{"id":7113,"date":"2018-09-12T09:14:41","date_gmt":"2018-09-12T07:14:41","guid":{"rendered":"https:\/\/www.uni.lu\/fr\/events\/friends-during-hard-times-evidence-from-the-great-depression\/"},"modified":"2018-09-12T09:14:41","modified_gmt":"2018-09-12T07:14:41","slug":"friends-during-hard-times-evidence-from-the-great-depression","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fr\/events\/friends-during-hard-times-evidence-from-the-great-depression\/","title":{"rendered":"Friends during Hard Times: Evidence from the Great Depression"},"content":{"rendered":"<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><p>Abstract<\/p><p>Using a novel dataset of over 3500 public and private firms, we construct the<\/p><p>network of firm connections through executives and directors on the eve of the<\/p><p>1929 financial market crash. We find that more connected firms have higher 10-<\/p><p>year survival rates, on average and using geographic market segmentation for<\/p><p>identification. Consistent with a financing channel, the results are particularly<\/p><p>strong for small firms, private firms, cash-poor firms, and firms located in counties<\/p><p>with high bank suspension rates during the crisis. Moreover, connections to cashrich<\/p><p>firms, but not to cash-poor firms predict survival, overall and among<\/p><p>financially constrained firms.<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"<p>AbstractUsing a novel dataset of over 3500 public and private firms, we construct thenetwork of firm connections through executives and directors on the eve of the1929 financial market crash. We find that more connected firms have higher 10-year survival rates, on average and using geographic market segmentation foridentification. Consistent with a financing channel, the results are particularlystrong for small firms, private firms, cash-poor firms, and firms located in countieswith high bank suspension rates during the crisis. Moreover, connections to cashrichfirms, but not to cash-poor firms predict survival, overall and amongfinancially constrained firms.<\/p>\n","protected":false},"author":0,"featured_media":7114,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2018-10-04 12:30:00","event_end_date":"2018-10-04 12:30:00","event_speaker_name":"Diego Garcia - University of Colorado at Boulder","event_speaker_link":"","event_is_online":false,"event_location":"University of Luxembourg \r\nWeicker Building \r\n4, Rue Alphonse Weicker\r\nRoom B001 (Ground Floor)\r\nl-2721 Luxembourg","event_street":"","event_location_link":"","event_zip_code":"","event_city":"","event_country":"LU"},"events-topic":[309],"events-type":[],"organisation":[116,101,226],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Friends during Hard Times: Evidence from the Great Depression - Universit\u00e9 du Luxembourg<\/title>\n<meta name=\"description\" content=\"AbstractUsing a novel dataset of over 3500 public and private firms, we construct thenetwork of firm connections through executives and directors on the eve of the1929 financial market crash. We find that more connected firms have higher 10-year survival rates, on average and using geographic market segmentation foridentification. Consistent with a financing channel, the results are particularlystrong for small firms, private firms, cash-poor firms, and firms located in countieswith high bank suspension rates during the crisis. 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Consistent with a financing channel, the results are particularlystrong for small firms, private firms, cash-poor firms, and firms located in countieswith high bank suspension rates during the crisis. 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