This paper analyses the role of banks in financing SMEs in Britain and Germany. It applies a sociological institutionalist approach to understand how banks construct and manage risk, relating to SME business. The empirical analysis is based on the results of a comparative survey of a sample of...

Fixed transaction costs and delivery lags are important costs of international trade. These costs lead firms to import infrequently and hold substantially larger inventories of imported goods than domestic goods. Using multiple sources of data, we document these facts. We then show that a...

Using distance and time zone differences as a measure for coordination costs between service suppliers and consumers, we employ a Hausman- Taylor model for services trade by foreign affiliates. Given the need for proximity in the provision of services, factors like distance place a higher cost...

There are two outstanding aspects to Nabard’s Linking Banks and Self-Help Groups: with an outreach to 500,000 SHGs and a population of 40m rural poor, it is the largest non-directed microsavings & microcredit program in the developing world; and its bank lending rates – fluctuating at market...

This research is a transaction-cost economic analysis of recently completed transportation projects, informing a comparative evaluation of the institutional change in public contracting from designbidbuild to designbuild project delivery. Designbuild, in which design and construction services...

This paper proposes an original formal framework to analyze institutional evolution. Institutions have formal (F) and informal (N) aspects that may evolve at different paces, although eventually converging towards each other through an dynamic interactive process. N evolves with capital...

We consider a multi-period rational expectations model in which risk-averse investors differ in their information on past transaction prices (the ticker). Some investors (insiders) observe prices in real-time whereas other investors (outsiders) observe prices with a delay. As prices are...

We draw on stylized facts from the finance literature to build a model where altering the relative costs of bank and bond financing changes the entire distribution of firm size, with implications for the aggregate capital stock, output, and welfare.