The eurozone crisis had a larger impact on firms with greater financial constraints, particularly in countries financially exposed to peripheral euro countries, according to an International Monetary Fund paper, published on Thursday.

Stijn Claessens, Hui Tong and Igor Zuccardi, the paper's authors, examine stock price responses during the past year for 3,045 non-financial firms in 16 countries to analyse what channels affected firm valuations globally during the 2010–11 euro crisis. By