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Becker, Sascha O.; Hvide, Hans K - C.E.P.R. Discussion Papers - 2013

In the large literature on firm performance, economists have given little attention to entrepreneurs. We use deaths of … performance. Using longitudinal data, we find large and sustained effects of entrepreneurs at all levels of the performance … suggest that an often overlooked factor -- individual entrepreneurs -- plays a large role in affecting firm performance. …

Persistent link: https://www.econbiz.de/10011083991

High-Tech Firms and Credit Rationing

Guiso, Luigi - C.E.P.R. Discussion Papers - 1997

Informational frictions between borrowers and lenders differ across classes of borrowers. Innovative firms undertake high-risk-high-return projects which are likely to be little understood by financial intermediaries. As a consequence, they may end up allocating too large a share of funds to...

Persistent link: https://www.econbiz.de/10005123591

Lending Relationships in Germany: Empirical Results from Survey Data

Harhoff, Dietmar; Körting, Timm - C.E.P.R. Discussion Papers - 1998

We examine empirically the role of lending relationships in determining the collateral requirements, costs and availability of external funding. The data originates from a recently concluded survey of small- and medium-sized German firms. In our descriptive analysis, we explore the borrowing...

Persistent link: https://www.econbiz.de/10005123791

Credit, Wages and Bankruptcy Laws

Biais, Bruno; Mariotti, Thomas - C.E.P.R. Discussion Papers - 2003

We study the impact of different bankruptcy laws in general equilibrium, taking into account the interactions between the credit and labour markets, as well as wealth heterogeneity. Soft bankruptcy laws often preclude liquidation, to avoid ex-post inefficiencies. This worsens credit rationing,...

Persistent link: https://www.econbiz.de/10005498012

Credit Rationing and Crowding-Out During the Industrial Revolution: Evidence from Hoare's Bank, 1702-1862

Temin, Peter; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2004

Crowding-out during the British Industrial Revolution has long been one of the leading explanations for slow growth during the Industrial Revolution, but little empirical evidence exists to support it. We argue that examinations of interest rates are fundamentally misguided, and that the...

Persistent link: https://www.econbiz.de/10005504267

Can Competition in the Credit Market be Excessive?

Caminal, Ramon; Matutes, Carmen - C.E.P.R. Discussion Papers - 1997

We study the welfare implications of market power in a model where banks choose between credit rationing and monitoring in order to alleviate an underlying moral-hazard problem. We show that the effect of banks’ market power on social welfare is the result of two countervailing effects. On the...

Persistent link: https://www.econbiz.de/10005656189

Austerity

Dellas, Harris; Niepelt, Dirk - C.E.P.R. Discussion Papers - 2014

We shed light on the function, properties and optimal size of austerity using the standard sovereign model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment...

Persistent link: https://www.econbiz.de/10011145392

Cross-Border Liquidity, Relationships and Monetary Policy: Evidence from the Euro Area Interbank Crisis

Abbassi, Puriya; Bräuning, Falk; Fecht, Falko; … - C.E.P.R. Discussion Papers - 2015

We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on the compositional supply effects through cross-border and relationship lending. For empirical identification, we draw on the proprietary bank-to-bank European interbank dataset...

Persistent link: https://www.econbiz.de/10011196038

Like Father like Sons? The Cost of Sovereign Defaults In Reduced Credit to the Private Sector

Esteves, Rui; Jalles, João Tovar - C.E.P.R. Discussion Papers - 2013

This paper investigates the impact of sovereign defaults on the ability of the corporate sector in emerging nations to finance itself abroad. The hypothesis here is that defaults have a negative spillover effect on the private sector through credit rationing. We explore a novel dataset covering...

Persistent link: https://www.econbiz.de/10011083857

The Procyclical Effects of Bank Capital Regulation

Repullo, Rafael; Suarez, Javier - C.E.P.R. Discussion Papers - 2012

future lending capacity and, as a precaution, hold capital buffers. We compare the relative performance of several capital …

Persistent link: https://www.econbiz.de/10011084391

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