Capital reallocation and liquidity

This paper shows that the amount of capital reallocation between firms is procyclical. In contrast, the benefits to capital reallocation appear countercyclical. We measure the amount of reallocation using data on flows of capital across firms and the benefits to capital reallocation using several me...

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Veröffentlicht in:	Journal of monetary economics 2006-04, Vol.53 (3), p.369-399
Hauptverfasser:	Eisfeldt, Andrea L., Rampini, Adriano A.
Format:	Artikel
Sprache:	eng
Schlagworte:	Asset allocation Business cycle Business cycles Business economics Capital Capital flow Capital reallocation Economic fluctuations Economic theory Empirical tests Enterprises Financial economics Financial management Frictions Liquidity Studies
Online-Zugang:	Volltext
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