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effect is particularly pronounced for firms that are affected by financing constraints on the firm or bank side. Finally, our …
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determined by (i) the specific time period (crisis vs. non-crisis) and (ii) the balance sheet strength of the firm's main bank in … terms of bank capital. Results of difference-in-differences estimations utilizing three time periods: 2002-2006 (pre …
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We investigate how intangible capital in form of intellectual property, such as patents, might mitigate financing constraints. While scholars have already argued that patents might have a signalling value reducing information asymmetries between borrowers and lenders, we quantify the value of...
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We analyse the macroeconomic effects of exogenous contractions in bank lending to non-financial corporations in the … to bank loans, such as financing via equity, debt securities, trade credit and lending from non-banks. We investigate … whether these alternative financing sources are complements to or substitutes for bank lending using the joint posterior …
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Using a newly constructed panel dataset of German enterprises, I estimate R&D and capital investment equations for the time period from 1990 to 1994. Simple accelerator specifications indicate considerable sensitivity of R&D and investment to cash flow for relatively small firms. Much of this...
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