Murillo Campello, John Graham, and Campbell Harvey emailed a survey to 10,000 chief financial officers (CFOs) of public and private companies from 39 countries in the fourth quarter of 2008, asking for details of their decision making strategies during the global credit crisis. The respondents were promised anonymity, and no financial firms were included in the study. Those CFOS from the United States, Europe, and Asia who reported their firms as "credit constrained" planned to cut spending company-wide, give up attractive investment opportunities, and draw down lines of credit for fear that it would be restricted, according to The Real Effects of Financial Constraints: Evidence from a Financial Crisis (NBER Working Paper No. 15552).
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