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The relationship between retained income and external financing in the context of net asset expansion for manufacturing and mining corporations between 1915 and 1943. how the importance of internal and external financing changed during periods of cyclical expansion and contraction. The data reveals no persistent tendency for retained income to become more or less important relative to net balance of external financing over the nineteen-year period.
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portanceofinternalandexternalfundsinfinancingcorporateinvestment. Havecorporationstendedtoincreasetheproportionoftheirinvestment
incomeprovidedfundsforfinancingvaryingproportionsofcorporate investmentinthedifferentphasesofthebusinesscycle?Clearly,answers tothesequestionsareofparamountimportancetoourunderstandingof howthebusinesssystemoperatesandhowcorporatefinancialpolicies affecteconomicstability.Dataarepresentedinthischapterwhichsuggest answerstobothquestions,butbeforeconsideringthisevidenceitwillbe usefultodiscusscertainproblemsofdefinition. Twoconceptsofexternalfinancingareused,dependingonwhether theanalysisisconcernedwithchangesintotalassetsorwithchangesin physicalassetsonly.Inanalyzingtotalassetchanges,ameasureisrequired oftheadditionalamountoffunds,debtorequity,obtainedintheperiod inquestionfromoutsidesources.Naturally,thereisacertainnetnessin thisamount,sinceaconcernmay,forexample,usepartoftheproceeds ofastockissuetorepaybankdebt;however,interestcentersonlyonthe additionalamountofoutsidefundsobtained.Thetermexternalfinancing willbeusedtosignifythisamount.Ontheotherhand,whenphysical assetexpansionisconsidered,accountmustbetakenofthefactthat,inany givenperiod,aconcernmaybothincreasetheamountofoutsidefunds whichitisutilizing,andalsomakefundsavailabletootherconcernsor individualsthroughtheaccumulationofcertaintypesoffinancialassets, suchasthesecuritiesofotherconcerns.Accordingly,itwillbeusefulto haveaconceptthatrefersto'theadditionalamountofoutsidefinancial resourcesusedlessanyincrease,inthesameperiod,intheresourcesmade availablebythecorporationtotherestoftheeconomy.Thisquantitywill 64
(^66) CorporateIncomeRetention
eralwiththereferencecycleturningpointsestablishedbytheNational BureauofEconomicResearch,butnoneoftheseamountsexhibitsaclear upwardordownwardtrendovertheentireperiod1923—41(PanelA, Chart16).Inotherwords,therelativeimportanceoftheinternaland externalcomponentsofnewfinancing changedconsiderablyfromyear toyear,butneitherofthecomponentsgainedorlostinrelativeimportance asameansoffinancingassetexpansionovertheentireperiod. Fromthechartitcanbeseenthatthehistoryofcorporationfinancing overtheyears1923—41canbedividedintoseveraldistinctperiods.The firstperiod,1923—29,wascharacterizedbysubstantialaccumulationsof physicalassetsinyearsofcyclicalexpansionandbyonlyslightreductions inthesesameassetsduringyearsofcyclicalcontraction.Itisfoundthat thenetbalanceofexternalfinancingoverthisperiodwasnegative;in otherwords,corporationsreleasedfundsonbalancetotherestofthe economy.Duringtheseyearsretainedearnings,amountingto$4.5billion, exceededthe$3.8billionincreaseinphysicalassetsby$0.7billion,and thisexcessofsavingswasutilizedonlytoaccumulatefinancialassets,thus releasingfundstotheothersectorsoftheeconomy. Incontrasttotheprecedingsevenyears,theyears1930—35werechar- acterizedbyapronouncedcontractionofassets,bothphysicalandfinan- cial,byanetabsorptionoffundsfromexternalsources,andbynetdis- saving,thatis,bydividendpaymentsinexcessofnetincome.Itisworth notingthatthenetdissavingof$10.4billionduringthisperiodwasmore thantwiceaslargeastheamountsavedduringtheyears1923—29.Despite thecontractionoftheiractivitiesduringthisperiod,manufacturingand miningcorporationsactuallyabsorbedfinancialresourcesfromtheoutside totheextentof$2.1billion.Thisnetrelianceonoutsidefundswasac- countedforbytheliquidationoffinancialassetsinexcessoftheretire-
miningcorporationswererecallingfunds,onbalance,fromtherestof theeconomy. Physicalassetexpansion,unaccompaniedthistimebyanyconsiderable accumulationoffinancialassets,wasresumedin1936and1937.The expansionwasmainlyininventoryandwasfinancedentirelyfromex- ternalsources.Despitethefactthattheirassetsweregrowingduringthese
(^8) Externalfinancingisindicatedinthechartbythedifferencebetweenthelinesrepre- sentingtotalassetexpansionandretainedincome;netbalanceofexternalfinancingby thedifferencebetweenthelinesrepresentingphysicalassetexpansionandretainedincome.
