and economic recoveries
Publication in refereed journal


香港中文大学研究人员 ( 现职)

解文斯教授 (金融学系)

全文

数位物件识别号 (DOI) http://dx.doi.org/10.1016/j.jfineco.2015.05.009

引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/1WOS source URL

其它资讯

摘要Do stock markets act as a spare tire during banking crises, providing an alternative corporate financing channel and mitigating the economic severity of these crises? Using firm level data in 36 countries from http://aims.cuhk.edu.hk/converis/portal/Publication/1990 through 20http://aims.cuhk.edu.hk/converis/portal/Publication/1http://aims.cuhk.edu.hk/converis/portal/Publication/1, we find that the adverse consequences of banking crises on equity issuances, firm profitability, employment, and investment efficiency are smaller in countries with stronger shareholder protection laws. These findings are not explained by the development of stock markets or financial institutions prior to the crises, the severity of the banking crisis, or overall economic, legal, and institutional development. (C) 20http://aims.cuhk.edu.hk/converis/portal/Publication/16 Elsevier B.V. All rights reserved.

着者Levine R, Lin C, Xie WS
期刊名称Journal of Financial Economics
出版年份20http://aims.cuhk.edu.hk/converis/portal/Publication/16
月份4
日期http://aims.cuhk.edu.hk/converis/portal/Publication/1
卷号http://aims.cuhk.edu.hk/converis/portal/Publication/120
期次http://aims.cuhk.edu.hk/converis/portal/Publication/1
出版社ELSEVIER SCIENCE SA
页次8http://aims.cuhk.edu.hk/converis/portal/Publication/1 - http://aims.cuhk.edu.hk/converis/portal/Publication/10http://aims.cuhk.edu.hk/converis/portal/Publication/1
国际标準期刊号0304-405X
语言英式英语

关键词Corporate finance; Financial crises; Firm investment choices; Firm profits; Shareholder protection laws
Web of Science 学科类别Business & Economics; Business, Finance; Economics