NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Policies and the Financial Crisis: How Important Was the Systemic Credit Contraction for Industrial Corporations?

Kathleen M. Kahle, René M. Stulz

NBER Working Paper No. 16310
Issued in August 2010

---- Acknowledgements -----

We thank Christian Leuz, Cathy Schrand, Berk Sensoy, and Mike Weisbach for useful discussions, and Matt Wynter for excellent research assistance. We are especially indebted to Harry DeAngelo for discussions and detailed comments. 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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