Grimm, Michael; Lange, Simon; Lay, Jann - Courant Research Centre PEG - 2011
of capital stocks of MSEs in poor economies focusing on credit constraints and risk. The analysis is based on a unique … capital stocks in the early lifetime of MSEs. Furthermore, the analyses show that risk plays a key role for capital … accumulation. Risk-averse individuals seem to adjust their initially low capital stocks upwards when enterprises grow older. MSEs …