Garcia-Appendini premiata dall'Asociacion Espanola de Finanzas
Emilia Garcia-Appendini (Dipartimento di Finanza) ha ricevuto il "Premio CAIXA CORP al mejor artículo Corporate Finance" al Foro de Finanzas dell'Asociación Española de Finanzas (AEFIN) per Firms as Liquidity Providers: Evidence from the 2007-2008 Financial Crisis (CAREFIN Working Papers, 5/11, con Judit Montoriol-Garriga, Universitat Autonoma Barcelona)
Abstract: We study the effect of the 2007-2008 financial crisis on between-firm liquidity provision. Consistent with a causal effect of a negative shock to bank credit, we find that firms with high pre-crisis liquidity levels increased the trade credit extended to other corporations, while more ex-ante cash-poor firms decreased the trade credit provided. Trade credit taken by constrained firms increased during this period. These findings are consistent with firms providing liquidity insurance to their clients when bank credit is scarce and provide an important precautionary savings motive for accumulating cash reserves.
Il 19° Foro de Finanzas si è tenuto all'Universidad de Granada il 17 e 18 novembre 2011.