InternalversusExternalFunds
Chart16—CORPORATESAVINGANDASSETEXPANSION,ALL MANUFACTURINGANDMININGCORPORATIONS,1923—
Thereisnoclearevidenceoflong-termchangeovertheperiod1923—41inthe relativeimportanceofinternalfundsinfinancingassetexpansionbyallmanu- facturingandminingcbrporations.
InternalversusExternalFunds 69
Table4—USEOFINTERNALANDEXTERNALFINANCINGDURING CYCLICALEXPANSIONSANDCONTRACTIONS AllManufacturingandMiningCorporations (inmillions)
Expanswnand Contraction Penods
BxteTnalFinancing Balance) Retained
iPhysical^ Net Asset
Depr.e' ciation and
Gross Long- Short-^ Physical Termb Term° (^) Total Income Expansion Depktion Investment CyclicalExpan- sionPeriods:d $462 $95 $557 $972 $1,529 $1,959 $3, 1925—26 —409 —317 —726 1,829 1,103 4,061 5, 1928—29 1,185 (^) —959 226 1,423 1,649 4,525 6, 1933—37 3,247 1,305 4,552^ —2,151^ 2,401^ 9,259 11, 1939—41 1,163^778 1,941^ 5,012 6,953^ 6,437^ 13, CyclicalContrac- ' tionPeriods: 1924 —541 (^) —58 —599 311 —288 (^) 1,931 1, 1927 113 —233 —120 —54 —174 2,138 1, 1930—32 —654 1,333 679 —8,344 —7,665 6,125 —1, 1938 580 —1,549 —969 —659 —1,628 1,957 329 Period1923—41: $5,146 (^) $395 $5,541 $—1,661 $3,880 $38,392 $42, UnpublishedestimatesfromdatacompiledbyGeorgeTerborgh. bThesumofchangesinpaid-inequityandlong-termdebtlessthesumofchangesin securitiesheldandmiscellaneousinvestmentsandadvances. Thesumofchangesinshort-termliabilitieslessthesumofchangesincashand receivables. dThepeakyearshavebeenincludedwithexpansions,andthetroughyearswithcon- tractions,becauseinmostcasestheannualamountsofincomeandinvestmentarehigher forthepeakyearthanfortheprecedingyear,andlowerforthetroughyearthanforthe precedingyear. oNodataareavailablefor1922. Nodataareavailableafter1941.
Finally,resourcesabsorbedfromtheoutside,asmeasuredbythenet balanceofexternalfinancing,wereaminorcomponentofthetotalamount ofresourcesusedingrosscorporateinvestment.Onlyin1936and didthefundsabsorbedfromtheoutsideapproachthegrossamountof fundssavedbycorporationsthroughincomeretentionanddepreciation accruals;inallotheryearsgrosscorporatesavingsuppliedthemajor shareofthenecessaryfinancialresources. AsstatedinChapter2,externalfinancingandgrosscorporatesavingcannotbecon- sideredalternativesourcesoffinancingcorporateinvestment.Thecomparisoninthetext ismademerelytoillustratethe,differenceresultingfromtheinclusionofdepreciation accrualsincorporatesaving.
70 CorporateincomeRetention
InternalandExternalFinancingDuring CyclicalExpansionsandContractions Thesalientfeaturesofcyclicalchangesinphysicalassetexpansion, incomeretention,andexternalfinancingaredescribedinTable4where therelevantinformationisarrangedbyperiodsofcyclicalexpansionand contraction.Thedatashowfirstthatcorporationsaccumulatedphysical assets,onbalance,inallexpansionphasesandreducedtheseassets,that is,disinvestedinallcontractionphases.Secondly,incomeretentionand netabsorptionofexternalfinancingcharacterizedexpansionphases,while netdissavingandnetreleaseofexternalfinancingwascharacteristicof contractionphases.
short-termfinancingduringperiodsofexpansion,butexhibitednoclearly definedpatternofbehaviorwithrespecttotheuseofthesetwotypes offundsduringperiodsofassetcontraction.Insomecontractionperiods short-termfundswereabsorbedonbalancewhilelong-termfundswere released;thereversewastrueinothercontractionperiods.
