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Access to external finance is a major obstacle for small and young firms; thus, providing subsidized credit to small and young firms is a widely-used policy option across countries. We study the impact of such targeted policies on aggregate output and productivity and highlight indirect general...
Persistent link: https://www.econbiz.de/10011576328
Government policies that attempt to alleviate credit constraints faced by small and young firms are widely adopted across countries. We study the aggregate impact of such targeted credit subsidies in a heterogeneous firm model with collateral constraints and endogenous entry and exit. A defining...
Persistent link: https://www.econbiz.de/10011756140
earnings or sale of assets, state-subsidised SMEs, debt-financed SMEs, trade-financed SMEs, asset-based financed SMEs, and …
Persistent link: https://www.econbiz.de/10011861055
We study the problem of an investor that buys an equity stake in an entrepreneurial venture, under the assumption that the former cannot monitor the latter’s operations. The dynamics implied by the optimal incentive scheme is rich and quite different from that induced by other models of...
Persistent link: https://www.econbiz.de/10008732070
We use the introduction of a U.S. commercial credit bureau to study when lenders adopt voluntary information sharing technology and the resulting consequences for competition and credit access. Our results suggest that lenders trade off access to new markets against heightened competition for...
Persistent link: https://www.econbiz.de/10012608664
insignificant decreases in leverage, employment, and risk, whereas capital expenditure and output show insignificant decreases …
Persistent link: https://www.econbiz.de/10011597814
We analyse the risk of mafia capture of firms operating in the legal economy. Specifically, we study the relationship between firm performance and mafia infiltration. To overcome possible endogeneity concerns we exploit the abrupt drop in revenues caused by the (unexpected) Covid-19 related...
Persistent link: https://www.econbiz.de/10014381949
This paper explores the impact of risky asset holdings by U.S. nonfinancial firms. From the early 1990s to 2017, the share of risky securities surged from 28% to over 40% of firms' financial assets. Using a business-cycle heterogeneous firms model, I show that declining real interest rates since...
Persistent link: https://www.econbiz.de/10014455419
Persistent link: https://www.econbiz.de/10012432344
Persistent link: https://www.econbiz.de/10003846987