Internal Capital Markets in Times of Crisis: The Benefit of Group Affiliation*
Abstract
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...
Paper Details
Title
Internal Capital Markets in Times of Crisis: The Benefit of Group Affiliation*
Published Date
Sep 12, 2019
Journal
Volume
24
Issue
4
Pages
773 - 811
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History