LARGEMANUFACTURINGCORPORATIONS NetAssetExpansion,Retainedincome andExternalFinancing,1915—
Thebehavioroflargecorporationswassimilartothatofallmanu- facturingandminingcompaniescombinedinthattheirratesofasset expansionandincomeretentionfollowedadistinctcyclicalpattern,that thesechangesconformedwelltoreferencecycleturningpoints,andthat nodefiniteshiftoccurredovertheyears1915-43intherelativeimportance ofinternalandexternalsourcesoffinancing (PanelA,Chart17). Inthefirstexpansionperiod(1915—20)retainedincomesupplied
97percent—ofthefundsusedintheexpansionofphysicalassets.Thus, (^6) Afewexceptionstothesegeneralizationsmaybenoted.Therewasnetdissavingdur- ingtheexpansionperiod1933—37,andnetreleaseofexternalfinancingduringtheexpan- sionperiod1925—26;ontheotherhand,incomewasretainedinthecontractionyear1924, andexternalfinancingwasabsorbedonbalanceinthecontractionperiod1930—32. 7Thesampleof31—45largecompanies,describedinAppendixA,hasbeenusedforthis analysis.AsalreadymentionedinChapter4,page27,thissample,aswellasthesample ofsmall-andmedium-sizedcompanies,includesonlyestablishedconcerns,whereasthe aggregatedataforallcorporationsincludebothnewlyorganizedandolderfirms.Sizedif- ferenceswerenot,therefore,theonlyfactorresponsiblefordifferencesofbehaviorob- servedincomparingallcorporationswiththesamplegroups.
72 CorporateincomeRetention thefinancingoftotalassetgrowthrequiredconsiderablerecoursetothe capitalmarketsduritigtheseyearsbylargecorporations,butthiswasdue mainlytotheiraccumulationoffinancialassets.Inthesensethatthisaccu- mulationoffinancialassetsrepresentsareleaseoffundstotherestofthe economy,itmaybesaidthatthenetbalanceofexternalfinancing,orthe netdependenceoflargecorporationsonexternalresources,amountedto only3percentoftheexpansionoftheirphysicalassets.Fundsdrawnfrom theoutsidecameprincipallyfromthesecuritymarketsandbanks;the useoftradecreditdeclinedonbalance. Theperiod1922—30differedfrom1915—20inseveralimportantre- spects.Retainedincomeexceededphysicalassetexpansionby73percent, therebeingasubstantialnetreleaseofexternalfinancing.Theuseofbank creditandoflong-termfundswasreduced,andonlyinthecaseoftrade creditwasthereanetabsorptionofoutsideresources. Theperiod1934—37alsohasuniquecharacteristics.Duringthoseyears retainedincomeprovidedforthesameproportionoftotalassetexpan- sion(49percent)asofphysicalassetexpansion,whileexternalfinancing becameafactorofmajorimportance.Itisimportanttonotethatexternal fundswereobtainedin1934—37mainlyonashort-termbasis;forthe firsttimesincetheearlytwentiesnotespayabletobanksincreasedbya substantialamountwhilecashbalanceswerereduced.Furthermore,ac-
1921therewasnetdissavingaswellasnetreleaseofexternalfinancing. Substantialresourceswerereleasedthroughtherepaymentofbankloans andthereductionofaccruedliabilities(mainlytaxes);theamountof
InternalversusExternalFunds (^73)
tradecreditandlong-termexternalfundsinusewasincreased,butnot sufficientlytooffsetthereduceduseoftheothertypes. Theperiod1931—33waslikewisecharacterizedbynetdissavingand netreleaseofexternalfinancing.Asin1921,bankdebtandaccruedlia- bilitieswerereducedwhiletradecreditandlong-termfinancinginuse increased.Animportantdifference,however,betweenthetwocontrac- tionsisfoundinthebehaviorofcashbalances,whichdeclinedin1921but expandedconsiderablyin1931—33.Theexplanationseemstobethatcash wasutilizedtoalargeextentin1921intherepaymentofshort-termdebt, butthatin1931—33relianceonshort-termdebt,notablynotespayable tobanks,hadbeensoreducedthattheconversionofotherassetsinto cashsoonvirtuallyretiredshort-termobligationsandthereafterproduced increasingbalancesofcash. Finally,theyear1938differedfromtheothercontractionyearsintwo respects:largecorporationsincurrednodissavingandexternalresources werereleasedonbalance.Asin1931—33,bankdebtsandaccruedlia-
