【摘 要】
：
We exploit a liquidity crunch of 2013 in China as a negative shock to banks andanalyze the wealth effects on listed firms.Our findings show that liquidity s
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We exploit a liquidity crunch of 2013 in China as a negative shock to banks andanalyze the wealth effects on listed firms.Our findings show that liquidity shocks to financialinstitutions impact borrowers performance negatively.
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