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How well do European loan markets work? : some insights from the financial structure of SMEs in three countries

Wagenvoort, Rien; Hurst, Christopher - In: EIB papers 4 (1999) 2, pp. 64-86

The precarious employment situation in the EU has given rise to public policies that aim at giving small and medium-sized enterprises (SMEs) better access to finance. SMEs may face difficulties due to information problems and other inefficiencies in loan markets. However, the European evidence...

Persistent link: https://www.econbiz.de/10011502820

Do Financial Frictions Explain Chinese Firms’ Saving and Misallocation?

Bai, Yan - 2018

We use firm-level data to identify financial frictions in China and explore the extent to which they can explain firms' saving and capital misallocation. We first document the features of the data in terms of firm dynamics and debt financing. State-owned firms have higher leverage and pay much...

Persistent link: https://www.econbiz.de/10012923717

SME finance in Europe : introduction and overview

Wagenvoort, Rien - In: EIB papers 8 (2003) 2, pp. 11-20

Introducing the topic of SME finance and summarising the main findings of the contributions to this edition of the EIB … Papers, this overview stresses the importance of relationship banking for the supply of SME credit; points out the … little evidence of widespread SME credit rationing, financial market imperfections may nevertheless curb SME growth; and …

Persistent link: https://www.econbiz.de/10011498513

Are finance constraints hindering the growth of SMEs in Europe?

Wagenvoort, Rien - In: EIB papers 8 (2003) 2, pp. 23-50

This paper examines whether small and mediumsized enterprises (SMEs) in Europe suffer from a structural financing problem that hinders their growth. To this end, we estimate growth-cashflow sensitivities for firms in different size classes. Our results show that the sensitivity of company growth...

Persistent link: https://www.econbiz.de/10011498540

SME finance in Europe : introduction and overview

Wagenvoort, Rien - In: EIB papers 8 (2003) 2, pp. 11-20

Persistent link: https://www.econbiz.de/10001778316

Are finance constraints hindering the growth of SMEs in Europe?

Wagenvoort, Rien - In: EIB papers 8 (2003) 2, pp. 23-50

Persistent link: https://www.econbiz.de/10001778318

The financing of small and medium-sized enterprises

2003

Persistent link: https://www.econbiz.de/10001773946

Corporate Taxes and Internal Borrowing within Multinational Firms

Egger, Peter H. - 2012

This paper develops a theoretical model of multinational firms with an internal capital market. Main reasons for the emergence of such a market are tax avoidance through debt shifting and the existence of institutional weaknesses and financial frictions across host countries. The model serves to...

Persistent link: https://www.econbiz.de/10013100410

As Certain as Debt and Taxes : Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes

Heider, Florian - 2013

We use a natural experiment in the form of 121 staggered changes in corporate income tax rates across U.S. states to show that tax considerations are a first-order determinant of firms' capital structure choices. Over the period 1990-2011, firms increase long-term leverage by 104 basis points on...

Persistent link: https://www.econbiz.de/10013090550

Capital Budgeting vs. Market Timing : An Evaluation Using Demographics

DellaVigna, Stefano - 2010

An ongoing debate sets capital budgeting against market timing. The primary difficulty in evaluating these theories is finding distinct exogenous proxies for investment opportunities and mispricing. We use demand shifts induced by demographics to address this problem, and hence, provide a more...

Persistent link: https://www.econbiz.de/10013152090

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