汇报：The Value of Social Networks during Periods of Distress

汇报人：Qianqian (Cecilia) Huang (University of Iowa )

功夫：2012年2月15日（周三）10:00-11:30am

地址：拉斯维加斯9888新楼216教室

提要：This paper examines the impact of social networks during (i) a financial crisis, (ii) industry downturns, and (iii) periods when firms are in financial distress. I find that socially well-connected firms exhibit better performance during the financial crisis of 2007-2009. The positive relation is strongest for firms that are financially constrained, or operate in competitive industries. Well-connected firms have better access to debt financing during the crisis, and this is especially true among financially constrained firms. During industry downturns, firms with more social connections also perform better. When firms become severely financially distressed, personal connections to lenders reduce the probability of filing for bankruptcy and increase the likelihood of getting Debtor-in-Possession financing if they nevertheless have to file. In addition, firms obtaining DIP financing from connected lenders are more likely to emerge from Chapter 11. Overall, my results suggest that social networks benefit firms in times of distress.