摘要：A breeding cattle inventories example is used to study the effects of debt depreciation and firmconglomeration on credit constraints. Breeding cattle inventories is an interesting example tostudy credit constraints because it is among the most cyclical of economic time-series and firmshave differential conglomeration levels. The results are consistent with previous credit constraintstudies, i.e., breeding cattle inventories are sensitive to debt depreciation and firms with higherconglomeration levels are less affected by credit constraints.