registerednetincreases.Cashbalanceswereagainaccumulatedonasub- stantialscale. Therearestrikingdifferencesbetweenthebehavioroflargemanu- facturingconcernsandall andminingcorporationscom- binedwhentheaggregatefiguresforthewholeperiod1923—41arere- viewed.Largecorporationsregisteredincomeretentiontotheextentof $3.7billionduringthisperiod,accompaniedbyanetreleaseofalmost $1billioninfinancialresourcestoothersectorsoftheeconomy;allcom- paniescombined,asstatedintheprecedingsection,registerednetdissav- ingandanetabsorptionofexternalfinancing(Table5).Inotherwords, largeconcernsretainedalmost$ibillionmorethanwasrequiredfortheir netphysicalinvestment,whileallmanufacturingandminingcompanies combinedfinancedtheirphysicalassetexpansionentirelyfromexternal sources.Ontheotherhand,largecorporationsandcorporationsofallsizes combinedbehavedsimilarlyinthattheyexhibitednopersistentchange overtheentireperiodintheirdegreeofrelianceonexternalversusin- ternalfunds.
GrossCorporateSavingandInvestment Thedepreciationaccrualsoflargecompaniesweremuchlikethoseof allmanufacturingandminingcorporationscombined,showingalmostno responsetocyclicalchangesinbusinessconditions(PanelB,Chart17).
InternalversusExternalFunds (^75) savingsforlargemanufacturingcorporationsthanforallmanufacturing andminingcorporationscombined;yettheaggregateamountretained bylargeconcernsovertheperiod1922—43wasonly51percentofthe aggregateamountofdepreciation. Andfinally,theabsorptionofexternalfinancingwasnegligiblecom- paredwiththegrosssavingsoflargemanufacturingconcerns.Asmen- tionedabove,thesecompaniesreleasedfunds,onbalance,totherestof theeconomyovertheperiod1922—43.Therewasanetabsorptionof externalfinancinginsomeyears,buteventhentheexternalsourcespro- vided,inallbutoneyear,foronlyaminorfractionofthetotalamountof resourcesusedforgrossphysicalinvestment.Theexceptionalyearis1937, whenthenetbalanceoffinancingdrawnfromexternalsourceswas,about comparableinsizewiththegrossamountofcorporatesaving.
InternalandExternalFinancingDuring CyclicalExpansionsandContractions Apatternofcyclicalchangesinphysicalinvestmentandintheinternal andexternalcomponentsofnewfinancingislessdistinctforlargemanu- facturingcorporationsthanforallmanufacturingandminingcompanies combined.Physicalassetsoftheformerincreasedintheexpansionphases ofallcyclescoveredbythedatabutfailedtobehaveuniformlyinthe contractionphases.Physicalassetsexpandedintherelativelymildcyclical contractionsof1919,1924,and1927(atalowerratethanduringex- pansions)thoughtheycontractedinthemoreseverecontractionsof1921, 1930—32,and1938.Incomewasretainedinallexpansionphasesand duringthemildercontractions(1919,1924,and1927),buttherewas netdissavingonbalanceinthemoreseverecontractionsof1921and 1930—32,andanegligibleamountofsavingin1938. AsTable5shows,theexpansionphasesofcyclicalfluctuationsoccur- ringbetween1915and1943werenotuniformlycharacterizedbyeither netabsorptionornetreleaseofexternalfinancing.Therewasapositive netbalanceofexternalfinancingduringtheexpansionsof1920,1922—23, and1933—37,butarelease,onbalance,ofexternalfinancingduringthe expansionsof1915—18,1925—26,1928—29,and1939—43.Incontrast, thecontractionphasesoftheperiodwerecharacterizeduniformlybynet releaseofexternalfinancing. Thebehavioroflargemanufacturingcorporationswithrespecttotheir increasedordecreaseduseofshort-termversuslong-termfundsinthe differentphasesofcyclicalfluctuationsissomewhatmixedfortheyears
(^76) CorporateIncomeRetention 1915—43.Uniformityofbehaviorisfoundforthecontractionphases:on balance,short-termfinancingwasreleasedandlong-termfinancingwas absorbed;but,sincetheabsorptionoflong-termfundswasinvariablyless thanthereleaseofshort-termfunds,therewas,onbalance,areduction intheuseofexternalfinancing.Amongtheexpansionphases,however, therewereinstanceswhenanetabsorptionoflong-termfinancingwas accompaniedbyanetreleaseofshort-termfinancingandotherinstances whentheoppositewasthecase.
