Using a unique panel design that enables to control for bank, firm, market and loan heterogeneities, we confirm that relationship lenders charge higher rates in good times and lower rates in bad times. However, we show that risky single-bank firms do not benefit from this insurance mechanism and...

Using a unique panel design that enables to control for bank, firm, market and loan heterogeneities, we confirm that relationship lenders charge higher rates in good times and lower rates in bad times. However, we show that risky single-bank firms do not benefit from this insurance mechanism and...

The article contributes to the literature on financial fragility, studying how macro-economic shocks affect supply and demand in the corporate debt market. We take into account the effect of the competitive environment, as well as the risk level, measured by companies' default rate. The model is...

In this paper, we investigate the performance-growth relation of French mutual funds. Using panel techniques, we find that capital inflows to French past top performing funds are not as strong as expected. This result suggests that there exist barriers to investment, that may come from the fact...

Welfare economics shows how innovation and cost control are necessary to correct the negative externalities of production and consumption patterns to ensure a path of sustainable growth. When welfare economics describes the fundamentals of green growth, with innovation as a cornerstone for the...

We study how investors' withdrawals from mutual funds may affect the French corporate bond market. To do so, we use monthly data on flows to the French bond and mixed mutual funds as well as a database on their bond holdings at the bond-level from 2011 to 2017 provided by the Banque of France...

This paper evaluates and compares the effects of conventional and unconventional monetarypolicies on the corporate debt structure in the United States. It does so by using a vectorautoregression in which policy shocks are identified through high-frequency external instruments.Our results show...

In this paper, we identify two counteracting effects of credit access on productivity growth: on the one hand, better access to credit makes it easier for entrepreneurs to innovate; on the other hand, better credit access allows less efficient incumbent firms to remain longer on the market,...

How do firms finance their investment? To what extent does the financing mix depends on the nature or the size of investment? To what extent does the funding mix of investment vary along firm size? Relying on a unique database of firms covering 72% of the value added in France over three...

We show that set-up costs are a key determinant of the capital structure of young firms. Theoretically, when firms face high set-up costs, they can only be established by leveraging up and lengthening debt maturity. Empirically, we use a large sample of French firms to show that young firms have...