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Informal or Formal Financing? Or Both? First Evidence on the Co-Funding of Chinese Firms
Degryse, Hans; Lu, Liping; Ongena, Steven - C.E.P.R. Discussion Papers - 2013
The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in … developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small … firms and lower sales growth for large firms. We identify a complementary effect between informal and formal finance for the …
Persistent link: https://www.econbiz.de/10011084516
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Lobbying on Entry
Perotti, Enrico C; Volpin, Paolo - C.E.P.R. Discussion Papers - 2004
capital and have greater growth opportunities. Also, higher accountability and lower income inequality are associated with …
Persistent link: https://www.econbiz.de/10005662100
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Business Creation and the Stock Market
Michelacci, Claudio; Suarez, Javier - C.E.P.R. Discussion Papers - 2002
We claim that the stock market encourages business creation, innovation, and growth by allowing the recycling of …
Persistent link: https://www.econbiz.de/10005666610
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Corporate Efficiency in Europe
Hanousek, Jan; Kocenda, Evzen; Shamshur, Anastasiya - C.E.P.R. Discussion Papers - 2015
Using a stochastic frontier model and a comprehensive dataset, we study factors that affect corporate efficiency in Europe. We find that (i) larger firms are less efficient than smaller firms, (ii) greater leverage contributes to corporate efficiency, and (iii) high competition is less...
Persistent link: https://www.econbiz.de/10011213309
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Access to Public Capital Markets and Employment Growth
Borisov, Alexander; Ellul, Andrew; Sevilir, Merih - C.E.P.R. Discussion Papers - 2015
concerns, we use a novel dataset of private firms and compare employment growth of IPO firms with two different control groups … experience higher employment growth in the post-IPO period relative to each control group. Importantly, our results show that the … most likely channel for the realization of higher employment growth is the relaxation of financial constraints, allowing …
Persistent link: https://www.econbiz.de/10011249379
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Firm Leverage and Unemployment during the Great Recession
Giroud, Xavier; Mueller, Holger M - C.E.P.R. Discussion Papers - 2015
We argue that firms’ balance sheets were instrumental in the propagation of shocks during the Great Recession. Using establishment-level data, we show that firms that tightened their debt capacity in the run-up (“high-leverage firms”) exhibit a significantly larger decline in employment in...
Persistent link: https://www.econbiz.de/10011252614
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Investment and capital structure of partially private regulated firms
Cambini, Carlo; Spiegel, Yossi - C.E.P.R. Discussion Papers - 2011
We develop a model that examines the capital structure and investment decisions of regulated firms in a setting that incorporates two key institutional features of the public utilities sector in many countries: firms are partially owned by the state and regulators are not necessarily...
Persistent link: https://www.econbiz.de/10009209829
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Of Religion and Redemption: Evidence from Default on Islamic Loans
Baele, Lieven; Farooq, Moazzam; Ongena, Steven - C.E.P.R. Discussion Papers - 2011
Do religious beliefs affect real economic decisions? We investigate this fundamental question by comparing default rates on conventional and Islamic loans using a comprehensive monthly dataset from Pakistan that follows more than 150,000 loans over the period 2006:04 to 2008:12. We find robust...
Persistent link: https://www.econbiz.de/10009209832
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U.S. Monetary Shocks and Global Stock Prices
Laeven, Luc; Tong, Hui - C.E.P.R. Discussion Papers - 2010
This paper studies how U.S. monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in U.S. interest rate policy, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for...
Persistent link: https://www.econbiz.de/10008692313
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Large powerful shareholders and cash holding
Anderson, Ronald W.; Hamadi, Malika - C.E.P.R. Discussion Papers - 2009
We study the relationship between liquid asset holding and the pattern of share ownership and control structures within the firm. We explore these issues using a data set of Belgian firms that is particularly well suited to studying the institutions of control oriented finance. The data include...
Persistent link: https://www.econbiz.de/10005041096