Internal Capital Markets in Times of Crisis: The Benefit of Group Affiliation*

Autor:	Fabio Schiantarelli, Raffaele Santioni, Philip E. Strahan
Rok vydání:	2019
Předmět:	Economics and Econometrics 050208 finance Group Affiliation Accounting 0502 economics and business 05 social sciences Demographic economics Business 050207 economics Capital market Finance
Zdroj:	Review of Finance. 24:773-811
ISSN:	1573-692X 1572-3097
Popis:	Firms affiliated with business groups survive the stress of the global financial and euro crises better than unaffiliated firms. Using granular data from Italy, we show that better performance stems partly from access to an internal capital market, as the survival value of group-affiliated firms increases with group-wide cash flow. Internal cash transfers increase when banks’ health deteriorates, with funds moving from cash-rich to cash-poor firms and, some evidence suggests, to firms with favorable investment opportunities. Internal capital markets’ role thus increases when external markets (banks) are distressed.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::5179169a5fb1d3bbbda5b4b97d9ae8bf https://doi.org/10.1093/rof/rfz020 Zobrazit plný text záznamu