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Vaughan / Economics 639

Vaughan / Economics 639

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Vaughan / Economics 639

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  1. Vaughan / Economics 639

  2. Empirical Design • Surveyed 1,050 CFOs in the U.S., Europe, and Asia. • Fourth quarter 2008, via email. • Key survey question – Are you “not affected,” “somewhat affected” or “very affected” by difficulties accessing credit markets. • Unconstrained firms: “not affected” and “somewhat affected” • Constrained firms: “very affected”