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Guarantees play an important role in debt contracts. They alter the risk for the lender, transform borrowers� incentives and, possibly, modify the equilibrium allocation of financial resources. This paper studies the role of guarantees on bank loans, using a sample of over 50,000 individual...
Persistent link: https://www.econbiz.de/10005609333
A remarkable feature of short-term business finance is the widespread use of trade credit as collateral in bank … information associated with this form of collateral. The model shows that the share of receivables pledged as collateral is larger …
Persistent link: https://www.econbiz.de/10005111571
We examine the effects of the government guarantee schemes for bank bonds adopted in the aftermath of the Lehman Brothers demise to help banks retain access to wholesale funding. We describe the evolution and the pattern of bond issuance across countries to assess the effect of the schemes. Then...
Persistent link: https://www.econbiz.de/10008626021
. Equity is a preferable source of external finance for innovation than debt. It does not require collateral, does not …
Persistent link: https://www.econbiz.de/10011099688
This paper uses ECB survey data to assess whether gender matters in the small firms� financial structure and access to credit. Firms owned or managed by women (female firms) use smaller amounts and less heterogeneous sources of external finance than their male counterparts. According to...
Persistent link: https://www.econbiz.de/10011100359
This paper studies the characteristics of the Italian nonfinancial firms using derivatives and the purpose of the derivatives use according to the most important literature in financial risk management. By using the Italian credit register and balance sheet data this study extends for the first...
Persistent link: https://www.econbiz.de/10011100366
This paper analyzes firms� difficulties in accessing credit before and during the crisis, by focusing on two of their characteristics: financial fragility and growth prospects. Our econometric analysis indicates that fragile financial conditions were associated with a much higher than...
Persistent link: https://www.econbiz.de/10011100390
Italy is the European country where firms with fewer than 10 employees account for the largest share of value added and employment. On the basis of data from the company balance sheets and the Central Credit Register during the period 2003-2010, this work contributes to the analysis of these...
Persistent link: https://www.econbiz.de/10011100413
This paper shows the results of a survey on firms regarding the changes that are occurring in the bank-firm relationship in view of Basel II. The survey has been conducted on an national basis together with a local one directed to small firms localized in the regions of Emilia-Romagna, Puglia...
Persistent link: https://www.econbiz.de/10005467323
We analyse the wide array of rescue programmes adopted in several countries, following Lehman Brothers� default in September 2008, in order to support banks and other financial institutions. We first provide an overview of the programmes, comparing their characteristics, magnitudes and...
Persistent link: https://www.econbiz.de/10004964392