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The deep-pocket effect of internal capital markets

Boutin, Xavier; Cestone, Giacinta; Fumagalli, Chiara; … - 2009

We provide evidence suggesting that incumbents' access to group deep pockets has a negative impact on entry in product markets. Relying on a unique French data set on business groups, our paper presents three major findings. First, the amount of cash holdings owned by incumbent-affiliated groups...

Persistent link: https://www.econbiz.de/10008824490

Revisiting the finance and growth nexus : a deeper look at sectors and instruments

Unger, Robert - 2019

market financing, debt or equity financing - seems to be particularly harmful or beneficial for growth. …

Persistent link: https://www.econbiz.de/10011962798

What are the real effects of financial market liquidity? : evidence on bank lending from the euro area

Dombret, Andreas R.; Foos, Daniel; Pliszka, Kamil; … - 2018

negatively related to credit spreads. Particularly during the financial crisis of 2007-09 and the subsequent European debt crisis …

Persistent link: https://www.econbiz.de/10011897986

Economics of voluntary information sharing

Liberti, José; Sturgess, Jason; Sutherland, Andrew - 2018

We show that lenders join a U.S. commercial credit bureau when information asymmetries between incumbents and entrants create an adverse selection problem that hinders market entry. Lenders also delay joining when information asymmetries protect them from competition in existing markets,...

Persistent link: https://www.econbiz.de/10011960063

Bank-based or market-based financial sources : which is better for the EU?

Esposito, Piero; Larocca, Vittorio; Messori, Marcello; … - 2021

Persistent link: https://www.econbiz.de/10013169329

Developers' leverage, capital market financing, and fire sale externalities : evidence from the Thai condominium market

Kanis Saengchote - 2023 - This version: December 6, 2023

Persistent link: https://www.econbiz.de/10014441303

Options for taxing financial supplies in value added tax : EU VAT and Australian GST models compared

Feria, Rita de la; Walpole, Michael - 2008

Persistent link: https://www.econbiz.de/10003846842

Procyclical leverage in Europe and its role in asset pricing

Baltzer, Markus; Koehl, Alexandra; Reitz, Stefan - 2019

Broker-dealer leverage has recently proven to be strongly procyclical, exhibiting impressive explanatory power for a … balance-sheet indicators for asset pricing. In particular, leverage shows a procyclical behavior with a positive price of risk …. Moreover, high leverage coincides with high asset prices, thereby forecasting lower future returns. …

Persistent link: https://www.econbiz.de/10011987800

Long-term finance and investment with frictional asset markets

Kozlowski, Julian - 2017

Trading frictions in financial markets affect more long- than short-term bonds generating an upward sloping yield curve. Long-term financing is more expensive in economies with higher trading frictions so firms choose to borrow and invest in shorter horizons and lower productivity projects. The...

Persistent link: https://www.econbiz.de/10011911516

Cracks in the facade : American economic and financial structures after the boom

Emmons, William R. (contributor); … - 2002 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001974484