NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Liquidity Management and Corporate Investment During a Financial Crisis

Murillo Campello, Erasmo Giambona, John R. Graham, Campbell R. Harvey

NBER Working Paper No. 16309
Issued in August 2010

---- Acknowledgements -----

We thank James Choi, Enrica Detragiache, Jean Helwege, Matt Spiegel, Ilya Strebulaev, Amir Sufi, Yongjun Tang, and two anonymous referees for their suggestions. We also benefited from comments from seminar participants at the ECB/CFS Conference (2009), FIRS Conference (2010), Global Issues in Accounting Conference (2010), RFS/Yale Financial Crisis Conference (2009), University of Amsterdam, University of Bologna, and WFA Meetings (2010). We thank CFO Magazine for helping us conduct the survey, though we note that our analysis and conclusions do not necessarily reflect those of CFO. We thank Benjamin Ee and Hyunseob Kim for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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