Subsidizing Failing Firms: Evidence from Chinese Restaurants

Using data on nearly 20,000 restaurants in China during the COVID-19 outbreak, we find evidence that the government-sponsored rent reduction program reduced debt overhang problems. Rent reductions, which averaged 36,000 RMB per restaurant, increase the open rate of restaurants by 3.7%, revenue by 11...

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Veröffentlicht in:	Journal of financial and quantitative analysis 2023-09, p.1-32
Hauptverfasser:	Deng, Yinglu, Lu, Fangzhou, Yu, Jiaheng, Zheng, Hao
Format:	Artikel
Sprache:	eng
Online-Zugang:	Volltext
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