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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/10012453278

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 Focusing and Internal Capital Markets

Schlingemann, Frederik P. - 1999

A sample of firms that focus by divesting at least one segment allows us to investigate the characteristics of segments divested as well as the nature of focusing firms. We find that firms are more likely to divest segments unrelated to the core activities of the firm and that the probability...

Persistent link: https://www.econbiz.de/10012471612

Dispersion in Financing Costs and Development

Cavalcanti, Tiago; Kaboski, Joseph Paul; Martins, Bruno … - National Bureau of Economic Research - 2021

Most aggregate theories of financial frictions model credit available at a single cost of financing but rationed. However, using a comprehensive firm-level credit registry, we document both high levels and high dispersion in credit spreads to Brazilian firms. We develop a quantitative dynamic...

Persistent link: https://www.econbiz.de/10012510514

Credit Horizons

Kiyotaki, Nobuhiro; Moore, John; Zhang, Shengxing - National Bureau of Economic Research - 2021

Entrepreneurs appear to borrow largely against their near-term revenues, even when their investment has a longer horizon. In this paper, we develop a model of credit horizons. A question of particular concern to us is whether persistently low interest rates can stifle economic activity. With...

Persistent link: https://www.econbiz.de/10012510621

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