Weathering Cash Flow Shocks
研究发现，意外恶劣天气给借款企业带来现金流冲击，企业通过增加信用额度使用来应对，银行则提高利率并收紧贷款条款，调整持续至少九个月。
ABSTRACT Unexpectedly severe winter weather, which is arguably exogenous to firm and bank fundamentals, represents a significant cash flow shock for bank‐borrowing firms. Firms respond to these shocks by drawing on and increasing the size of their credit lines. Banks charge borrowers for this liquidity via increased interest rates and less borrower‐friendly loan provisions. Credit line adjustments occur within one calendar quarter of the shock and persist for at least nine months. Overall, we provide evidence that bank credit lines are an important tool for managing the nonfundamental component of cash flow volatility, especially for solvent, small bank borrowers.