Liquidity Constraints, Competition, and Markup Cyclicality

Matías Braun, Claudio Raddatz

Resultado de la investigación: Contribución a una revistaArtículorevisión exhaustiva

7 Citas (Scopus)

Resumen

This article provides evidence on the relation among financial constraints, competition, and the cyclicality of markups. Based on a long series of industry data from a large number of countries, we find that markups increase in conjunction with the business cycle in environments with higher short-term financial constraints (liquidity constraints) and more competition. The evidence also suggests that these two elements complement each other: the procyclicality of markups in firms facing both high competition and high liquidity constraints is higher than that explained by each determinant independently.

Idioma originalInglés
Páginas (desde-hasta)769-802
Número de páginas34
PublicaciónFinancial Management
Volumen45
N.º3
DOI
EstadoPublicada - 1 sept. 2016
Publicado de forma externa

Nota bibliográfica

Publisher Copyright:
© 2016 Financial Management Association International

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