Firms’ Management of Infrequent Shocks
利用飓风桑迪后的企业数据，研究发现受负面冲击的企业更多依赖债务（39%）而非保险赔付（15%）来恢复，且受冲击后常面临信贷约束，事前最缺信贷的企业、年轻企业和中小企业最不可能购买保险。
Abstract We examine businesses’ financial management of a rare, severe event using detailed firm‐level data collected following Hurricane Sandy in the New York area. Credit played a prominent role in financing recovery; more negatively affected firms took on debt because of Sandy (39%) than received insurance payments (15%) in our data. Negatively affected firms were frequently credit constrained after the shock. We also find that the most credit‐constrained firms after the event, younger firms, and smaller firms, were the least likely to insure before it. Our findings align with the predictions of dynamic risk management theory (Rampini and Viswanathan 2010, 2013).