Flexibility costs of debt: Danish exporters during the cartoon crisis
利用2006年丹麦产品因穆罕默德漫画遭抵制这一意外需求冲击，研究发现低杠杆企业能通过向非穆斯林国家转移销售完全抵消损失，而高杠杆企业则只能收缩规模，凸显了财务灵活性在危机中的重要性。
We study how firms respond to an unexpected demand shock, exploiting the 2006 boycott of Danish products after publication of Muhammad caricatures. On average, affected firms lose the majority of their exports to Muslim countries and experience a significant decrease in total sales. However, firms with low financial leverage redirect sales to new and existing product-destination markets in non-Muslim countries, which allows them to fully offset their losses. In contrast, high-leverage firms do not enter new markets and instead actively downsize. Our results highlight the importance of financial flexibility in times of crisis, consistent with declarations of practitioners.