SMALLMANUFACTURING 9 NetAssetExpansion,RetainedIncome,and ExternalFinancing,1919— Likelargeconcerns,small-andmedium-sizedmanufacturingcorpora- tionshaveexperiencedwidecyclicalfluctuationsinassetexpansionand retainedincomebutanotablysmallerdegreeofconformitytotherefer- encecycleturningpointsthanthelargecompanies(Chart18,PanelA)• Reflectingamuchlessprosperousrecenthistorythanlargecorporations, theratesofassetexpansionandretainedincomeofsmallcompanies movedinagenerallydownwardtrendovertheentireperiod1919—43.As totherelativeimportanceofretainedincomeandexternalfinancing,the dataforbothgroupsofcorporationsaresimilarinthatnocleartendency isobservedforonecomponenttogainorloserelativetotheother. Bothtotalassetexpansionandphysicalassetexpansionofsmallcom- panieswerehighestintheearlyyears,1919—20,whenretainedincome amountedto67percentoftotalassetexpansion;butthesavingsofthese concernsinthistwo-yearperiodexceededphysicalassetexpansionby 34percent,theexcessbeingreleasedtoothersectorsoftheeconomy throughtheaccumulationoffinancialassets. 8Itmayappearsurprisingthatanetabsorptionoflong-termfundsbylargecorporations isfoundinallcontractionphases,butinonlythreeoutofsevenexpansionphases.The reasonisthat,althoughtheamountofnewsecurityissueswasmuchgreaterinexpansions thanincontractions,largecompaniesacquiredlargeamountsofmarketablesecuritiesin expansions,andtheseacquisitionsinsomecasesmorethancounterbalancednewissues, theresultbeinganetreleaseoflong-termfunds.Whiletheamountofnewissueswas muchsmallerinthecontractionphases,purchasesofmarketablesecuritieswerereduced toanevengreaterextent,withtheresultthattherewasanetabsorptionoflong-termfunds. Asampleof73Wisconsincompanies,describedinAppendixA,hasbeenusedforthis analysis. 10Itisinterestingtonotethat,unlikethedataforlargeconcerns,thephysicalasset expansionseriesforWisconsincompaniesrespondedwithaone-yearlagtothecyclical contractionsofbusinessin1921,1924,and1927.TheWisconsinseries,however,re- spondedtolatercyclicalcontractions(1930—32and1938)withoutalag.
p
78 CorporateIncomeRetention
Afterthecyclicalcontractionof1921,totalassetsincreasedcontinu- ouslythrough1929.Increasesinphysicalassetexpansion,however,lasted ashorterperiod—1923—27.Retainedincomeexceededphysicalinvest- mentinmostoftheyears1923—29,andtheuseofexternalfinancingwas, onbalance,reducedoverthatperiod. Thethirtieswerecharacterized,onthewhole,bycontractionrather thanexpansionofassets;onlyintheyears1936andi937didtotaland physicalassetsincrease.Withtheexceptionof1936,whenasmallamount ofincomeretentiontookplace,netdissavingoccurredinallyears.External financingwasabsorbed,onbalance,duringthecontractionyears1930— aswellasduringtheexpansionyears1936and1937,buttherewasanet releaseoffinancialresourcestoothersectorsoftheeconomy,andsub- stantialnetdissaving,inthecontractionyears1938—39. Finally,theyears1940—43werecharacterizedbypronouncedexpan- sionofbothphysicalandfinancialassetsand,forthefirsttimesince thetwenties,byincomeretentiononalargescale.Retainedincomewas approximatelythreetimesasgreatasphysicalassetexpansionduring thosefouryears,permittingasubstantialreduction,onbalance,inthe useofexternalfinancing. Takingageneralviewofthe1923—41period,certaindifferencesbe- tweenthebehaviorofsmall-andmedium-sizedcorporationsandthose oflargesizemaybenoted.Thus,thesmallcompaniesregisteredanet contractionofphysicalassetsoverthisperiod,ascomparedwiththenet expansionofthelargeconcerns(Table6).Incomewasretainedinboth cases,butitwassmaller,onarelativebasis,forsmall-andmedium-sized concernsthanforlargecorporations.
