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

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dc.creatorBuchuk, Davidspa
dc.creatorLarrain, Borjaspa
dc.creatorPrem, Mounuspa
dc.creatorUrzúa Infante, Franciscospa
dc.date.accessioned2020-08-19T14:44:01Z
dc.date.available2020-08-19T14:44:01Z
dc.date.created2019-10-18spa
dc.description.abstractWe 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 are essential for intermediation in internal capital markets, particularly during distress. In line with previous results on winner-picking, receivers of intragroup loans are high-Q, financially constrained firms, which also perform significantly better than providers during the recession.eng
dc.format.mimetypeapplication/pdf
dc.identifier.doihttps://doi.org/10.1093/rof/rfz022
dc.identifier.issnISSN: 1572-3097
dc.identifier.issnEISSN: 1573-692X
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/27812
dc.language.isoengspa
dc.publisherOxford University Pressspa
dc.relation.citationEndPage889
dc.relation.citationIssueNo. 4
dc.relation.citationStartPage847
dc.relation.citationTitleReview of Finance European Finance Review
dc.relation.citationVolumeVol. 24
dc.relation.ispartofReview of Finance European Finance Review, ISSN: 1572-3097; EISSN: 1573-692X, Vol.24, No.4 (July, 2020); pp. 847-889spa
dc.relation.urihttps://academic.oup.com/rof/article-abstract/24/4/847/5593666?redirectedFrom=fulltextspa
dc.rights.accesRightsinfo:eu-repo/semantics/restrictedAccess
dc.rights.accesoRestringido (Acceso a grupos específicos)spa
dc.sourceReview of Finance European Finance Reviewspa
dc.source.instnameinstname:Universidad del Rosario
dc.source.reponamereponame:Repositorio Institucional EdocUR
dc.subject.keywordG32 - Financing Policyspa
dc.subject.keywordFinancial Risk and Risk Managementspa
dc.subject.keywordCapital and Ownership Structurespa
dc.subject.keywordValue of Firmsspa
dc.subject.keywordGoodwillspa
dc.titleHow Do Internal Capital Markets Work? Evidence from the Great Recessionspa
dc.title.TranslatedTitle¿Cómo funcionan los mercados de capitales internos? Evidencia de la Gran Recesiónspa
dc.typearticleeng
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersion
dc.type.spaArtículospa
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