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Capital Market Financing, Firm Growth, Firm Size Distribution
Didier, Tatiana - 2014
Which firms issue equity and debt in domestic and international markets and what happens to their assets, sales, and number of employees? To answer these questions, we assemble a new dataset on firm-level capital raising activity during 1991-2011, which we match with firm attributes for 45,527...
Persistent link: https://www.econbiz.de/10013050155
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A Theory of Banks, Bonds, and the Distribution of Firm Size
Russ, Katheryn - 2009
We draw on stylized facts from the finance literature to build a model where altering the relative costs of bank and … both the largest and smallest firms. In contrast, reducing the frictions involved in bank lending promotes the expansion of …---promoting bond issuance causes exit while cheaper bank credit induces entry. When reducing transactions costs in one market, the …
Persistent link: https://www.econbiz.de/10013155119
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Large Banks and Small Firm Lending
Bord, Vitaly - 2018
We show that since 2007, there was a large and persistent shift in the composition of lenders to small firms. Large banks impacted by the real estate prices collapse systematically contracted their credit to all small firms throughout the U.S.. However, healthy banks expanded their operations...
Persistent link: https://www.econbiz.de/10012909114
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The Evolving Importance of Banks and Securities Markets
Demirgüç-Kunt, Asli - 2012
the size of the economy, (2) the association between an increase in economic output and an increase in bank development …
Persistent link: https://www.econbiz.de/10013107516
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Finance : Function Matters, Not Size
Cochrane, John H. - 2013
I address the controversy over whether the financial services industry is "too big." We should be asking whether the finance industry is functioning properly instead. The facts suggest that demand for financial services increased, perhaps temporarily, rather than suggesting a changing distortion...
Persistent link: https://www.econbiz.de/10013083800
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Equity is Cheap for Large Financial Institutions : The International Evidence
Gandhi, Priyank - 2016
In most countries, equity is a cheap source of funding for a country's largest financial institutions. On average, the stocks of the top 10% financial companies in a country account for over a quarter of total market capitalization, but these stocks earn returns that are significantly lower than...
Persistent link: https://www.econbiz.de/10012988503
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Why Has the U.S. Financial Sector Grown so Much? The Role of Corporate Finance
Philippon, Thomas - 2010
The share of finance in U.S. GDP has been multiplied by more than three over the postwar period. I argue, using evidence and theory, that corporate finance is a key factor behind this evolution. Inside the finance industry, credit intermediation and corporate finance are more important than...
Persistent link: https://www.econbiz.de/10012759810
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Financing Development : The Role of Information Costs
Greenwood, Jeremy - 2010
How does technological progress in financial intermediation affect the economy? To address this question a costly-state verification framework is embedded into a standard growth model. In particular, financial intermediaries can invest resources to monitor the returns earned by firms. The...
Persistent link: https://www.econbiz.de/10012760093
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Financial Sector Regulation and Reforms in Emerging Markets : An Overview
Prasad, Eswar S. - 2010
This paper provides an overview of the complex conceptual and practical challenges that emerging market economies face as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest for financial stability with the imperatives of financial...
Persistent link: https://www.econbiz.de/10013137321
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Financial Intermediation and Aggregate Fluctuations : A Quantative Analysis
Cooper, Russell - 2010
This paper investigates the quantitative implications of two business cycle models in which aggregate fluctuations arise in response to variations in the process of financial intermediation. In the first, fundamental shocks in the capital accumulation process lead to fluctuations in the real...
Persistent link: https://www.econbiz.de/10013138142