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In this paper we study the relationship between firm age, the use of external finance and new investment decisions, in …, suggesting that greater financial development and a stronger investment climate offers young firms greater access to bank … firms that report a need for credit, but did not apply for a loan, have the lowest incidence and amount of investment. Our …
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We investigate the cost of capital in a model with an agency conflict between inside managers and outside shareholders. Inside ownership reflects the classic tradeoff between incentives and risk diversification, and the severity of agency costs depends on a parameter representing investor...
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Combining multi-year, firm-level surveys with country-level panel data for 53 countries, this paper explores the impact of bank competition on firms' access to finance. We find that low competition, as measured by high values of the Lerner index, diminishes firms' access to finance, while...
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The author presents an analysis of the finances of Egyptian listed companies evaluating recent trends in growth and profitability during the 1995-2001 period. The data from financial statements reveal the effect of the economic slowing of the past few years, especially in the construction and...
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