Product Market Competition and Financial Decisions During a Financial Crisis
研究发现，2007-2008年金融危机期间，对外部融资依赖较低的企业能获得更多融资并增加投资，从而提升市场份额，而依赖外部融资的企业则收缩融资和投资，失去市场份额。
We find that in the presence of the “flight to quality” during the 2007‐2008 financial crisis, firms that depended less on external financing (or internal finance dependent (IFD) firms) prior to the crisis were able to secure additional financing and increased investments, while external finance dependent (EFD) firms significantly contracted their external financing and investments. IFD firms’ increased investments during the crisis were associated with higher market share growth, while EFD competitors lost their market share. The results indicate that firms’ financial decisions during the financial crisis are interrelated with their product market dimensions.