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Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts

Axelson, Ulf - 2010

on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated … availability of financing impacts booms and busts in the private equity market, and that agency problems between private equity …

Persistent link: https://www.econbiz.de/10012462699

The Real Effects of Financial Constraints : Evidence from a Financial Crisis

Campello, Murillo - 2009

We survey 1,050 CFOs in the U.S., Europe, and Asia to assess whether their firms are credit constrained during the global credit crisis of 2008. We study whether corporate spending plans differ conditional on this measure of financial constraint. Our evidence indicates that constrained firms...

Persistent link: https://www.econbiz.de/10012463097

The Financing of R&D and Innovation

Hall, Bronwyn H. - 2009

funds for financing such investments and they manage their cash flow to ensure this. Evidence shows that there are limits to …

Persistent link: https://www.econbiz.de/10012463325

Results-Based Climate Finance in Practice : Delivering Climate Finance for Low-Carbon Development

World Bank Group - 2017

Results-based financing is a well-established financing modality in the health and education sectors but it is still in … an early stage of deployment in the area of climate change. This report reviews 74 results-based climate financing (RBCF … sector activity and financing. RBCF can thus play a critical role in mobilizing the resources and supporting the policies and …

Persistent link: https://www.econbiz.de/10012247940

Stress Relief? : Funding Structures and Resilience to the Covid Shock

Forbes, Kristin; Friedrich, Christian; Reinhardt, Dennis - National Bureau of Economic Research - 2023

This paper explores the relationship between different funding structures--including the source, instrument, currency, and counterparty location of funding--and the extent of financial stress experienced in different countries and sectors during the sharp risk-off shock in early 2020 when...

Persistent link: https://www.econbiz.de/10014287355

Why Did Small Business Fintech Lending Dry Up During March 2020?

Ben-David, Itzhak; Johnson, Mark J.; Stulz, René M. - National Bureau of Economic Research - 2021

With the onset of the COVID-19 crisis in March 2020, small business lending through fintech lenders collapsed. We explore the reasons for the market shutdown using detailed data about loan applications, offers, and take-up from a major small business fintech credit platform. We document that...

Persistent link: https://www.econbiz.de/10012629425

Fiscal Policy in the Age of COVID : Does it ‘Get in all of the Cracks?'

Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021

We study the effects of fiscal policy in response to the COVID-19 pandemic at the firm, sector, country and global level. First, we estimate the impact of COVID-19 and policy responses on small and medium sized enterprise (SME) business failures. We combine firm-level financial data from 50...

Persistent link: https://www.econbiz.de/10012629513

All Banks Great, Small, and Global : Loan pricing and foreign competition

de Blas, Beatriz - 2010

Can allowing foreign participation in the banking sector increase real output, despite the imperfectly competitive nature of the industry? Using a new model of heterogeneous, imperfectly competitive lenders and a simple search process, we show how endogenous markups (the net interest margin...

Persistent link: https://www.econbiz.de/10012462623

SMEs, Growth, and Poverty

Beck, Thorsten - 2005

This paper explores the relationship between the relative size of the Small and Medium Enterprise (SME) sector, economic growth, and poverty alleviation using a new database on the share of SME labor in the total manufacturing labor force. Using a sample of 45 countries, we find a strong,...

Persistent link: https://www.econbiz.de/10012467461

Measuring Property Rights Institutions

Djankov, Simeon - 2020

How do the different elements in the standard bundle of property rights - such as the right of possession or the right of transfer - differentially impact outcomes, such as urban development? This paper incorporates insecure property rights into a standard model of urban land prices and density,...

Persistent link: https://www.econbiz.de/10012481142