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