The Role of Business Liquidity During the Great Depression and Afterwards: Differences Between Large and Small Firms
研究大萧条期间大企业和小企业流动性行为的相反变化，发现大企业囤积流动资产而小企业被迫陷入流动性不足，两者都加剧了萧条，且战后大企业财务行为发生了结构性转变。
This paper describes two contrary developments in corporate finance during the Great Depression. In 1930s downswings the top one percent of firms acquired unusually high rations of liquid assets to receipts, thus withdrawing funds from the spending stream. Smaller firms, however, were forced into highly illiquid positions (by postwar standards) by episodes of monetary restriction in 1931 and 1937. It is argued that both developments made the Depression more severe. A structural change is found after 1945 in the financial behavior of large firms. This is attributed to a new cyclical pattern of price change and lower business uncertainty during postwar recessions.