Corporate financing concerns are far greater right now than during the global financial crisis.

According to a new paper by Federal Reserve researchers that analysed 612 earnings call transcripts last month, 42 per cent are cutting investments, 27 per cent are cutting equity payouts and 17 per cent are drawing down credit lines – two to three times as large as the equivalent figures seen during the peak of the 2008-09 crisis.

The dramatic spike in financing concerns in September 2008 didn't normalise for another 12 months. If history is a guide, things could remain shaky for some time to come. The paper is at https://tinyurl.com/yc8juq3u.