Erel, Isil; Julio, Brandon; Kim, Woojin; Weisbach, … - Charles A. Dice Center for Research in Financial … - 2009
consider market imperfections coming from information
asymmetries between firms and investors. Bernanke and Gertler (1989 … markets during overall market downturns. In
addition, this analysis has an additional implication not emphasized by Bernanke … larger during downturns, consistent with the models of
Holmstrom and Tirole (1997) and Bernanke and Gertler (1989). In …