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Badly hurt? Natural disasters and direct firm effects

Felix Noth and Oliver Rehbein

Finance Research Letters, 2019, vol. 28, issue C, 254-258

Abstract: We investigate firm outcomes after a major flood in Germany in 2013. We robustly find that firms located in the disaster regions have significantly higher turnover, lower leverage, and higher cash in the period after 2013. We provide evidence that the effects stem from firms that already experienced a similar major disaster in 2002. Overall, our results document a positive net effect on firm performance in the direct aftermath of a natural disaster.

Keywords: Natural disasters; Firm outcomes (search for similar items in EconPapers)
JEL-codes: G31 (search for similar items in EconPapers)
Date: 2019
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