Original paper

How Do Internal Capital Markets Work? Evidence from the Great Recession*

Volume: 24, Issue: 4, Pages: 847 - 889
Published: Oct 18, 2019
Abstract
We study the inner workings of internal capital markets during the 2008–09 recession using a unique dataset of loans between business group firms in an emerging market. Intragroup loans increase quickly during the recession. Firms that are more central in the ownership network simultaneously increase lending and borrowing. Acting like simple intermediaries, central firms do not increase net lending. Our results imply that formal control rights...
Paper Details
Title
How Do Internal Capital Markets Work? Evidence from the Great Recession*
Published Date
Oct 18, 2019
Volume
24
Issue
4
Pages
847 - 889
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