Skip to Main Content
April 02, 2010
Brattle Senior Advisor John Graham Publishes Credit Crisis Research based on Global Survey of 1,050 CFOs

John Graham, a senior advisor to The Brattle Group and a professor of finance at the Fuqua School of Business at Duke University, co-authored a working paper published by the National Bureau of Economic Research. The paper, “The Real Effects of Financial Constraints: Evidence from a Financial Crisis,” analyzed survey results from 1,050 CFOs in the U.S., Europe, and Asia to assess the impact of the global credit crisis of 2008 on their corporate spending plans. The study found that credit constrained firms planned deeper cuts in tech spending, employment, and capital spending, and drew more heavily on lines of credit, sold more assets to fund their operations, and burned through cash more quickly. The results of the study provide evidence that financial constraints hamper investment in valuable projects, with 86% of constrained U.S. CFOs saying their investment in attractive projects was restricted during the credit crisis. For more information, please visit the NBER website.

John R. Graham
Academic Advisor
Duke University
View Bio