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RSFAS Seminar | Prof Tobias Berg

RSFAS Seminar | Prof Tobias Berg

Credit Supply and (In)organic Growth

Speaker: Tobias Berg, Frankfurt School of Finance & Management  

Abstract: This paper highlights the importance of distinguishing between organic and inorganic growth when measuring real effects of financial frictions. Exploiting a quasiexogenous positive shock to credit supply, we document that affected firms borrow larger amounts and exhibit stronger asset, employment, and sales growth. All growth effects, however, are inorganic, and the quality of the credit supply induced acquisition activity is low. We provide a method for adjusting for inorganic growth components empirically and argue that it is important to distinguish inorganic from organic growth in any study that analyzes real effects of credit supply.

Seminar protocols:

  • The webinar will run for 45 minutes, followed by a 15 minute Q&A session.
  • There will be a moderator for each seminar event, who will facilitate communication and resolve any technical issues.
  • Participants can use the Q&A facility to ask questions during the presentation. The moderator will then alert the speaker and ask the questions raised.

Updated:   2 June 2020 / Responsible Officer:  CBE Communications and Outreach / Page Contact:  College Web Team