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REINSURANCE, TAXES AND EFFICIENCY: A CONTINGENT CLAIMS MODEL OF INSURANCE MARKET EQUILIBRIUM

GARVEN, James R.; Louberge, Henri - EconWPA - 1994

This paper presents an analytical model of underwriting capacity and insurance market equilibrium under an asymmetric corporate tax schedule. It is shown that reinsurance markets enable risk-neutral insurers to allocate tax shields to those firms that have the greatest capacity for utilizing...

Persistent link: https://www.econbiz.de/10005413066

Kreditvergabe der Banken an kleine und mittelständische

Lindner-Lehmann, Monika; Lehmann, Erik; Neuberger, Doris - EconWPA - 2005

Der vorliegende Beitrag fasst die Ergebnisse einer im Jahr 1997 getätigten schriftlichen Befragung deutscher Banken zu ihrer Kreditvergabe an kleine und mittelständische Unternehmen zusammen. Befragt wurden 1200 Firmenkundenbetreuer privater Großbanken, Sparkassen und Genossenschaftsbanken zu...

Persistent link: https://www.econbiz.de/10005134711

The Importance of Being Known: Relationship Banking and Credit Limits

Fernando, Cresenta; Chakraborty, Atreya; Mallick, Rajiv - EconWPA - 2002

This paper measures the importance of bank-firm relationships in obtaining higher credit “limits.” We use data from a … relatively unused section of the National Survey of Small Business Finance (NSSBF, 1993) on credit limits, credit sources, and … contract terms for firms with lines of credit from multiple banks. This lets us isolate the credit limit that each bank …

Persistent link: https://www.econbiz.de/10005561571

The Small Business Credit Gap: Some New Evidence

Mallick, Rajiv; Chakraborty, Atreya - EconWPA - 2002

What is the magnitude of credit constraint or credit gap affecting small businesses? This paper provides estimates of … credit gap, defined as the difference between the desired and actual levels of debt for credit- constrained small businesses … using the data from the National Survey of Small Business Finances. The estimated credit gap is approximately 20 percent …

Persistent link: https://www.econbiz.de/10005561630

DETERMINANTS OF THE FIRM’S CAPITAL STRUCTURE - THE CASE OF THE VERY SMALL ENTERPRISES

BARBOSA, EVALDO GUIMARÃES; MORAES, CRISTIANA DE CASTRO - EconWPA - 2003

This paper seeks empirically to identify the determinants of the very small firms’ financial leverage. This is important because both these enterprises have been under-researched and research in the area has been troubled by samples biased towards very large enterprises. Results support...

Persistent link: https://www.econbiz.de/10005561667

PRIVATE MONEY AND RESERVE MANAGEMENT IN A RANDOM MATCHING MODEL

Cavalcanti, Ricardo de O.; Erosa, Andres - EconWPA - 1998

We introduce an element of centralization in a random matching model of money that allows for private liabilities to circulate as media of exchange. Some agents, which we identify as banks, are endowed with the technology to issue notes and to record-keep reserves with a central clearinghouse,...

Persistent link: https://www.econbiz.de/10005076838

Social Capital and Incentive Compatibility: Modelling the Accumulation and Use of Social Collateral

Mogues, Tewodaj; Carter, Michael R. - EconWPA - 2005

In economics, where the long resistance to reflecting on the effects of social interaction on economic behaviour is slowly waning, the concept of social capital may turn out to be a useful analytical tool. However, initial interest in social capital has produced a large variety of definitions,...

Persistent link: https://www.econbiz.de/10005124878

Debt-Deflation: Concepts, and a Stylised Model

Peter, Goetz von - EconWPA - 2005

credit crunch interferes with the accommodation necessary for stability. …

Persistent link: https://www.econbiz.de/10005126279

Three Financing Constraint Hypotheses and Inventory Investment: New Tests With Time and Sectoral Heterogeneity

Carpenter, Robert E.; Fazzari, Steven M.; Petersen, Bruce C. - EconWPA - 1995

Over the last decade, research has shown that financing constraints have an important impact on many aspects of firm behavior and aggregate fluctuations. This paper undertakes a critical comparison of the three main financing constraint hypotheses- -the bank lending, collateral, and internal...

Persistent link: https://www.econbiz.de/10005126449

'The role of Financial Liberalization in Development: Weaknesses and Corrections'

Saidane, D. - EconWPA - 2005

During the 80’s and 90’s, the increase in financial instability shook up the idyllic vision of the financial liberalization in developed nations. The difficulties borne by the banking sectors spread out in some Asian and Latin American countries as systemic crises. The deregulation of the...

Persistent link: https://www.econbiz.de/10005134804