期刊
JOURNAL OF ECONOMICS & MANAGEMENT STRATEGY
卷 26, 期 2, 页码 337-374出版社
WILEY
DOI: 10.1111/jems.12184
关键词
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资金
- Foundation of Banking Research
- Jan Wallander and Tom Hedelius Foundation
- Marianne and Marcus Wallenberg Foundation
We examine how consumers react to the financial distress of durable goods manufacturers by studying the Swedish new car market. We employ a difference-in-differences matching methodology whereby we compare sales of carmaker Saab with those of a control group of substitute products. To account for possible substitution between products in the treatment and control groups, we propose and apply bounds to our difference-in-differences matching estimator. We then refine the bounds and provide conditions under which they depend only on product elasticities. We find that there was a significant decrease in the sales of Saab following its filing for administration.
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