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We show that constraints on using leverage for foreign positions can act as an international investment barrier. Guided by an international CAPM with leverage constraints, we use observed stock prices to measure the variation in the magnitude and the implicit cost of such cross-border funding...
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This study investigates the nexus of stock liquidity and trade-credit policies in China from 2002 to 2017. The estimates are robust to alternative proxies, various fixed-effects, and the exogenous impact of Chinese split share structure reforms (SSSR) 2005-06 is investigated through the...
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the degrees of financing constraints and financial intermediary as well as the stock market to represent the level of … financing constraints of R&D investment or not. Finally, the paper further investigates the interaction of financial development …. The results show that the degree of financing constraint is negatively correlated with R&D investment. Both the …
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