GrossCorporateSavingandInvestment Aswithlargecompanies,thecyclicalfluctuationsingrosssavingof small-andmedium-sizedconcernsarealmostentirelyaccountedforby fluctuationsinincomeretention;depreciationaccrualswereremarkably stableovertheentireperiod1919—43(PanelB,Chart18).Thoughre- tainedincomewasgreaterthandepreciationinsomeyears,itamounted toonlyasmallfractionofdepreciationaccrualsfortheentiretwenty-five- yearperiod,owingtothenetdissavingwhichoccurredforaconsiderable numberofyears(mainlyduringthethirties). Theamountoffundsdrawnbysmall-andmedium-sizedmanufacturing companiesfromexternalsourcesexceededtheirgrosssavinginsome
internalversusExternalFunds 79 Table6—USEOFINTERNALANDEXTERNALFINANCINGDURING CYCLICALEXPANSIONSANDCONTRACTiONS Small-andMedium-SizedManufacturingCorporationsa (inthousands)
Expansion Conrractbn Periods
ExternalFinancing (Net Retained
ysjcaI Asset
Depre- ciation and
Gross Longs Short'^ Physical Termb Term0 (^) Total Income Expansion Depletion CyclicalExpan- sionPeriods: 1920 $—294 $323 $29^ $4,966 $5,009 $1,041^ $6, 1922—23 2,837—2,973 —136 898 760 2,299 3, 1925—26 —1,988 —53 —2,041 3,058 1,018 2,488 3, 1928—29 —539 —847 —1,386 1,099 —294 2,613 2, 1933—37 2,198 701 2,899 —3,126 —298 5,327 5, 1939—43. —4,215 236 —3,979 5,562 1,144^ 4,960 6,1O CyclicalContrac- tbnPeriods: 1919 —708 —1,890 2,263 370 863 1, 1921 1,451 1,965 3,416 —2,122 1,267 1,055 2, 1924 1,148^ —453^695 944 1,640^ 1,188^ 2, 1927 —86 67 —19 1,204^ 1,176 1,263 2, 1930—32 —906 2,355 1,449 —6,671 —5,170 3,841 —1, 1938 —213 —497 —710 —703 —1,446 1,047 — Periodl923—41: $—830 $613 $—217 $26 $—294 $21,797 $21, Periodl919—43:$—1,315 $—358$—1,673 $7,372 $5,176 $27,985 $33,
aNationalBureauofEconomicResearchsampleof73Wisconsincorporations. bThesumofchangesinpaid-inequityandlong-termdebtlessthesumofchangesin securitiesheldandmiscellaneousinvestmentandadvances. Thesumofchangesinshort-termliabilitieslessthesumofchangesincashand receivables. dNetbalanceofexternalfinancingexcludessomeunallocateditems.Asaresult,the sumofnetbalanceandretainedincomediffersslightlyfromtheamountofnetphysical assetexpansion.
earlyyearsandagainin1936—37;but,forthemostpart,externalre- sourceswereaminorcomponentofthetotalamountofresourcesused forgrossphysicalinvestment,and,fortheentireperiod1919—43,anet releaseofexternalfinancingwasregisteredbytheseconcerns.
InternalandExternalFinancingDuringCyclical ExpansionsandContractions Thefinancialbehaviorofsmallmanufacturingcorporationsshowslittle evidenceofadefinitecyclicalpattern.Physicalassetswereaccumulated
InternalversusExternalFunds 81
paniesreducedtheuseofexternalfinancialresourcesinallcontraction phases,buttheirbehaviorwasnotuniforminexpansionphases.Small companiesabsorbedexternalfundsonbalanceinsomecontractionsas wellasinsomeexpansions,butnetreleasesoffinancialresourcesarealso foundinsomeexpansionsandsomecontractions.
