| 000 -LEADER |
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| fixed length control field |
01554nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
210701b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Tong, Hui and Wei, Shang-Jin |
| 245 ## - TITLE STATEMENT |
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| Title |
Did unconventional interventions unfreeze the credit market? |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
American Economic Journal Macroeconomic |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
12(2), Apr, 2020: p.284-309 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
This paper investigates whether and how unconventional interventions in 2008–2010 unfroze the credit market. We construct a dataset of 198 interventions for 16 countries during 2008–2010 and examine heterogeneous responses in stock prices to the interventions across 7,873 nonfinancial firms in those countries. Stock prices increase when the interventions are announced, particularly for firms with greater intrinsic need for external capital. This pattern is corroborated by subsequent expansions in firm investment, R&D expenditure, and employment. Among various forms of interventions, recapitalization of banks appears particularly effective in channeling the intervention effects from financial to nonfinancial sectors. – Reproduced |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name as entry element |
Financial Crises, Information and Market Efficiency, Event Studies; Insider Trading, Banks; Depository Institutions; Micro Finance Institutions; Mortgages, Capital Budgeting; Fixed Investment and Inventory Studies; Financing Policy; Financial Risk, Risk Management; Capital and Ownership Structure; Value of Firms |
| 9 (RLIN) |
26135 |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
American Economic Journal Macroeconomic |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
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| Subject DIP |
FINANCIAL INSTITUTIONS |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
